Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>This is our first report on a premium railroad operator, Union Pacific Corporation.</li><li>Its fourth-quarter operating ratio of 61% fell 360 basis points compared to 2021, owing to ongoing service problems and the impact of winter weather.</li><li>We initiate coverage on the stock of Union Pacific Corporation with a 'Hold' rating.</li></ul>

This is our first report on a premium railroad operator, Union Pacific Corporation.Its fourth-quarter operating ratio of 61% fell 360 basis points compared to 2021, owing to ongoing service problems and the impact of winter weather.We initiate coverage on the stock of Union Pacific Corporation with a 'Hold' rating.

Union Pacific Corporation: Initiation of Coverage – Business Strategy & Key Drivers

AlphaSituations-Event/Catalyst Driven Research, AlphaSituations

Robert Sassoon

AlphaSituations-Event/Catalyst Driven Research

AlphaSituations

Since its establishment, AlphaSituations has delivered a track record of outperformance with a hit rate of winners of more than 70% of its portfolio of ideas generating annualized average returns of 20%. In January 2022, AlphaSituations was contracted by Water Tower Research, an investor engagement and stakeholder communication platform to provide coverage of Special Situations

Event-Driven

The first major railroad merger transaction in North America in more than two decades could develop into a bidding war between the two major Canadian railroad operators battling for <a href="https://www.smartkarma.com/entities/kansas-city-southern" target="_blank" data-smartkarma-citation="entities:6157:1" rel="noopener">Kansas City Southern (KSU US)</a> as each look to exploit more fully the benefits of last year's inked USCMA. While there could be further surprises, we assess below why  it looks like the easy pickings from this battle may have been already picked from the perspective of arbs.

The first major railroad merger transaction in North America in more than two decades could develop into a bidding war between the two major Canadian railroad operators battling for Kansas City Southern (KSU US) as each look to exploit more fully the benefits of last year's inked USCMA. While there could be further surprises, we assess below why  it looks like the easy pickings from this battle may have been already picked from the perspective of arbs.

MergerTalk: Kansas City Southern-Will Canadian National Derail Canadian Pacific's USCMA Strategy?

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Both the cap- and equal-weighted S&amp;P 500 are trading at highs not seen since early October 2018 - a positive indication in itself. Additionally, key risk-on areas we highlighted in last week’s Compass (small-caps, Financials/Banks, and Transports) have outperformed off the recent lows - a welcomed sight for risk sentiment, and confirms out positive outlook. In today's report we highlight attractive bottom-fishing opportunities within the Financials Sector, and attractive Groups and stocks within Large- and Small-Cap Railroads, and Internet Software

Both the cap- and equal-weighted S&amp;P 500 are trading at highs not seen since early October 2018 - a positive indication in itself. Additionally, key risk-on areas we highlighted in last week’s Compass (small-caps, Financials/Banks, and Transports) have outperformed off the recent lows - a welcomed sight for risk sentiment, and confirms out positive outlook. In today's report we highlight attractive bottom-fishing opportunities within the Financials Sector, and attractive Groups and stocks within Large- and Small-Cap Railroads, and Internet Software

The S&amp;P 500’s steady uptrend remains intact. The large-cap (S&amp;P 500) vs. small-cap (S&amp;P 600) ratio is breaking out to multi-month highs; prompting our recommendation to shift to an overweight of large-caps. We are also seeing bullish price and RS inflections for developed int’l markets particularly due to strength in Japan, which helps support our bullish outlook for the U.S.  In addition to a complete strategy recap, we highlight attractive Groups and stocks within the Energy and Transportation Sectors.

The S&amp;P 500’s steady uptrend remains intact. The large-cap (S&amp;P 500) vs. small-cap (S&amp;P 600) ratio is breaking out to multi-month highs; prompting our recommendation to shift to an overweight of large-caps. We are also seeing bullish price and RS inflections for developed int’l markets particularly due to strength in Japan, which helps support our bullish outlook for the U.S.  In addition to a complete strategy recap, we highlight attractive Groups and stocks within the Energy and Transportation Sectors.

U.S. Equity Strategy: Shifting to Large-Cap Overweight, Energy Improving

Nasdaq-100 Stock Index / Technical Analysis

The tech and biotech-heavy Nasdaq continues to lead the market higher. Remain overweight. On the back of rising interest rates and a recently steepening yield curve, the XLF is on the cusp of a breakout from a descending triangle/falling wedge pattern. Given this move has been accompanied by improving relative strength, we view it as a bullish sign for both Financials and the broad market.  In today’s report we highlight attractive Groups and stocks within the Consumer Discretionary, Transportation, and Manufacturing sectos.

 The tech and biotech-heavy Nasdaq continues to lead the market higher. Remain overweight. On the back of rising interest rates and a recently steepening yield curve, the XLF is on the cusp of a breakout from a descending triangle/falling wedge pattern. Given this move has been accompanied by improving relative strength, we view it as a bullish sign for both Financials and the broad market.  In today’s report we highlight attractive Groups and stocks within the Consumer Discretionary, Transportation, and Manufacturing sectos.

Remain Overweight Tech; Large-Cap Financials on the Cusp of a Breakout

United States

Union Pacific Corporation is a rail transportation company.  The Company's railroad hauls a variety of goods, including agricultural, automotive, and chemical products. Union Pacific offersslong-haul routes from all major West Coast and Gulf Coast ports to eastern gateways as well as connects with Canada's rail systems and serves the major gateways to Mexico.

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Union Pacific (UNP US)

Union Pacific Corporation: Initiation of Coverage – Business Strategy & Key Drivers

This is our first report on a premium railroad operator, Union Pacific Corporation. Its fourth-quarter operating ratio of 61% fell 360 basis...

Baptista Research

MergerTalk: Kansas City Southern-Will Canadian National Derail Canadian Pacific's USCMA Strategy?

A bid battle brewing on North America's rail tracks, but the easy pickings for the arbs in this may have already been collected

Robert Sassoon

U.S. Equity Strategy: Be Long & Carry On

Both the cap- and equal-weighted S&P 500 are trading at highs not seen since early October 2018 - a positive indication in itself....

Vermilion Research

U.S. Equity Strategy: Shifting to Large-Cap Overweight, Energy Improving

The S&P 500’s steady uptrend remains intact. The large-cap (S&P 500) vs. small-cap (S&P 600) ratio is breaking out to multi-month...

Vermilion Research

Remain Overweight Tech; Large-Cap Financials on the Cusp of a Breakout

The tech and biotech-heavy Nasdaq continues to lead the market higher. Remain overweight. On the back of rising interest rates and a recently...

Vermilion Research

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