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>Alcoa made progress in 2022 with strategic capacity restarts and efforts to lessen the effects of high energy prices.</li><li>Global events impacted the price of energy and raw commodities.</li><li>The company successfully finished the safe restart of its Portland Aluminum Joint Venture smelter in the Australian state of Victoria.</li></ul>

Alcoa made progress in 2022 with strategic capacity restarts and efforts to lessen the effects of high energy prices.Global events impacted the price of energy and raw commodities.The company successfully finished the safe restart of its Portland Aluminum Joint Venture smelter in the Australian state of Victoria.

Alcoa Corp: New Brazil Facility & Other Developments

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

<ul>
<li>We currently see the market indexes as consolidating within broad horizontal trading ranges, and we expect these ranges to continue for months, and quite possibly for the entirety of 2023.</li>
<li>We see the top-end of the range at 4100-4165 on the S&amp;P 500, while the bottom-end is at the 2022 lows (3490).</li>
<li>With yesterday's break above 3910 it tells us a tradable rally has begun, with 4100-4165 our target</li>
</ul>


We currently see the market indexes as consolidating within broad horizontal trading ranges, and we expect these ranges to continue for months, and quite possibly for the entirety of 2023.
We see the top-end of the range at 4100-4165 on the S&amp;P 500, while the bottom-end is at the 2022 lows (3490).
With yesterday's break above 3910 it tells us a tradable rally has begun, with 4100-4165 our target


Awaiting CPI Thursday; Expect 4100-4165 SPX to Cap Upside; Buy Ideas Within Gold Miners, Insurance

<ul><li>After a phase of some solid financial performances driven by rising aluminum prices, Alcoa delivered a disappointing result, failing to meet Wall Street expectations in terms of revenues as well as earnings.</li><li>While the long-term fundamentals for the aluminum sector are still promising, Alcoa’s stock has been on a downward trajectory given the high volatility in the European energy markets causing losses to their two units in Europe.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

After a phase of some solid financial performances driven by rising aluminum prices, Alcoa delivered a disappointing result, failing to meet Wall Street expectations in terms of revenues as well as earnings.While the long-term fundamentals for the aluminum sector are still promising, Alcoa’s stock has been on a downward trajectory given the high volatility in the European energy markets causing losses to their two units in Europe.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Alcoa Corporation: Alloy Innovation & Other Drivers

<ul><li>Alcoa Corp is seeing improving shipment volumes and benefitting heavily from the stronger U.S. dollar as well as the higher alumina price index.</li><li>Higher costs and lower aluminum and alumina premiums combined with lower metal prices, which included about $40 million to set inventories to net realizable value, more than offset those advantages.</li><li>It is worth highlighting that Alcoa holds accreditations from the Aluminum Stewardship Initiative, the most comprehensive independent system for auditing ethical aluminum production.</li></ul>

Alcoa Corp is seeing improving shipment volumes and benefitting heavily from the stronger U.S. dollar as well as the higher alumina price index.Higher costs and lower aluminum and alumina premiums combined with lower metal prices, which included about $40 million to set inventories to net realizable value, more than offset those advantages.It is worth highlighting that Alcoa holds accreditations from the Aluminum Stewardship Initiative, the most comprehensive independent system for auditing ethical aluminum production.

Alcoa Corp: The Alumina Price Upside & Other Drivers

Equity Capital Markets

<ul><li>Alcoa Corp continued its dream run in terms of financial performance bolstered by the high aluminum prices.</li><li>Its ASI-certified products are earning a premium and Alcoa is able to sell them worldwide and maximize revenues.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

Alcoa Corp continued its dream run in terms of financial performance bolstered by the high aluminum prices.Its ASI-certified products are earning a premium and Alcoa is able to sell them worldwide and maximize revenues.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

United States

Cleveland-Cliffs Inc. is an American iron ore mining company. The Company supplies iron ore pellets, lumps and fines to blast furnaces in the global steel industry. Cliffs is in the process of expanding its customer base to Electric Arc Furnaces.

Carpenter Technology Corporation manufactures, fabricates, and distributes stainless steels, titanium, and specialty metal alloys.  Carpenter processes basic metal alloying elements into finished products such as billets, bars, rods, and various special shapes. The Company also manufactures engineered products such as ceramics and metal injected molded designs.

Allegheny Technologies, Inc., produces specialty materials.  The Company's products include include titanium and titanium alloys, nickel-based alloys and superalloys, zirconium, hafnium and niobium, stainless and specialty steel alloys, grain-oriented electrical steel, tungsten-based materials and cutting tools, carbon alloy impression die forgings, and large grey and ductile iron.

Commercial Metals Company and its subsidiaries manufacture, recycle, and market steel and metal products and related materials.  The Company markets and trades primary and secondary metals, steel, ores, concentrates, industrial minerals, ferroalloys, chemicals, and other materials used in a variety of industries.

Ternium S.A. manufactures and processes various steel products in Mexico, Argentina, Bolivia, Chile, Paraguay, Uruguay, Colombia, the United States, Central America, and internationally. The company operates in two segments, Steel and Mining. The Steel segment offers steel products, such as slabs, billets and round bars, hot-rolled coils and sheets, bars and stirrups, wire rods, cold-rolled coils and sheets, tin plates, hot dipped galvanized and electrogalvanized sheets, pre-painted sheets, steel pipes and tubular products, beams, roll formed products, and other products. The Mining segment sells iron ore concentrates and pellets. The company serves various companies and small businesses operating in construction, automotive, home appliances, capital goods, container, food, and energy industries. Ternium S.A. was founded in 1961 and is headquartered in Buenos Aires, Argentina. Ternium S.A. is a subsidiary of Techint Holdings S.à r.l.

