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>Pembina Pipeline Corporation reported a strong second quarter, showcasing significant increases in several financial metrics, most notably achieving record adjusted EBITDA of $1.091 billion and record adjusted cash flow from operating activities of $837 million.</li><li>These achievements were underpinned by strategic acquisitions, notably the closure of the Alliance and Aux Sable acquisition early in April, resulting in increased ownership and contributing positively to Pembina's financial performance.</li><li>These assets, including the full acquisition of Aux Sable's U.S. operations, are reportedly exceeding expectations.</li></ul>

Pembina Pipeline Corporation reported a strong second quarter, showcasing significant increases in several financial metrics, most notably achieving record adjusted EBITDA of $1.091 billion and record adjusted cash flow from operating activities of $837 million.These achievements were underpinned by strategic acquisitions, notably the closure of the Alliance and Aux Sable acquisition early in April, resulting in increased ownership and contributing positively to Pembina's financial performance.These assets, including the full acquisition of Aux Sable's U.S. operations, are reportedly exceeding expectations.

Pembina Pipeline Corporation: An Analysis Of Its Diversified Energy Transportation and Marketing Strategy & Other Major Drivers

<ul><li>Pembina Pipeline Corporation commenced 2024 with robust financial and operational performances, showcasing a positive shift as evidenced in the latest quarterly outcomes.</li><li>The company posted a record adjusted EBITDA of CAD 1.044 billion for the first quarter, marking a 10% year-over-year increase.</li><li>This financial uplift was primarily fueled by heightened activities across Pembina's pipelines and facilities, alongside improved market conditions contributing to favorable product spreads.</li></ul>

Pembina Pipeline Corporation commenced 2024 with robust financial and operational performances, showcasing a positive shift as evidenced in the latest quarterly outcomes.The company posted a record adjusted EBITDA of CAD 1.044 billion for the first quarter, marking a 10% year-over-year increase.This financial uplift was primarily fueled by heightened activities across Pembina's pipelines and facilities, alongside improved market conditions contributing to favorable product spreads.

Pembina Pipeline Corporation: Leveraging Global Export Opportunities and Strategic Partnerships! - Major Drivers

<ul><li>This is our first report on midstream major, Pembina Pipeline Corporation.</li><li>The company's Q4 2023 earnings signaled a robust financial position, with quarterly earnings reaching $698 million and a record adjusted EBITDA of over $1 billion.</li><li>This result was bolstered by growing volumes across numerous systems and a strong year from the firm's marketing business.</li></ul>

This is our first report on midstream major, Pembina Pipeline Corporation.The company's Q4 2023 earnings signaled a robust financial position, with quarterly earnings reaching $698 million and a record adjusted EBITDA of over $1 billion.This result was bolstered by growing volumes across numerous systems and a strong year from the firm's marketing business.

Pembina Pipeline Corporation: Initiation Of Coverage - 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

TSE Tokyo Price Index TOPIX / Technical Analysis

<ul>
<li>Major indexes in the three largest global equity markets (U.S., Europe, Japan) all remain below critical resistances of 5783 on SPX, 5000-5120 on EURO STOXX 50, and 2740-2820 on TOPIX</li>
<li>Additionally, broad global MSCI indexes (local currency) including the ACWI, ACWI ex-U.S., and EAFE all remain at/below resistance from their YTD highs; reduce exposure or shift to defensives.</li>
<li>In late-July we discussed expectations for a 1-to 4-month pullback/consolidation period on MSCI ACWI. We believe it seems likely to last closer to four months, and potentially 4- to 6-months</li>
</ul>


Major indexes in the three largest global equity markets (U.S., Europe, Japan) all remain below critical resistances of 5783 on SPX, 5000-5120 on EURO STOXX 50, and 2740-2820 on TOPIX
Additionally, broad global MSCI indexes (local currency) including the ACWI, ACWI ex-U.S., and EAFE all remain at/below resistance from their YTD highs; reduce exposure or shift to defensives.
In late-July we discussed expectations for a 1-to 4-month pullback/consolidation period on MSCI ACWI. We believe it seems likely to last closer to four months, and potentially 4- to 6-months


U.S., Europe, and Japan Still Holding Below Resistance; Favor Defensives

<ul>
<li>Our bullish outlook (since early-November 2023) remains intact. We continue to recommend buying dips as long as MSCI $ACWI and $EEM remain above important supports at $110 and $41-$42, respectively.</li>
<li>We are reiterating Japan as an Overweight -- Add Exposure; Nikkei 225, TOPIX, TOPIX Small All Breaking Out. And 2+ year RS uptrends remain intact on TOPIX and Nikkei 225</li>
<li>We take a break from recommending Technology (though we are still bullish) and highlight buys within global Energy, Health Care, Telecommunications, and Utilities</li>
</ul>


Our bullish outlook (since early-November 2023) remains intact. We continue to recommend buying dips as long as MSCI $ACWI and $EEM remain above important supports at $110 and $41-$42, respectively.
We are reiterating Japan as an Overweight -- Add Exposure; Nikkei 225, TOPIX, TOPIX Small All Breaking Out. And 2+ year RS uptrends remain intact on TOPIX and Nikkei 225
We take a break from recommending Technology (though we are still bullish) and highlight buys within global Energy, Health Care, Telecommunications, and Utilities


Reiterating Japan Overweight -- Add Exposure; Nikkei 225, TOPIX, TOPIX Small All Breaking Out

Canada

Pembina Pipeline Corporation provides energy transportation and midstream services. The Company offers hydrocarbon liquids and natural gas products transportation and storage services, as well as operates gas gathering and processing facilities. Pembina Pipeline serves customers in Canada.

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Pembina Pipeline (PBA US)

Pembina Pipeline Corporation: An Analysis Of Its Diversified Energy Transportation and Marketing Strategy & Other Major Drivers

Pembina Pipeline Corporation reported a strong second quarter, showcasing significant increases in several financial metrics, most notably...

Baptista Research

Pembina Pipeline Corporation: Leveraging Global Export Opportunities and Strategic Partnerships! - Major Drivers

Pembina Pipeline Corporation commenced 2024 with robust financial and operational performances, showcasing a positive shift as evidenced in the...

Baptista Research

Pembina Pipeline Corporation: Initiation Of Coverage - Major Drivers

This is our first report on midstream major, Pembina Pipeline Corporation. The company's Q4 2023 earnings signaled a robust financial position,...

Baptista Research

U.S., Europe, and Japan Still Holding Below Resistance; Favor Defensives

U.S., Europe, and Japan Still Holding Below Resistance; Favor Defensives. Actionable Themes: Real Estate, Utilities, Telecommunications, Energy,...

Vermilion Research

Reiterating Japan Overweight -- Add Exposure; Nikkei 225, TOPIX, TOPIX Small All Breaking Out

Reiterating Japan Overweight; $Nikkei 225, $TOPIX, TOPIX Small, $DXJ All Breaking Out with 2+ year RS uptrends intact on Nikkei and TOPIX. Still...

Vermilion Research

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