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>Kinross Gold Corporation expressed a strong performance in the second quarter of 2024, which boosted the company's financial and operational outlook.</li><li>The company reported a substantial 20% growth in operating margins compared to the previous quarter, largely driven by optimal functioning at its major mines, notably Tasiast and Paracatu.</li><li>The increase in gold prices positively impacted the profitability, enhancing free cash flow to $346 million for the quarter.</li></ul>

Kinross Gold Corporation expressed a strong performance in the second quarter of 2024, which boosted the company's financial and operational outlook.The company reported a substantial 20% growth in operating margins compared to the previous quarter, largely driven by optimal functioning at its major mines, notably Tasiast and Paracatu.The increase in gold prices positively impacted the profitability, enhancing free cash flow to $346 million for the quarter.

Kinross Gold Corporation: An Insight Into Its Competitive Positioning! - Major Drivers

<ul><li>Kinross Gold Corporation reported a financially robust first quarter for the year 2024, characterized by strong operational performance and strategic developmental advancements, despite the inherent challenges and complexities in the mining sector.</li><li>During this quarter, Kinross Gold produced 527,000 ounces of gold, with its key operations at Tasiast, Paracau, and La Coipa contributing significantly to the output, demonstrating cost-effective production with an All-In Sustaining Cost (ASIC) below $1,000 per ounce.</li><li>The favorable gold prices provided a financial tailwind, enhancing the company’s profitability margins.</li></ul>

Kinross Gold Corporation reported a financially robust first quarter for the year 2024, characterized by strong operational performance and strategic developmental advancements, despite the inherent challenges and complexities in the mining sector.During this quarter, Kinross Gold produced 527,000 ounces of gold, with its key operations at Tasiast, Paracau, and La Coipa contributing significantly to the output, demonstrating cost-effective production with an All-In Sustaining Cost (ASIC) below $1,000 per ounce.The favorable gold prices provided a financial tailwind, enhancing the company’s profitability margins.

Kinross Gold Corporation: A Tale Of Continued Exploration & Resource Expansion! - Major Drivers

<ul><li>Kinross Gold reported a robust fiscal year 2023, where the company met its targets and is well-positioned for the year ahead.</li><li>Kinross Gold's operations are performing well, as are its projects, which are aligning with budget and timing.</li><li>The company is generating substantial free cash flow and is successfully de-levering its balance sheet.</li></ul>

Kinross Gold reported a robust fiscal year 2023, where the company met its targets and is well-positioned for the year ahead.Kinross Gold's operations are performing well, as are its projects, which are aligning with budget and timing.The company is generating substantial free cash flow and is successfully de-levering its balance sheet.

Kinross Gold Corporation: Initiation Of Coverage - What Is Its Core Business Strategy? - Major Drivers

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>Our outlook remains bullish on global equities (MSCI ACWI) with ACWI-US and the S&amp;P 500 holding above their respective bases at $117 and 5650-5670.</li>
<li>As long as these base supports hold, we would use any election-related pullback as an opportunity to add exposure.</li>
<li>Following the election, we see a high probability of significant upside going into year-end.</li>
</ul>


Our outlook remains bullish on global equities (MSCI ACWI) with ACWI-US and the S&amp;P 500 holding above their respective bases at $117 and 5650-5670.
As long as these base supports hold, we would use any election-related pullback as an opportunity to add exposure.
Following the election, we see a high probability of significant upside going into year-end.


Bullish Outlook Intact on MSCI ACWI & SPX; Buys in Services, Technology, Discretionary, Gold Miners

<ul>
<li>Our outlook remains neutral on global equities (MSCI ACWI) as of our August 8, 2024 Int’l Compass, after being bullish since early-November 2023</li>
<li>As discussed since late-July, we believe we're still within a 4- to 6-month pullback/consolidation from our selected July 17 starting point, until the market decides which was this consolidation resolves </li>
<li>TOPIX is below 2740-2820 resistance. Europe is testing resistance, though near potential breakouts on the EURO STOXX 50, STOXX Europe 600, and STOXX Europe 50. Watch for false breakouts</li>
</ul>


Our outlook remains neutral on global equities (MSCI ACWI) as of our August 8, 2024 Int’l Compass, after being bullish since early-November 2023
As discussed since late-July, we believe we're still within a 4- to 6-month pullback/consolidation from our selected July 17 starting point, until the market decides which was this consolidation resolves 
TOPIX is below 2740-2820 resistance. Europe is testing resistance, though near potential breakouts on the EURO STOXX 50, STOXX Europe 600, and STOXX Europe 50. Watch for false breakouts


Japan and Europe Holding Below Resistance; MSCI ACWI, ACWI Ex-US, EAFE (Local Curr) Below Resistance

Canada

Kinross Gold Corporation is involved in the exploration, development, and production of gold in countries located around the world.  The Company currently has operations in the United States, Brazil, Chile, Mauritania, Ghana and Russia.

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Kinross Gold Corp (KGC US)

Kinross Gold Corporation: An Insight Into Its Competitive Positioning! - Major Drivers

Kinross Gold Corporation expressed a strong performance in the second quarter of 2024, which boosted the company's financial and operational...

Baptista Research

Kinross Gold Corporation: A Tale Of Continued Exploration & Resource Expansion! - Major Drivers

Kinross Gold Corporation reported a financially robust first quarter for the year 2024, characterized by strong operational performance and...

Baptista Research

Kinross Gold Corporation: Initiation Of Coverage - What Is Its Core Business Strategy? - Major Drivers

Kinross Gold reported a robust fiscal year 2023, where the company met its targets and is well-positioned for the year ahead. Kinross Gold's...

Baptista Research

Bullish Outlook Intact on MSCI ACWI & SPX; Buys in Services, Technology, Discretionary, Gold Miners

Bullish Outlook Intact on MSCI $ACWI and $SPX as they hold above their respective bases at $117 and 5650-5670; Buys in Services, Technology,...

Vermilion Research

Japan and Europe Holding Below Resistance; MSCI ACWI, ACWI Ex-US, EAFE (Local Curr) Below Resistance

Japan and Europe Holding Below Resistance; MSCI ACWI, ACWI ex-US, and EAFE (local currency) Also Below Resistance Though Testing Now; $EEM breakout...

Vermilion Research

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