United States Steel Corporation operates as an integrated steel producer. The Company manufactures flat-rolled and tubular products with production operations in North America and Europe. United States Steel serves the automotive, appliance, container, industrial machinery, construction, and oil and gas industries.

Hecla Mining Company explores, develops, and mines precious metals, gold and silver.  The Company has operations in the United States and Mexico.

Royal Gold, Inc. acquires and manages precious metals royalties.  The Company seeks to acquire existing royalties or to finance projects that are in production or near production in exchange for royalty interests.  Royal Gold Inc.'s gold-focused portfolio contains royalties ranging from those in production and development to those in the evaluation and exploration stages.

Warrior Met Coal, Inc. provides coal mining services. The Company produces and exports metallurgical coal for the steel industry. Warrior Met Coal serves customers in the United States, Europe, Asia, and South America.

Constellium SE provides development and manufacturing of aluminium products. The Company offers cansheet, closures, plates, sheets and extrusions, body sheet, structural components, crash management systems, plates, and other related products. Constellium serves packaging, automotive, aerospace, transportation, defense, construction, and electronics markets worldwide.

BlueScope Steel Limited supplies steel products and solutions. The Company manufactures steel slabs, plates, hot and cold rolled coils, and coated and painted strip products for building and construction, automotive, whitegoods, and manufacturing applications. BlueScope Steel serves customers in Asia, Australia, New Zealand, and the United States.

Kobe Steel, Ltd. is a steelmaker, as well as a supplier of aluminum and copper products.  The products include steel plates and steel rods.  The Company also operates other businesses such as welding consumables, urban infrastructure, plant engineering, and industrial & construction machinery.  Kobe Steel has operating offices in the US, Europe, and Asia.

OZ Minerals Ltd. is an Australian based mining company with a focus on copper. The Company owns and operates the Prominent Hill copper-gold mine and the Carrapateena copper-gold project located in South Australia and has a number of equity interests in listed resource companies.

National Aluminium Co. Ltd. is an integrated aluminum manufacturer. The Company mines for bauxite, refines bauxite into aluminum and manufactures and sells aluminum and aluminum products. National Aluminium Company's products include bauxite, aluminum hydrate, calcined aluminum, aluminum ingots and aluminum wire rods, as well as electricity which is generated for captive consumption.

NMDC Limited explores for minerals. The Company is exploring for iron ore, copper, rock phosphate, lime stone, dolomite, gypsum, bentonite, magnesite, diamond, tin, tungsten, graphite, and beach sands.

Yunnan Aluminium Co., Ltd. primarily manufactures and markets aluminum products. The Company's products include aluminum ingots, aluminum rolls, and aluminum alloys.

Jinduicheng Molybdenum Co.,Ltd. is involved in molybdenum mining, dressing, smelting, processing, research and trade in Asia.

Jinduicheng Molybdenum Co, Ltd. (601958 CH)

Huaibei Mining Holdings Co.,Ltd. operates coal businesses. The Company mines, processes, and distributes coal, cokes, coal chemical products, and other products. Huaibei Mining Holdings also produces methanol, crude benzene, ammonium sulfate, and other products.

Shandong Nanshan Aluminum Co., Ltd. designs, manufactures, and markets aluminum products and worsted woolen products. The Company's major aluminum offerings are electrolytic aluminum and section aluminum. Its woolen products include soybean fiber fabrics, silk fabrics, wool/flax fabrics and cashmere. Shandong also generates and supplies electricity.

Nanjing Iron & Steel Co., Ltd. produces a variety of iron and steel products. The Company's products include steel plates, steel belts, structure steel, concrete iron, steel billets, cast iron, and related by-products.

Alcoa Corporation manufactures metal products. The Company produces and sells bauxite, alumina, and aluminum products. Alcoa serves aluminum industry worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Alcoa (AA US)

Alcoa Corp: New Brazil Facility & Other Developments

Alcoa made progress in 2022 with strategic capacity restarts and efforts to lessen the effects of high energy prices. Global events impacted the...

Baptista Research

Awaiting CPI Thursday; Expect 4100-4165 SPX to Cap Upside; Buy Ideas Within Gold Miners, Insurance

With yesterday's break above 3910 in $SPX we see a tradable rally, but 4100-4165 is likely to cap upside; reduce risk into that area. Buy ideas...

Vermilion Research

Alcoa Corporation: Alloy Innovation & Other Drivers

After a phase of some solid financial performances driven by rising aluminum prices, Alcoa delivered a disappointing result, failing to meet Wall...

Baptista Research

Alcoa Corp: The Alumina Price Upside & Other Drivers

Alcoa Corp is seeing improving shipment volumes and benefitting heavily from the stronger U.S. dollar as well as the higher alumina price...

Baptista Research

Alcoa Corp.: Key Drivers

Alcoa Corp continued its dream run in terms of financial performance bolstered by the high aluminum prices. Its ASI-certified products are earning...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)