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>OGE Energy Corp. reported solid first-quarter earnings for 2024, affirming its strong positioning and operational reliability despite facing a competitive and dynamic business environment.</li><li>As outlined in the update, the company delivered consolidated earnings of $0.09 per share, encompassing $0.12 per share from OG&E and a holding company loss of $0.03 per share.</li><li>This start to the year aligns well with annual projections, setting a confident tone for the following quarters.</li></ul>

OGE Energy Corp. reported solid first-quarter earnings for 2024, affirming its strong positioning and operational reliability despite facing a competitive and dynamic business environment.As outlined in the update, the company delivered consolidated earnings of $0.09 per share, encompassing $0.12 per share from OG&E and a holding company loss of $0.03 per share.This start to the year aligns well with annual projections, setting a confident tone for the following quarters.

OGE Energy Corp.: Initiation of Coverage - Can They Make The Most Out Of The Advancements in Renewable Energy and Grid Modernization? - 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>Indexes continue to violate our key supports as the Russell 2000 (IWM) broke below $208, the S&amp;P 500 broke below 4495, and the equal-weighted Nasdaq 100 (QQEW) broke below $109.</li>
<li>This type of damage paints a bearish picture at the index level, and will take some time to repair.</li>
<li>Now that key supports have been violated, we are monitoring for oversold conditions that could mark a bottom, and it is possible that was yesterday (Jan. 24).</li>
</ul>


Indexes continue to violate our key supports as the Russell 2000 (IWM) broke below $208, the S&amp;P 500 broke below 4495, and the equal-weighted Nasdaq 100 (QQEW) broke below $109.
This type of damage paints a bearish picture at the index level, and will take some time to repair.
Now that key supports have been violated, we are monitoring for oversold conditions that could mark a bottom, and it is possible that was yesterday (Jan. 24).


U.S. Equity Strategy: Index Supports Breaking; Upgrading and Buying Utilities

US Treasury (10 Yr Generic) / Technical Analysis

Charts Highlighted: XLE, RYE, WTI Crude Oil, XLF, XLB, XLI, RCD, EEM, XLU, XLP, AWK, AEE, WMT, PEP, NUE, STLD, X, CMC, SMSMY, SCHN, RYI, TMST, MT, TX, MTL, ETR, FTS, CMS, CNP, LNT, NI, OGE, BKH, NEE, DUK, SO, and AEPCyclical value areas including Financials, Materials, Manufacturing, Transportation, and equal-weighted Discretionary display short-term improvement as interest rates show signs of a potential bottom at 1.13%. This is encouraging, however we are still neutral yet constructive overall. As we noted last week, we need to see the 10-year Treasury yield breach, and hold above, 1.45%, as well as sustained price improvement by small-caps (i.e., IWM above $234.50) before we can declare a new broad-based bull market.

Charts Highlighted: XLE, RYE, WTI Crude Oil, XLF, XLB, XLI, RCD, EEM, XLU, XLP, AWK, AEE, WMT, PEP, NUE, STLD, X, CMC, SMSMY, SCHN, RYI, TMST, MT, TX, MTL, ETR, FTS, CMS, CNP, LNT, NI, OGE, BKH, NEE, DUK, SO, and AEPCyclical value areas including Financials, Materials, Manufacturing, Transportation, and equal-weighted Discretionary display short-term improvement as interest rates show signs of a potential bottom at 1.13%. This is encouraging, however we are still neutral yet constructive overall. As we noted last week, we need to see the 10-year Treasury yield breach, and hold above, 1.45%, as well as sustained price improvement by small-caps (i.e., IWM above $234.50) before we can declare a new broad-based bull market.

10-Year Treasury Yield Below Key Resistance; Buying Utilities, Consumer Staples, and Steel Stocks

We remain cautious as there continues to be several new or persisting negative signals which tell us that upside is likely to be muted from here -- barring improvements. At the same time we are not seeing widespread breakdowns and the major averages are still consolidating within a 1-month horizontal range. As long as this consolidation continues, a neutral outlook is appropriate. In today’s report we highlight attractive Groups and stocks within health care staffing, silver, and platinum miners, and Electric and Gas utilities.

We remain cautious as there continues to be several new or persisting negative signals which tell us that upside is likely to be muted from here -- barring improvements. At the same time we are not seeing widespread breakdowns and the major averages are still consolidating within a 1-month horizontal range. As long as this consolidation continues, a neutral outlook is appropriate. In today’s report we highlight attractive Groups and stocks within health care staffing, silver, and platinum miners, and Electric and Gas utilities.

S&P 500 Consolidating Despite Negative Signals

The S&amp;P 500 was not able to break through the 2,817 and 100-day moving average resistance levels last week, and has now fallen abruptly back to test 2,600 support. For now our outlook remains cautious and we continue to expect heightened volatility and horizontal consolidation between the aforementioned support and resistance levels. Absent any real clarity in regards to Fed policy or U.S.-China trade relations, the S&amp;P 500 is vulnerable to a breakdown.  We highlight opportunities within Pharmaceuticals and Waste Services, two areas of the market with defensive characteristics that currently exhibit timely technicals.

The S&amp;P 500 was not able to break through the 2,817 and 100-day moving average resistance levels last week, and has now fallen abruptly back to test 2,600 support. For now our outlook remains cautious and we continue to expect heightened volatility and horizontal consolidation between the aforementioned support and resistance levels. Absent any real clarity in regards to Fed policy or U.S.-China trade relations, the S&amp;P 500 is vulnerable to a breakdown.  We highlight opportunities within Pharmaceuticals and Waste Services, two areas of the market with defensive characteristics that currently exhibit timely technicals.

