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>Boeing, a global aviation giant, is making waves as it navigates a pivotal turnaround after facing a tumultuous period marred by operational lapses, financial strain, and reputation challenges.</li><li>The company has recently demonstrated notable progress across several fronts.</li><li>On December 18, Boeing resumed production of its 737, 767, and 777/777X airplane programs, signaling an operational revival after a three-month machinists' strike.</li></ul>

Boeing, a global aviation giant, is making waves as it navigates a pivotal turnaround after facing a tumultuous period marred by operational lapses, financial strain, and reputation challenges.The company has recently demonstrated notable progress across several fronts.On December 18, Boeing resumed production of its 737, 767, and 777/777X airplane programs, signaling an operational revival after a three-month machinists' strike.

Boeing's Bold Comeback: Inside The $36 Billion Deal, 787 Ramp-Up & Cultural Overhaul

Global Mobility/Transport, Equity Long-Short

Mohshin Aziz

Thematic (Sector/Industry)

<ul>
<li>Alaska Air Flight 1282 had an in-flight blowout of its mid-aft door and interior sidewall; the aircraft returned and landed safely, and there were no injuries or fatalities  </li>
<li>The U.S. Federal Aviation Administration (FAA) has ordered a temporary grounding of the affected aircraft model, and we think other countries will follow suit soon   </li>
<li>These stocks will likely be under shorts attack on Monday: Boeing (BA US), Alaska Air (ALK US), Ryanair (RYA ID) and United Airlines (UAL US)</li>
</ul>


Alaska Air Flight 1282 had an in-flight blowout of its mid-aft door and interior sidewall; the aircraft returned and landed safely, and there were no injuries or fatalities  
The U.S. Federal Aviation Administration (FAA) has ordered a temporary grounding of the affected aircraft model, and we think other countries will follow suit soon   
These stocks will likely be under shorts attack on Monday: Boeing (BA US), Alaska Air (ALK US), Ryanair (RYA ID) and United Airlines (UAL US)


Boeing 737 MAX 9 and MAX-8200 Grounded: Implications And Opportunities

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Dynamatic Technologies / Equity Bottom-Up

<ul>
<li>The structural shift in Dynamatic Technologies’ revenue mix is accelerating, with the high-margin Aerospace segment now contributing 82% of consolidated EBITDA in FY25, underpinned by major new contract industrialization.</li>
<li>The premium valuation is justified by its annuity-like, high-barrier sole-supplier status for the Airbus A320 family and significant new program wins (Airbus A220 doors), providing a multi-decade visibility.</li>
<li>DTL’s core value is increasingly diverging from its legacy segments; success hinges on efficient capital deployment in India and mitigating the persistent drag from its European Metallurgy business. 
</li>
</ul>


The structural shift in Dynamatic Technologies’ revenue mix is accelerating, with the high-margin Aerospace segment now contributing 82% of consolidated EBITDA in FY25, underpinned by major new contract industrialization.
The premium valuation is justified by its annuity-like, high-barrier sole-supplier status for the Airbus A320 family and significant new program wins (Airbus A220 doors), providing a multi-decade visibility.
DTL’s core value is increasingly diverging from its legacy segments; success hinges on efficient capital deployment in India and mitigating the persistent drag from its European Metallurgy business. 



The Beat Ideas: Dynamatic Technologies - An Indian Tier-1 Supplier's Flight Path in Global Aerospace

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul>
<li>The amount of deposits in the US banking system are substantial in absolute terms and compared with recent periods and older periods</li>
<li>Of the USD17.4tr in deposits in the US banking system, 86% is liquid, available to access</li>
<li>Alongside concerns about the S&amp;P 500 Index or the broad US stock market, we believe it is worthwhile to keep in mind the amount of depositor liquidity</li>
</ul>


The amount of deposits in the US banking system are substantial in absolute terms and compared with recent periods and older periods
Of the USD17.4tr in deposits in the US banking system, 86% is liquid, available to access
Alongside concerns about the S&amp;P 500 Index or the broad US stock market, we believe it is worthwhile to keep in mind the amount of depositor liquidity


US Stock Market - US Banks Have Total Deposits of USD17.4tr, Which Was USD3-4tr ~30 Yrs Ago

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.

