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>Exelon has demonstrated significant progress on the regulatory front, particularly with the expedited approval of ComEd’s revised revenue requirement by Illinois regulators.</li><li>The company effectively addressed regulatory feedback by filing an updated grid plan, underscoring its proactive engagement with stakeholders to foster compliance and promote grid modernization.</li><li>Such developments are poised to enhance long-term value creation through improved utility infrastructure and adherence to clean-energy mandates.</li></ul>

Exelon has demonstrated significant progress on the regulatory front, particularly with the expedited approval of ComEd’s revised revenue requirement by Illinois regulators.The company effectively addressed regulatory feedback by filing an updated grid plan, underscoring its proactive engagement with stakeholders to foster compliance and promote grid modernization.Such developments are poised to enhance long-term value creation through improved utility infrastructure and adherence to clean-energy mandates.

Exelon Corporation: Initiation Of Coverage - What Is Their Core Business Strategy?  - Major Drivers

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On Friday after the close, the S&amp;P DJI Index Committee announced changes to the S&amp;P 100, S&amp;P500, S&amp;P MidCap400, and S&amp;P SmallCap600. Changes happen at the close 15 March 2024.</li>
<li>
<a href="https://www.smartkarma.com/entities/super-micro-computer-inc" target="_blank" data-smartkarma-citation="entities:7921:1" rel="noopener">Super Micro Computer (SMCI US)</a> and <a href="https://www.smartkarma.com/entities/deckers-outdoor-corp" target="_blank" data-smartkarma-citation="entities:3028:1" rel="noopener">Deckers Outdoor (DECK US)</a> replace <a href="https://www.smartkarma.com/entities/zions-bancorporation" target="_blank" data-smartkarma-citation="entities:9490:1" rel="noopener">Zions Bancorporation (ZION US)</a> and <a href="https://www.smartkarma.com/entities/whirlpool-corp" target="_blank" data-smartkarma-citation="entities:1538:1" rel="noopener">Whirlpool Corp (WHR US)</a> in the S&amp;P500. 2 changes to 400, 6 to 600.</li>
<li>The immediate reaction was to send SMCI up 12.5%. That's shortsighted. It pays to count the pennies involved. There are a LOT of pennies.</li>
</ul>


On Friday after the close, the S&amp;P DJI Index Committee announced changes to the S&amp;P 100, S&amp;P500, S&amp;P MidCap400, and S&amp;P SmallCap600. Changes happen at the close 15 March 2024.

Super Micro Computer (SMCI US) and Deckers Outdoor (DECK US) replace Zions Bancorporation (ZION US) and Whirlpool Corp (WHR US) in the S&amp;P500. 2 changes to 400, 6 to 600.
The immediate reaction was to send SMCI up 12.5%. That's shortsighted. It pays to count the pennies involved. There are a LOT of pennies.


S&P 500/400/600 Index Rebal - It's Not The Trade You Think

Founder, BWS Financial Inc

Hamed Khorsand

Founder

Independent Stock Specific Research

BWS Financial Inc

BWS provides independent stock specific research focused on companies with distinct value that are going through a special situation where there is a tangible catalyst not priced in. The catalyst can be anything from new product, restructuring, M&A, management change, change in business strategy, etc. BWS’s focus is to understand the change and evaluate the potential return for investors.

BWS utilizes a self formed proprietary approach in discovering stocks by putting great emphasis on deep research. BWS does generate short recommendations following a similar criteria.

<ul>
<li>TLNE has come under pressure after news of AEP and EXC protesting the power purchase agreement between TLNE and AWS. AEP and EXC are asking for a hearing by FERC</li>
<li>The process creates a headwind for TLNE and the timing of when, or if, the remaining $300M would be released in TLNE's agreement with AWS.  </li>
<li>The signal AEP and EXC are sending supports the long-term view on power supply. The power being diverted to AWS would put greater stress on the regulated power companies</li>
</ul>


TLNE has come under pressure after news of AEP and EXC protesting the power purchase agreement between TLNE and AWS. AEP and EXC are asking for a hearing by FERC
The process creates a headwind for TLNE and the timing of when, or if, the remaining $300M would be released in TLNE's agreement with AWS.  
The signal AEP and EXC are sending supports the long-term view on power supply. The power being diverted to AWS would put greater stress on the regulated power companies


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>As we noted last week, $209 on the Russell 2000 (IWM) is arguably the most significant resistance level of all right now.</li>
<li>We would like the see a break above $209 on the IWM in order to have a sustainable new bull market.</li>
<li>4590-4600 is a significant resistance level on the S&amp;P 500 we are watching; if bears fail to show up there, next up would likely be a test of all-time highs.</li>
</ul>


As we noted last week, $209 on the Russell 2000 (IWM) is arguably the most significant resistance level of all right now.
We would like the see a break above $209 on the IWM in order to have a sustainable new bull market.
4590-4600 is a significant resistance level on the S&amp;P 500 we are watching; if bears fail to show up there, next up would likely be a test of all-time highs.


