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.

Credit

<ul><li>Rising aluminum and alumina prices are responsible for Alcoa's strong performance in 2021.</li><li>The company's value-add aluminum products have seen significant year-over-year growth.</li><li>Based on our credit analysis, the company merits a Credit Evaluation Score of BBβ with a stable outlook and as per our Financial Strength Indicator, its performance is 3.36/ 5.</li></ul>

Rising aluminum and alumina prices are responsible for Alcoa's strong performance in 2021.The company's value-add aluminum products have seen significant year-over-year growth.Based on our credit analysis, the company merits a Credit Evaluation Score of BBβ with a stable outlook and as per our Financial Strength Indicator, its performance is 3.36/ 5.

Alcoa Corp.: Detailed Credit Analysis & Financial Strength Evaluation Report

Equity Capital Markets

<ul><li>Aluminum and alumina prices are higher than they have been in more than a decade, which helped Alcoa have another strong quarter.</li><li>Its revenues of $3.1 billion were up $276 million, or 10%, from the previous quarter driven by the company's value-add aluminum products which have seen significant year-over-year growth.</li><li>The management expects another solid performance in the fourth quarter, with Alumar refinery production returning to near-normal operating levels and current Aluminum and Alumina index pricing levels remaining stable.</li></ul>

Aluminum and alumina prices are higher than they have been in more than a decade, which helped Alcoa have another strong quarter.Its revenues of $3.1 billion were up $276 million, or 10%, from the previous quarter driven by the company's value-add aluminum products which have seen significant year-over-year growth.The management expects another solid performance in the fourth quarter, with Alumar refinery production returning to near-normal operating levels and current Aluminum and Alumina index pricing levels remaining stable.

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

iShares Russell 2000 ETF / Technical Analysis

<ul>
<li>The market continues to send mixed signals - some neutral or healthy signals but some risk-off signals as well.</li>
<li>As long as the Russell 2000 index (IWM) is above $208, Russell Micro Cap index (IWC) is above $134-$135, and the S&amp;P 500 is above 4495, we cannot be bearish.</li>
<li>Treasury yields are not breaking down below 1.40%-1.45% support on the 10-year Treasury yield and 1.76% support on the 30-year Treasury yield.</li>
</ul>


The market continues to send mixed signals - some neutral or healthy signals but some risk-off signals as well.
As long as the Russell 2000 index (IWM) is above $208, Russell Micro Cap index (IWC) is above $134-$135, and the S&amp;P 500 is above 4495, we cannot be bearish.
Treasury yields are not breaking down below 1.40%-1.45% support on the 10-year Treasury yield and 1.76% support on the 30-year Treasury yield.


Continued Absence Of Breakdowns Is A Positive Sign; Many Bottoms-Up Stock Recommendations

<ul><li>Metal stocks have been on a roll off late after the rall in commodities particularly in aluminum prices.</li><li>Alcoa has been one of the biggest beneficiaries of the same as the company managed to deliver yet another all-around beat.</li><li>It delivered its highest-ever quarterly net income of $337 million for Q3 result, driven by 10% sequential growth in revenue given the sharp spike in aluminum and alumina prices.</li></ul>

Metal stocks have been on a roll off late after the rall in commodities particularly in aluminum prices.Alcoa has been one of the biggest beneficiaries of the same as the company managed to deliver yet another all-around beat.It delivered its highest-ever quarterly net income of $337 million for Q3 result, driven by 10% sequential growth in revenue given the sharp spike in aluminum and alumina prices.

<ul><li>Alcoa reached the target price from our last report as the company reported a stellar result with its highest-ever quarterly net income since the time when the company was spun-off in 2016.</li><li>The upstream aluminum giant witnessed a staggering 60% jump in the average aluminum prices which helped deliver a blowout result.</li><li>We are bullish on Alcoa given the strong end-market demand and give it a ‘Buy’ rating with a revised target price.</li></ul>

Alcoa reached the target price from our last report as the company reported a stellar result with its highest-ever quarterly net income since the time when the company was spun-off in 2016.The upstream aluminum giant witnessed a staggering 60% jump in the average aluminum prices which helped deliver a blowout result.We are bullish on Alcoa given the strong end-market demand and give it a ‘Buy’ rating with a revised target price.

United States

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

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Alcoa (AA US)

Alcoa Corp.: Detailed Credit Analysis & Financial Strength Evaluation Report

Rising aluminum and alumina prices are responsible for Alcoa's strong performance in 2021. The company's value-add aluminum products have seen...

Baptista Research

Alcoa Corp - Investment Thesis

Aluminum and alumina prices are higher than they have been in more than a decade, which helped Alcoa have another strong quarter. Its revenues of...

Baptista Research

Continued Absence Of Breakdowns Is A Positive Sign; Many Bottoms-Up Stock Recommendations

As long as the Russell 2000 index (IWM) is above $208, the Russell Micro Caps index (IWC) is above $134-$135, and the S&P 500 is above 4495, we...

Vermilion Research

Alcoa Corp - Investment Thesis

Metal stocks have been on a roll off late after the rall in commodities particularly in aluminum prices. Alcoa has been one of the biggest...

Baptista Research

Alcoa Corp - Investment Thesis

Alcoa reached the target price from our last report as the company reported a stellar result with its highest-ever quarterly net income since the...

Baptista Research

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