Thai Airways International / Equity Bottom-Up

<ul><li>We cut 2025–27E core profit forecasts due to lower ASKs from delayed wide-body aircraft leases, along with softer load factors and passenger yields.</li><li>We downgrade to Neutral (from Outperform) and lower our 2026E FV to Bt9.00 based on a 9.4% required return (previously Bt13.60/8.1%), as upside from the current valuation has narrowed to 9% and the 2Y core EPS CAGR of -15% trails the sector.</li><li>We expect 4Q25E earnings to improve QoQ on seasonality, though rising risk remains from the free-float increasing to 19% of paid-up capital (from 7%) starting 4 Feb 2026.</li></ul>

We cut 2025–27E core profit forecasts due to lower ASKs from delayed wide-body aircraft leases, along with softer load factors and passenger yields.We downgrade to Neutral (from Outperform) and lower our 2026E FV to Bt9.00 based on a 9.4% required return (previously Bt13.60/8.1%), as upside from the current valuation has narrowed to 9% and the 2Y core EPS CAGR of -15% trails the sector.We expect 4Q25E earnings to improve QoQ on seasonality, though rising risk remains from the free-float increasing to 19% of paid-up capital (from 7%) starting 4 Feb 2026.

Thai Airways International Plc. (THAI): Increasing Risks Due To Delays In Fleet Expansion

United States

The Boeing Company, together with its subsidiaries, develops, produces, and markets commercial jet aircraft, as well as provides related support services to the commercial airline industry worldwide.  The Company also researches, develops, produces, modifies, and supports information, space, and defense systems, including military aircraft, helicopters and space and missile systems.

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Boeing Co (BA US)

Boeing's Bold Comeback: Inside The $36 Billion Deal, 787 Ramp-Up & Cultural Overhaul

Boeing, a global aviation giant, is making waves as it navigates a pivotal turnaround after facing a tumultuous period marred by operational...

Baptista Research

Boeing 737 MAX 9 and MAX-8200 Grounded: Implications And Opportunities

Flight 1282 experienced a mid-air blowout but landed safely. The FAA has grounded the Boeing 737 MAX 9, potentially impacting stocks of Boeing,...

Mohshin Aziz

The Beat Ideas: Dynamatic Technologies - An Indian Tier-1 Supplier's Flight Path in Global Aerospace

Dynamatic' revenue shift to Aerospace drives EBITDA growth, justified by sole-supplier status and new program wins, but success depends on capital...

Nimish Maheshwari

US Stock Market - US Banks Have Total Deposits of USD17.4tr, Which Was USD3-4tr ~30 Yrs Ago

USD18.4 trillion in bank deposits at US banks as at 5 November week. At start of this century, that was USD3.5 trillion. There is a lot of...

Daniel Tabbush

Thai Airways International Plc. (THAI): Increasing Risks Due To Delays In Fleet Expansion

We cut 2025–27E core profit forecasts due to lower ASKs from delayed wide-body aircraft leases, along with softer load factors and passenger yields.

Krungthai XSpring

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Boeing's Bold Comeback: Inside The $36 Billion Deal, 787 Ramp-Up & Cultural Overhaul

Boeing, a global aviation giant, is making waves as it navigates a pivotal turnaround after facing a tumultuous period marred by operational...

Baptista Research

Boeing 737 MAX 9 and MAX-8200 Grounded: Implications And Opportunities

​Flight 1282 experienced a mid-air blowout but landed safely. The FAA has grounded the Boeing 737 MAX 9, potentially impacting stocks of Boeing,...

Mohshin Aziz

The Beat Ideas: Dynamatic Technologies - An Indian Tier-1 Supplier's Flight Path in Global Aerospace

​Dynamatic' revenue shift to Aerospace drives EBITDA growth, justified by sole-supplier status and new program wins, but success depends on capital...

Nimish Maheshwari

US Stock Market - US Banks Have Total Deposits of USD17.4tr, Which Was USD3-4tr ~30 Yrs Ago

USD18.4 trillion in bank deposits at US banks as at 5 November week. At start of this century, that was USD3.5 trillion. There is a lot of...

Daniel Tabbush

Thai Airways International Plc. (THAI): Increasing Risks Due To Delays In Fleet Expansion

We cut 2025–27E core profit forecasts due to lower ASKs from delayed wide-body aircraft leases, along with softer load factors and passenger yields.

Krungthai XSpring

Flight 1282 experienced a mid-air blowout but landed safely. The FAA has grounded the Boeing 737 MAX 9, potentially impacting stocks of Boeing,...

Dynamatic' revenue shift to Aerospace drives EBITDA growth, justified by sole-supplier status and new program wins, but success depends on capital...