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

C.H. Robinson Worldwide / Equity Bottom-Up

<ul><li>C.H. Robinson Worldwide's third-quarter 2025 results offer a nuanced picture for potential investors.</li><li>The $3 billion logistics company reported mixed financials, reflecting both macroeconomic pressures and internal strategic shifts.</li><li>The period showed an 11% decline in total revenue year-over-year, driven primarily by significant reductions in ocean freight rates and the previous sale of its European Surface Transportation business.</li></ul>

C.H. Robinson Worldwide's third-quarter 2025 results offer a nuanced picture for potential investors.The $3 billion logistics company reported mixed financials, reflecting both macroeconomic pressures and internal strategic shifts.The period showed an 11% decline in total revenue year-over-year, driven primarily by significant reductions in ocean freight rates and the previous sale of its European Surface Transportation business.

C.H. Robinson Is Witnessing Market Share Gains in Fragmented Truck Brokerage Industry But Will This Continue?

<ul><li>C.H. Robinson Worldwide, Inc. has shown a performance bolstered by its ongoing transformation beginning in early 2024, marked by the implementation of a lean operating model.</li><li>Despite the challenges within the global market, the company has delivered six consecutive quarters of consistent outperformance.</li><li>This is attributed to the disciplined execution of its operating model and the adoption of advanced technological tools.</li></ul>

C.H. Robinson Worldwide, Inc. has shown a performance bolstered by its ongoing transformation beginning in early 2024, marked by the implementation of a lean operating model.Despite the challenges within the global market, the company has delivered six consecutive quarters of consistent outperformance.This is attributed to the disciplined execution of its operating model and the adoption of advanced technological tools.

C.H. Robinson Is Betting Big on AI—Can Agentic Tech Revolutionize Logistics Forever?

<ul><li>C.H. Robinson delivered a solid performance in the first quarter of 2025, with significant progress on strategic initiatives aimed at improving market share and margins despite an unsteady freight market.</li><li>The company's North American Surface Transportation (NAST) division reported better-than-market growth in truckload and less-than-truckload (LTL) shipments, demonstrating an ability to adapt and gain market share.</li><li>In Global Forwarding, C.H. Robinson successfully won new business while optimizing expenses to enhance productivity, resulting in a 39% year-over-year increase in income from operations.</li></ul>

C.H. Robinson delivered a solid performance in the first quarter of 2025, with significant progress on strategic initiatives aimed at improving market share and margins despite an unsteady freight market.The company's North American Surface Transportation (NAST) division reported better-than-market growth in truckload and less-than-truckload (LTL) shipments, demonstrating an ability to adapt and gain market share.In Global Forwarding, C.H. Robinson successfully won new business while optimizing expenses to enhance productivity, resulting in a 39% year-over-year increase in income from operations.

C.H. Robinson Focusing On Global Expansion with Southeast Asia Trade Shift; What Lies Ahead?

<ul><li>C.H. Robinson Worldwide's latest quarterly financial disclosure provides insight into both the challenges and operational successes the company faced.</li><li>A key feature of the discussion was the significant improvement in financial metrics year-over-year, despite operating within a continued freight recession.</li><li>The company's execution stands out, particularly through the adoption of the new Robinson operating model, which provided a framework for disciplined operations, embracing both human expertise and advanced technological tools.</li></ul>

C.H. Robinson Worldwide's latest quarterly financial disclosure provides insight into both the challenges and operational successes the company faced.A key feature of the discussion was the significant improvement in financial metrics year-over-year, despite operating within a continued freight recession.The company's execution stands out, particularly through the adoption of the new Robinson operating model, which provided a framework for disciplined operations, embracing both human expertise and advanced technological tools.

C.H. Robinson: Innovative Pricing & Procurement Strategies Enabling Margin Expansion? - Major Drivers

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>Down 66% from its 2021 IPO price, <a href="https://www.smartkarma.com/entities/full-truck-alliance" target="_blank" data-smartkarma-citation="entities:33429:1" rel="noopener">Full Truck Alliance (YMM US)</a> has been a loser for investors, though we would argue its underlying performance on fundamentals has been mixed</li>
<li>We believe FTA's narrow focus on expanding its lead in China's spot, inter-city FTL trucking market blinds management to the broader role it must pursue to ensure long-term growth</li>
<li>FTA should aggressively funnel users into its Transaction Commission segment and invest in building a Transportation Management Software offering to attract and retain customers</li>
</ul>


Down 66% from its 2021 IPO price, Full Truck Alliance (YMM US) has been a loser for investors, though we would argue its underlying performance on fundamentals has been mixed
We believe FTA's narrow focus on expanding its lead in China's spot, inter-city FTL trucking market blinds management to the broader role it must pursue to ensure long-term growth
FTA should aggressively funnel users into its Transaction Commission segment and invest in building a Transportation Management Software offering to attract and retain customers


Full Truck Alliance: Currently Less Than 'Full Loaded', but Issues Are Fully Fixable

United States

C.H. Robinson Worldwide, Inc. provides multimodal transportation services and logistics solutions. The Company operates a network of offices in North America, Europe, Asia, South America, and the Middle East. C.H. Robinson provides a variety of logistics services, such as fresh produce sourcing and freight consolidation.

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C.H. Robinson Worldwide (CHRW US)

C.H. Robinson Is Betting Big on AI—Can Agentic Tech Revolutionize Logistics Forever?

C.H. Robinson Worldwide, Inc. has shown a performance bolstered by its ongoing transformation beginning in early 2024, marked by the...

Baptista Research

C.H. Robinson Focusing On Global Expansion with Southeast Asia Trade Shift; What Lies Ahead?

C.H. Robinson delivered a solid performance in the first quarter of 2025, with significant progress on strategic initiatives aimed at improving...

Baptista Research

C.H. Robinson: Innovative Pricing & Procurement Strategies Enabling Margin Expansion? - Major Drivers

C.H. Robinson Worldwide's latest quarterly financial disclosure provides insight into both the challenges and operational successes the company...

Baptista Research

Full Truck Alliance: Currently Less Than 'Full Loaded', but Issues Are Fully Fixable

FTA's shares are down 66% vs their IPO price, but underlying performance has been mixed. To ensure long-term growth, FTA should follow our two-part...

Tracking Traffic

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

C.H. Robinson Is Witnessing Market Share Gains in Fragmented Truck Brokerage Industry But Will This Continue?

C.H. Robinson Worldwide's third-quarter 2025 results offer a nuanced picture for potential investors. The $3 billion logistics company reported...

Baptista Research

C.H. Robinson Is Betting Big on AI—Can Agentic Tech Revolutionize Logistics Forever?

C.H. Robinson Worldwide, Inc. has shown a performance bolstered by its ongoing transformation beginning in early 2024, marked by the...

Baptista Research

C.H. Robinson Focusing On Global Expansion with Southeast Asia Trade Shift; What Lies Ahead?

C.H. Robinson delivered a solid performance in the first quarter of 2025, with significant progress on strategic initiatives aimed at improving...

Baptista Research

C.H. Robinson: Innovative Pricing & Procurement Strategies Enabling Margin Expansion? - Major Drivers

C.H. Robinson Worldwide's latest quarterly financial disclosure provides insight into both the challenges and operational successes the company...

Baptista Research

Full Truck Alliance: Currently Less Than 'Full Loaded', but Issues Are Fully Fixable

FTA's shares are down 66% vs their IPO price, but underlying performance has been mixed. To ensure long-term growth, FTA should follow our two-part...

Tracking Traffic