Russell 2000 (IWM) Still Testing $209 Resistance: Actionable Groups: Insurance, Shipping, Utilities

European Event-Driven Analyst

Jesus Rodriguez Aguilar

<ul>
<li>
<a href="https://www.smartkarma.com/entities/naturgy-energy-group-sa" target="_blank" data-smartkarma-citation="entities:21271:1" rel="noopener">Naturgy Energy Group SA (NTGY SM)</a> surprised the market by announcing its division into two listed companies: one for regulated network assets, and the other for liberalised businesses (generation &amp; commercialisation/marketing).</li>
<li>Naturgy is trading at 10.1x EV/2021a EBITDA and at a demanding 21.9x P/E, higher than Iberdrola SA (IBE SM)'s 16.3x and Endesa SA (ELE SM)'s 11.5x.</li>
<li>Strategies: pair trades long REE SM/short NTGY SM or long ENG SM/short NTGY SM. Risk: this strategy assumes that both CriteriaCaixa and IFM will stop acquiring shares of Naturgy.</li>
</ul>



Naturgy Energy Group SA (NTGY SM) surprised the market by announcing its division into two listed companies: one for regulated network assets, and the other for liberalised businesses (generation &amp; commercialisation/marketing).
Naturgy is trading at 10.1x EV/2021a EBITDA and at a demanding 21.9x P/E, higher than Iberdrola SA (IBE SM)'s 16.3x and Endesa SA (ELE SM)'s 11.5x.
Strategies: pair trades long REE SM/short NTGY SM or long ENG SM/short NTGY SM. Risk: this strategy assumes that both CriteriaCaixa and IFM will stop acquiring shares of Naturgy.


United States

Exelon Corporation is a utility services holding company. The Company, through its subsidiaries, distributes electricity to customers in Illinois and Pennsylvania. Exelon also distributes gas to customers in the Philadelphia area as well as operates nuclear power plants in states that include Pennsylvania and New Jersey.

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Exelon Corp (EXC US)

Exelon Corporation: Initiation Of Coverage - What Is Their Core Business Strategy? - Major Drivers

Exelon has demonstrated significant progress on the regulatory front, particularly with the expedited approval of ComEd’s revised revenue...

Baptista Research

S&P 500/400/600 Index Rebal - It's Not The Trade You Think

The S&P DJI Index Committee announced the March index rebals. Everybody is looking at SMCI because it has run hard til now. That's missing the...

Travis Lundy

TLNE: Protest Validates Long Thesis

We view this attempt to block the power purchase agreement between TLNE and AWS as a signal there is a power shortage issue several years down the...

BWS Financial Inc

Russell 2000 (IWM) Still Testing $209 Resistance: Actionable Groups: Insurance, Shipping, Utilities

$209 on the Russell 2000 ($IWM) is arguably the most significant resistance level of all right now, and we would like the see a break above $209 in...

Vermilion Research

Demerger Plans for Naturgy

The demerger does not represent much upside potential in my view, other than paving the way for future corporate operations. Naturgy seems...

Jesus Rodriguez Aguilar

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Exelon Corporation: Initiation Of Coverage - What Is Their Core Business Strategy? - Major Drivers

Exelon has demonstrated significant progress on the regulatory front, particularly with the expedited approval of ComEd’s revised revenue...

Baptista Research

S&P 500/400/600 Index Rebal - It's Not The Trade You Think

​The S&P DJI Index Committee announced the March index rebals. Everybody is looking at SMCI because it has run hard til now. That's missing the...

Travis Lundy

TLNE: Protest Validates Long Thesis

We view this attempt to block the power purchase agreement between TLNE and AWS as a signal there is a power shortage issue several years down the...

BWS Financial Inc

Russell 2000 (IWM) Still Testing $209 Resistance: Actionable Groups: Insurance, Shipping, Utilities

$209 on the Russell 2000 ($IWM) is arguably the most significant resistance level of all right now, and we would like the see a break above $209 in...

Vermilion Research

Demerger Plans for Naturgy

The demerger does not represent much upside potential in my view, other than paving the way for future corporate operations. Naturgy seems...

Jesus Rodriguez Aguilar

The S&P DJI Index Committee announced the March index rebals. Everybody is looking at SMCI because it has run hard til now. That's missing the...