United States

Pinnacle West Capital Corporation is a utility holding company.  The Company, through its subsidiary, provides either retail or wholesale electric service to most of the State of Arizona. The Company, through a subsidiary, also is involved in real estate development activities in the western United States.

IDACORP, Inc is the holding company for Idaho Power Company, an electric utility and IDACORP Energy, an energy marketing company.  Idaho Power generates, purchases, transmits, distributes, and sells electric energy in southern Idaho, eastern Oregon, and northern Nevada.  IDACORP Energy maintains electricity and natural gas marketing operations.

Portland General Electric Company is an electric utility involved in the generation, purchase, transmission, distribution, and sale of electricity in Oregon.  The Company also participates in the wholesale market by purchasing and selling electricity and natural gas to utilities and energy marketers.

Portland General Electric Company (POR US)

Otter Tail Corporation, through its utility business units, provides electricity and energy services to customers in Minnesota, North Dakota, and South Dakota. The Company, through its Varistar Corporation unit, operates manufacturing, plastics, health services, construction, entertainment, telecommunications, and transportation businesses with customers across the United States and Canada.

ALLETE, Inc. provides energy services in the upper Midwest United States.  The Company generates, transmits, distributes, markets, and trades electrical power for retail and wholesale customers.

MGE Energy, Inc. is a public utility holding company.  The Company's principal subsidiary generates and distributes electricity to customers in Dane County, Wisconsin.  MGE also purchases, transports, and distributes natural gas in several Wisconsin counties.

PNM Resources Inc. is a holding company. The Company, through its subsidiaries, generates, transmits, and distributes electricity.

Hawaiian Electric Industries, Inc. is a diversified holding company that delivers a variety of services to the people of Hawaii.  The Company's subsidiaries offer electric utilities, savings banks and other businesses, primarily in the state of Hawaii.

Evergy, Inc. provides electricity generation, transmission, and distribution services. The Company offers its services in the United States.

Avangrid, Inc. operates as an energy services holding company. The Company engages in the regulated energy transmission and distribution business through wind and solar power, as well as natural gas utilities. Avangrid serves customers in the United States.

Manila Electric Company is an engineering, construction and consulting firm with expertise in the fields of power generation, transmission and distribution, telecommunications and installations. The Company also provides real estate services along with consulting and information technology.

Tokyo Electric Power Company, Incorporated generates, transmits, and distributes electricity.  The Company uses hydroelectric, thermal, and nuclear power sources.  Tokyo Electric Power distributes electricity in the Kanto area, which includes the Tokyo metro area, Kanagawa, Chiba, and Saitama prefectures.

SJVN Limited develops, owns, and operates Hydro-electric power projects in India. The Company operates power generating plants in states that include Himachal Pradesh,

Acciona S.A. is a global developer and service provider of solutions in renewable energy, large civil infrastructures and water treatment and reverse osmosis desalination.  The Company has sustainable development at the heart of its strategy.

Elia System Operator SA/NV operates the Belgian high-voltage grid, consisting of overhead lines, underground cables and other equipment necessary to enable the transmission of electricity such as transformers.

CPFL Energia S.A., through its subsidiaries, distributes, generates and commercializes electricity in Brazil.  The Company also commercializes electricity and provides electricity-related services to its affiliates as well as unaffiliated parties.

Equatorial Energia SA is a holding company that owns interests in power distribution operations throughout Brazil.

Transmissora Alianca de Energia Eletrica SA is a holding company for the energy sector. The Company, through its subsidiaries, operates and maintains the transmission of electric energy throughout Brazil.

Companhia Energetica de Minas Gerais- CEMIG generates, transmits, and distributes electricity in the Brazilian State of Minas Gerais.  Cemig serves industrial, commercial, residential, and rural customers.  The Company generates electricity primarily through hydroelectric plants.

Korea Electric Power Corporation (KEPCO) generates, transmits, and distributes electricity to South Korea for a variety of uses. The Company also builds and operates hydro-power, thermal-power, and nuclear power units in South Korea.

OGE Energy Corp., through its principal subsidiary Oklahoma Gas and Electric Company, generates, transmits, and distributes electricity to wholesale and retail customers in communities in Oklahoma and western Arkansas. The Company, through Enogex Inc., operates natural gas transmission and gathering pipelines, has interests in gas processing plants, and markets electricity.

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Oge Energy Corp (OGE US)

OGE Energy Corp.: Initiation of Coverage - Can They Make The Most Out Of The Advancements in Renewable Energy and Grid Modernization? - Major Drivers

OGE Energy Corp. reported solid first-quarter earnings for 2024, affirming its strong positioning and operational reliability despite facing a...

Baptista Research

U.S. Equity Strategy: Index Supports Breaking; Upgrading and Buying Utilities

Indexes continue to violate our key supports on the Russell 2000 (IWM), the S&P 500, and the equal-weighted Nasdaq 100 (QQEW). Most opportunities...

Vermilion Research

10-Year Treasury Yield Below Key Resistance; Buying Utilities, Consumer Staples, and Steel Stocks

Cyclical value areas are improving, but so are defensives. In order to get more bullish, we need to see the 10-year Treasury yield break above...

Vermilion Research

S&P 500 Consolidating Despite Negative Signals

We remain cautious as there continues to be several new or persisting negative signals which tell us that upside is likely to be muted from here --...

Vermilion Research

S&P 500 Revisiting 2,600 Support

The S&P 500 was not able to break through the 2,817 and 100-day moving average resistance levels last week, and has now fallen abruptly back to...

Vermilion Research

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