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>TotalEnergies reported strong financial results in the third quarter of 2025, demonstrating its commitment to a multi-faceted growth strategy.</li><li>The company's two-pillar focus on expanding its oil and gas production and enhancing downstream operations yielded significant benefits, even amidst a challenging pricing environment.</li><li>On the positive side, TotalEnergies achieved impressive growth in its upstream segment.</li></ul>

TotalEnergies reported strong financial results in the third quarter of 2025, demonstrating its commitment to a multi-faceted growth strategy.The company's two-pillar focus on expanding its oil and gas production and enhancing downstream operations yielded significant benefits, even amidst a challenging pricing environment.On the positive side, TotalEnergies achieved impressive growth in its upstream segment.

TotalEnergies’ Namibia Power Play: What’s At Stake In The $3 Billion Mopane Deal?

<ul><li>During the third-quarter earnings call, TotalEnergies provided insights into its performance and strategic direction for the foreseeable future.</li><li>The company's management, represented by CEO Patrick Pouyanné and CFO Jean-Pierre Sbraire, highlighted several key areas of growth and concern.</li><li>On the positive side, TotalEnergies showcased strong financial and operational resilience despite a challenging environment marked by a drop in oil prices.</li></ul>

During the third-quarter earnings call, TotalEnergies provided insights into its performance and strategic direction for the foreseeable future.The company's management, represented by CEO Patrick Pouyanné and CFO Jean-Pierre Sbraire, highlighted several key areas of growth and concern.On the positive side, TotalEnergies showcased strong financial and operational resilience despite a challenging environment marked by a drop in oil prices.

TotalEnergies’ Offshore Wind Gambit Is Paying Off—What You Need to Know!

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Hanwha TotalEnergies, Vedanta Resources.</li>
<li>Hanwha TotalEnergies Petrochemical (HTP) is a vertically integrated petrochemicals producer in South Korea.</li>
<li>The company produces a range of commodity chemicals, including base chemicals (olefins and aromatics), polymers (e.g. polyethylene and polypropylene) and energy products (jet fuel and diesel).</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Hanwha TotalEnergies, Vedanta Resources.
Hanwha TotalEnergies Petrochemical (HTP) is a vertically integrated petrochemicals producer in South Korea.
The company produces a range of commodity chemicals, including base chemicals (olefins and aromatics), polymers (e.g. polyethylene and polypropylene) and energy products (jet fuel and diesel).


Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>PTTEP has acquired an indirect 9.998% equity interest in Block SK408, a natural gas and condensate producing asset under a production sharing contract (PSC) located in shallow offshore waters in Malaysia.</li><li>The natural gas produced from the field has secured market outlets, supplying onshore LNG liquefaction complexes, while condensate is sold through a tender process.</li><li>The acquisition has completed in mid-December 2025, though the transaction value has not been disclosed due to confidentiality obligations.</li></ul>

PTTEP has acquired an indirect 9.998% equity interest in Block SK408, a natural gas and condensate producing asset under a production sharing contract (PSC) located in shallow offshore waters in Malaysia.The natural gas produced from the field has secured market outlets, supplying onshore LNG liquefaction complexes, while condensate is sold through a tender process.The acquisition has completed in mid-December 2025, though the transaction value has not been disclosed due to confidentiality obligations.

PTT Exploration and Production Plc: PTTEP Has Acquired An Indirect 9.998% Equity In Block SK408

<ul><li>TotalEnergies released its financial results for the second quarter and first half of 2025, navigating a turbulent macroeconomic and geopolitical environment.</li><li>Challenges such as the Israel-Iran conflict and a US tariff war created market volatility, with oil prices fluctuating between $60 to $81 per barrel within the quarter.</li><li>The limited price increases during the Iran crisis signaled adequate oil market supply, influenced by OPEC+ decisions and slowed global demand due to economic conditions.</li></ul>

TotalEnergies released its financial results for the second quarter and first half of 2025, navigating a turbulent macroeconomic and geopolitical environment.Challenges such as the Israel-Iran conflict and a US tariff war created market volatility, with oil prices fluctuating between $60 to $81 per barrel within the quarter.The limited price increases during the Iran crisis signaled adequate oil market supply, influenced by OPEC+ decisions and slowed global demand due to economic conditions.

TotalEnergies Is Quietly Building An Energy Empire Across LNG

France

TOTAL S.A. explores for, produces, refines, transports, and markets oil and natural gas. The Company also operates a chemical division which produces polypropylene, polyethylene, polystyrene, rubber, paint, ink, adhesives, and resins. TOTAL operates gasoline filling stations in Europe, the United States, and Africa.

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TotalEnergies (TTE FP)

TotalEnergies’ Namibia Power Play: What’s At Stake In The $3 Billion Mopane Deal?

TotalEnergies reported strong financial results in the third quarter of 2025, demonstrating its commitment to a multi-faceted growth strategy. The...

Baptista Research

TotalEnergies’ Offshore Wind Gambit Is Paying Off—What You Need to Know!

During the third-quarter earnings call, TotalEnergies provided insights into its performance and strategic direction for the foreseeable...

Baptista Research

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Hanwha TotalEnergies, Vedanta Resources

Lucror Analytics

PTT Exploration and Production Plc: PTTEP Has Acquired An Indirect 9.998% Equity In Block SK408

PTTEP has acquired an indirect 9.998% equity interest in Block SK408, a natural gas and condensate producing asset under a production sharing...

Krungthai XSpring

TotalEnergies Is Quietly Building An Energy Empire Across LNG

TotalEnergies released its financial results for the second quarter and first half of 2025, navigating a turbulent macroeconomic and geopolitical...

Baptista Research

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