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>Southern Company recently reported its third-quarter 2024 financial results, showcasing a blend of operational resilience and moderate financial performance amidst significant external challenges, most notably Hurricane Helene.</li>
<li>The storm was described as the most destructive in Georgia Power's history, impacting 53 counties and causing over 1.5 million power outages.</li>
<li>Despite the destruction, Southern Company demonstrated impressive operational capabilities with a rapid restoration effort.</li>
</ul>


Southern Company recently reported its third-quarter 2024 financial results, showcasing a blend of operational resilience and moderate financial performance amidst significant external challenges, most notably Hurricane Helene.
The storm was described as the most destructive in Georgia Power's history, impacting 53 counties and causing over 1.5 million power outages.
Despite the destruction, Southern Company demonstrated impressive operational capabilities with a rapid restoration effort.


The Southern Company: Growth in Renewable & Natural Gas Expansion As A Key Growth Catalyst!

<ul>
<li>The Southern Company's second quarter 2024 earnings highlighted robust performance across its electric and gas businesses.</li>
<li>CFO Tucker reported an adjusted earnings per share of $1.10, a significant increase from the previous year and well above the expected $0.90.</li>
<li>The reported results indicated a well-balanced combination of higher-than-expected electric load demands due to unusually warm weather and sustained economic growth, particularly in the Southeast region.</li>
</ul>


The Southern Company's second quarter 2024 earnings highlighted robust performance across its electric and gas businesses.
CFO Tucker reported an adjusted earnings per share of $1.10, a significant increase from the previous year and well above the expected $0.90.
The reported results indicated a well-balanced combination of higher-than-expected electric load demands due to unusually warm weather and sustained economic growth, particularly in the Southeast region.


The Southern Company: Infrastructure Resilience and Technological Enhancements Catalyzing Growth!

<ul>
<li>Southern Company recently discussed its first quarter 2024 financial and operational performance, revealing several essential updates and strategic insights.</li>
<li>A highlight was the successful commercial operation of Plant Vogtle Unit 4.</li>
<li>With both units 3 and 4 now operational, Southern Company has notably increased its carbon-free energy capacity, which aligns with growing energy demands and the shift towards sustainable resources.</li>
</ul>


Southern Company recently discussed its first quarter 2024 financial and operational performance, revealing several essential updates and strategic insights.
A highlight was the successful commercial operation of Plant Vogtle Unit 4.
With both units 3 and 4 now operational, Southern Company has notably increased its carbon-free energy capacity, which aligns with growing energy demands and the shift towards sustainable resources.


The Southern Company: Initiation of Coverage

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>While the market remains in consolidation/pullback mode and we are not out of the woods, it is possible that further downside is limited from here on the S&amp;P 500</li>
<li>Since late-February, we've discussed important gap support from 2/22/24 at 4983-5050 on the SPX, with bulls in control if above 4983. Selling last week has simply filled this gap</li>
<li>4920-4950 is now support near last week's lows. Downgrade: Technology (XLK) to market weight. Upgrades: Manufacturing/Industrials (XLI) to overweight and Utilities (XLU) to market weight; individual stock buys highlighted.</li>
</ul>


While the market remains in consolidation/pullback mode and we are not out of the woods, it is possible that further downside is limited from here on the S&amp;P 500
Since late-February, we've discussed important gap support from 2/22/24 at 4983-5050 on the SPX, with bulls in control if above 4983. Selling last week has simply filled this gap
4920-4950 is now support near last week's lows. Downgrade: Technology (XLK) to market weight. Upgrades: Manufacturing/Industrials (XLI) to overweight and Utilities (XLU) to market weight; individual stock buys highlighted.


Shifting Exposure From Growth to Value; Downgrading Technology; Upgrades: Manufacturing & 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

United States

The Southern Company is a public utility holding company. The Company, through its subsidiaries, generates, wholesales, and retails electricity in the southeastern United States. The Company also offers wireless telecommunications services, and provides businesses with two-way radio, telephone, paging, and Internet access services as well as wholesales fiber optic solutions.

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Southern Co/The (SO US)

The Southern Company: Growth in Renewable & Natural Gas Expansion As A Key Growth Catalyst!

Despite the destruction, Southern Company demonstrated impressive operational capabilities with a rapid restoration effort.

Baptista Research

The Southern Company: Infrastructure Resilience and Technological Enhancements Catalyzing Growth!

The Southern Company's second quarter 2024 earnings highlighted robust performance across its electric and gas businesses.

Baptista Research

The Southern Company: Initiation of Coverage

Southern Company recently discussed its first quarter 2024 financial and operational performance, revealing several essential updates and strategic...

Baptista Research

Shifting Exposure From Growth to Value; Downgrading Technology; Upgrades: Manufacturing & Utilities

Shift Exposure From Growth to Value; Downgrading Tech to market weight $XLK; Upgrading Industrials $XLI to Overweight; Upgrading Utilities $XLU to...

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

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