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>The Dow Chemical Company has reported its first-quarter financial results for 2025, presenting a mixed picture of operational achievements and ongoing challenges.</li><li>The company generated $10.4 billion in net sales, down 3% from the prior year due to persistent margin pressures across all operating segments.</li><li>While sequential sales remained flat, highlighting pricing challenges in Industrial Intermediates & Infrastructure and Performance Materials & Coatings, these were somewhat counterbalanced by improvements in downstream silicone markets tied to home, personal care, and electronics.</li></ul>

The Dow Chemical Company has reported its first-quarter financial results for 2025, presenting a mixed picture of operational achievements and ongoing challenges.The company generated $10.4 billion in net sales, down 3% from the prior year due to persistent margin pressures across all operating segments.While sequential sales remained flat, highlighting pricing challenges in Industrial Intermediates & Infrastructure and Performance Materials & Coatings, these were somewhat counterbalanced by improvements in downstream silicone markets tied to home, personal care, and electronics.

Dow Inc.: Dealing With The Impact Of Broad-Based Tariffs on End Market Demand and Near-Term Profitability!

<ul><li>Dow Inc. reported its Q4 2024 and full-year financial results under challenging macroeconomic conditions, highlighting both positive strides and ongoing challenges.</li><li>In Q4, Dow achieved its fifth consecutive quarter of year-over-year volume growth despite a weak economic backdrop.</li><li>The company reported net sales of $10.4 billion, down 2% from the same period last year, reflecting pricing pressures across all operating segments.</li></ul>

Dow Inc. reported its Q4 2024 and full-year financial results under challenging macroeconomic conditions, highlighting both positive strides and ongoing challenges.In Q4, Dow achieved its fifth consecutive quarter of year-over-year volume growth despite a weak economic backdrop.The company reported net sales of $10.4 billion, down 2% from the same period last year, reflecting pricing pressures across all operating segments.

Dow Inc.: Global Expansion & Product Launches Driving Our Optimism! - Major Drivers

<ul><li>During Dow Inc.'s most recent quarterly earnings call, the company presented a mixed financial performance alongside an optimistic outlook on several fronts, illustrating both the challenges and opportunities it faces in the current economic landscape.</li><li>Dow Inc. reported a decrease in net sales with $10.9 billion, reflecting a 4% decline year-over-year but achieving a 1% sequential improvement.</li><li>This mixed result underscores the fluctuating demands in different market segments due to the slower-than-anticipated global economic recovery, specifically impacting areas like building and construction and consumer durables.</li></ul>

During Dow Inc.'s most recent quarterly earnings call, the company presented a mixed financial performance alongside an optimistic outlook on several fronts, illustrating both the challenges and opportunities it faces in the current economic landscape.Dow Inc. reported a decrease in net sales with $10.9 billion, reflecting a 4% decline year-over-year but achieving a 1% sequential improvement.This mixed result underscores the fluctuating demands in different market segments due to the slower-than-anticipated global economic recovery, specifically impacting areas like building and construction and consumer durables.

Dow Inc.: Expansion in Sustainability and Circular Plastics & Dealing With Innovation Challenges! - Major Drivers

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Late Friday, S&amp;PDJI announced <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> and <a href="https://www.smartkarma.com/entities/sherwin-williams-co-the" target="_blank" data-smartkarma-citation="entities:15539:1" rel="noopener">Sherwin Williams Co (SHW US)</a> would replace <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a> and <a href="https://www.smartkarma.com/entities/dow-inc" target="_blank" data-smartkarma-citation="entities:19107:1" rel="noopener">Dow (DOW US)</a> in the Dow Jones Industrial Avg.</li>
<li>This was done to "ensure a more representative exposure to the semiconductors industry and materials sector, respectively." This will be effective of 7 November close; only four days to trade. </li>
<li>The details merit a closer look. Calculating how much tracks the DJIA should be "easy" but I have questions. That said, <a href="https://www.smartkarma.com/entities/sherwin-williams-co-the" target="_blank" data-smartkarma-citation="entities:15539:1" rel="noopener">Sherwin Williams Co (SHW US)</a> could get exciting.</li>
</ul>


Late Friday, S&amp;PDJI announced NVIDIA Corp (NVDA US) and Sherwin Williams Co (SHW US) would replace Intel Corp (INTC US) and Dow (DOW US) in the Dow Jones Industrial Avg.
This was done to "ensure a more representative exposure to the semiconductors industry and materials sector, respectively." This will be effective of 7 November close; only four days to trade. 
The details merit a closer look. Calculating how much tracks the DJIA should be "easy" but I have questions. That said, Sherwin Williams Co (SHW US) could get exciting.


Dow Jones Industrial Avg Nov24 Rebalance - Sherwin Williams (SHW) Could Get Jiggy

Providing investors with a balanced perspective, Massif Capital

Massif Capital Research

Providing investors with a balanced perspective

Massif Capital

Research focused on providing investors with a balanced perspective on the environmental and economic realities of achieving a carbon-neutral economy for businesses within the Energy, Basic Materials and Industrial industries.

The Massif Capital Real Asset Strategy is a global long/short equity strategy built around bottom-up stock picking. We are focused on creating a portfolio of businesses from within the Energy, Basic Materials and Industrial sectors that balance the environmental and economic realities of achieving a carbon-neutral economy.

Thematic (Sector/Industry)

<div><p>This is the first edition of the Real Asset Chartbook.</p><p>This document arose from an internal need at Massif Capital to consolidate and streamline our process of monitoring liquid real asset markets. It remains a work in progress but is extremely useful in its present state. </p></div><div><p>The Chartbook will be released weekly, on Fridays, after the market closes.</p></div>

This is the first edition of the Real Asset Chartbook.This document arose from an internal need at Massif Capital to consolidate and streamline our process of monitoring liquid real asset markets. It remains a work in progress but is extremely useful in its present state. The Chartbook will be released weekly, on Fridays, after the market closes.

United States

Dow Inc. produces and distributes chemical products. The Company manufactures and supplies chemicals for liquid injection molding, architecture fabrication, leather, textiles, automobiles, rubber consumer goods, and food industries. Dow serves customers worldwide.

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Dow (DOW US)

Dow Inc.: Dealing With The Impact Of Broad-Based Tariffs on End Market Demand and Near-Term Profitability!

The Dow Chemical Company has reported its first-quarter financial results for 2025, presenting a mixed picture of operational achievements and...

Baptista Research

Dow Inc.: Global Expansion & Product Launches Driving Our Optimism! - Major Drivers

Dow Inc. reported its Q4 2024 and full-year financial results under challenging macroeconomic conditions, highlighting both positive strides and...

Baptista Research

Dow Inc.: Expansion in Sustainability and Circular Plastics & Dealing With Innovation Challenges! - Major Drivers

During Dow Inc.'s most recent quarterly earnings call, the company presented a mixed financial performance alongside an optimistic outlook on...

Baptista Research

Dow Jones Industrial Avg Nov24 Rebalance - Sherwin Williams (SHW) Could Get Jiggy

The DJIA (Dow30) is an odd anachronism. Price-weighted. Rebalances when it wants. No ranking system. Just a committee and some vague inputs. This...

Travis Lundy

Real Asset Chartbook: The First Edition

This is the first edition of the Real Asset Chartbook. This document arose from an internal need at Massif Capital to consolidate and streamline...

Massif Capital Research

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