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 Capital Markets

<ul><li>Steel Dynamics delivered another strong quarter and managed to surpass Wall Street expectations in terms of revenues as well as earnings.</li><li>Records for steel shipments and price volume in their steel fabrication sector helped boost revenues across all platforms to a record $6.2 billion.</li><li>As a result of record earnings from steel manufacturing, the company's second quarter 2022 operating income of $1.6 billion increased 8% above first quarter results.</li></ul>

Steel Dynamics delivered another strong quarter and managed to surpass Wall Street expectations in terms of revenues as well as earnings.Records for steel shipments and price volume in their steel fabrication sector helped boost revenues across all platforms to a record $6.2 billion.As a result of record earnings from steel manufacturing, the company's second quarter 2022 operating income of $1.6 billion increased 8% above first quarter results.

Steel Dynamics: Flat Rolled Aluminum Market & Other Drivers

Credit

<ul><li>Steel Dynamics is one of the biggest steel fabrication players in the world.</li><li>Its revenues have been growing well off-late thanks to higher realized selling values in their steel fabrication business and ongoing strong performance in their steel and metals recycling operations.</li><li>Their Butler Flat Roll division benefits from iron dynamics, an on-site liquid pig iron production facility that meets almost all of Butler's pig iron needs.</li></ul>

Steel Dynamics is one of the biggest steel fabrication players in the world.Its revenues have been growing well off-late thanks to higher realized selling values in their steel fabrication business and ongoing strong performance in their steel and metals recycling operations.Their Butler Flat Roll division benefits from iron dynamics, an on-site liquid pig iron production facility that meets almost all of Butler's pig iron needs.

Steel Dynamics Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

<ul><li>This is our first report on Steel Dynamics, one of the largest steel fabrication players in the world.</li><li>Its revenues have been growing well off-late thanks to higher realized selling values in their steel fabrication business and ongoing strong performance in their steel and metals recycling operations.</li><li>Their Butler Flat Roll division benefits from iron dynamics, an on-site liquid pig iron production facility that meets almost all of Butler's pig iron needs.</li></ul>

This is our first report on Steel Dynamics, one of the largest steel fabrication players in the world.Its revenues have been growing well off-late thanks to higher realized selling values in their steel fabrication business and ongoing strong performance in their steel and metals recycling operations.Their Butler Flat Roll division benefits from iron dynamics, an on-site liquid pig iron production facility that meets almost all of Butler's pig iron needs.

Steel Dynamics Inc.: Initiation of Coverage – Acquisition-Led Growth & Steel Macro

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

Energy Select Sector SPDR Fund / Technical Analysis

<ul>
<li>We still see signs suggesting a test of the lows or a break to new lows is increasingly likely on the S&amp;P 500, Nasdaq 100 (QQQ), and Russell 2000 (IWM).</li>
<li>One of those signs is the fact that defensives (Utilities, Staples, pharma, Real Estate) remain at new RS highs.</li>
<li>Meanwhile, WTI crude oil and the Bloomberg Commodity index (DJP) are breaking out from 1-month consolidations, signaling upside continuation. Stick with the commodity and defensive Sectors.</li>
</ul>


We still see signs suggesting a test of the lows or a break to new lows is increasingly likely on the S&amp;P 500, Nasdaq 100 (QQQ), and Russell 2000 (IWM).
One of those signs is the fact that defensives (Utilities, Staples, pharma, Real Estate) remain at new RS highs.
Meanwhile, WTI crude oil and the Bloomberg Commodity index (DJP) are breaking out from 1-month consolidations, signaling upside continuation. Stick with the commodity and defensive Sectors.


Sticking With Commodity and Defensive Sectors; Buying Coal, Steel, Gold Stocks

iShares Russell 2000 ETF / Technical Analysis

<ul>
<li>Last week's FOMC announcement and quad witching allowed for some breadth improvement, and the S&amp;P 500, Nasdaq 100, Russell 2000, and Russell Micro Cap indexes broke above their respective downtrends.</li>
<li>While this is undoubtedly a positive, we are waiting for more confirmation. It is not uncommon to have misdirection following important FOMC meetings.</li>
<li>The Russell 2000(IWM) remains below major resistance at $209, which was support for all of 2021. This is arguably the most important resistance level in regards to the broad market.</li>
</ul>


Last week's FOMC announcement and quad witching allowed for some breadth improvement, and the S&amp;P 500, Nasdaq 100, Russell 2000, and Russell Micro Cap indexes broke above their respective downtrends.
While this is undoubtedly a positive, we are waiting for more confirmation. It is not uncommon to have misdirection following important FOMC meetings.
The Russell 2000(IWM) remains below major resistance at $209, which was support for all of 2021. This is arguably the most important resistance level in regards to the broad market.


Russell 2000 Testing Resistance; Buying Steel, Copper, Uranium, Ag Equipment Stocks

United States

Steel Dynamics, Inc. is a diversified carbon-steel steel producer and metals recycler in the U.S, located in Fort Wayne, IN. The Company's operating segments include Steel Operations, Metals Recycling & Ferrous Resources Operations, and Steel Fabrication Operations. Steel Dynamics products include flat rolled steel sheet, engineered bar special-bar-quality, structural beams.

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Steel Dynamics (STLD US)

Steel Dynamics: Flat Rolled Aluminum Market & Other Drivers

Steel Dynamics delivered another strong quarter and managed to surpass Wall Street expectations in terms of revenues as well as earnings. Records...

Baptista Research

Steel Dynamics Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

Steel Dynamics is one of the biggest steel fabrication players in the world. Its revenues have been growing well off-late thanks to higher...

Baptista Research

Steel Dynamics Inc.: Initiation of Coverage – Acquisition-Led Growth & Steel Macro

This is our first report on Steel Dynamics, one of the largest steel fabrication players in the world. Its revenues have been growing well...

Baptista Research

Sticking With Commodity and Defensive Sectors; Buying Coal, Steel, Gold Stocks

Crude oil and the Bloomberg Commodity index $DJP are breaking out from 1-month consolidations, signaling upside continuation. Stick with the...

Vermilion Research

Russell 2000 Testing Resistance; Buying Steel, Copper, Uranium, Ag Equipment Stocks

The Russell 2000 $IWM remains below major resistance at $209, which was support for all of 2021. This is arguably the most important resistance...

Vermilion Research

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