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

Canadian National Railway  / Equity Bottom-Up

<ul>
<li>Canadian National Railway Company (CN) presented its financial and operational results for the second quarter of 2025, reflecting a cautiously optimistic outlook amidst challenging external conditions.</li>
<li>The company reported a 2% growth in adjusted earnings per share (EPS), despite a static year-over-year carload count and a 1% reduction in revenue ton miles (RTMs).</li>
<li>Key highlights and challenges from the earnings call offer insights into CN's operational strategy and market conditions.</li>
</ul>


Canadian National Railway Company (CN) presented its financial and operational results for the second quarter of 2025, reflecting a cautiously optimistic outlook amidst challenging external conditions.
The company reported a 2% growth in adjusted earnings per share (EPS), despite a static year-over-year carload count and a 1% reduction in revenue ton miles (RTMs).
Key highlights and challenges from the earnings call offer insights into CN's operational strategy and market conditions.


CNI - Will Its Recent Strategic CapEx Investment Help Sustain Profitability In The Long-Term?

AlphaSituations-Event/Catalyst Driven Research, AlphaSituations

Robert Sassoon

AlphaSituations-Event/Catalyst Driven Research

AlphaSituations

Since its establishment, AlphaSituations has delivered a track record of outperformance with a hit rate of winners of more than 70% of its portfolio of ideas generating annualized average returns of 20%. In January 2022, AlphaSituations was contracted by Water Tower Research, an investor engagement and stakeholder communication platform to provide coverage of Special Situations

Event-Driven

The first major railroad merger transaction in North America in more than two decades has developed into a bidding war between the two major Canadian railroad operators - <a href="https://www.smartkarma.com/entities/canadian-national-railway-co" target="_blank" data-smartkarma-citation="entities:24515:1" rel="noopener">Canadian National Railway Co (CNI US)</a> and <a href="https://www.smartkarma.com/entities/canadian-pacific-railway-ltd" target="_blank" data-smartkarma-citation="entities:24519:1" rel="noopener">Canadian Pacific Railway (CP US)</a> - battling for <a href="https://www.smartkarma.com/entities/kansas-city-southern" target="_blank" data-smartkarma-citation="entities:6157:1" rel="noopener">Kansas City Southern (KSU US)</a> as each look to exploit more fully the benefits of last year's inked USCMA.In our insight published on April 26, 2021 -MergerTalk: Kansas City Southern-Will Can National Derail Canadian Pacific's USCMA Strategy? - written prior to the termination by KSU's merger agreement with CP in favor of CNI, we suggested that should such a circumstance unfold (which it did), it would be unlikely that CP would sheepishly  give up on  its merger ambitions for which it has strongly argued the strategic value of its combination with KSU. despite its inferior financial firepower when compared with that of CNI.Following CP's raised counterbid, this follow-up insight considers what might happen next in this intriguing battle for a key North American railroad.

The first major railroad merger transaction in North America in more than two decades has developed into a bidding war between the two major Canadian railroad operators - Canadian National Railway Co (CNI US) and Canadian Pacific Railway (CP US) - battling for Kansas City Southern (KSU US) as each look to exploit more fully the benefits of last year's inked USCMA.In our insight published on April 26, 2021 -MergerTalk: Kansas City Southern-Will Can National Derail Canadian Pacific's USCMA Strategy? - written prior to the termination by KSU's merger agreement with CP in favor of CNI, we suggested that should such a circumstance unfold (which it did), it would be unlikely that CP would sheepishly  give up on  its merger ambitions for which it has strongly argued the strategic value of its combination with KSU. despite its inferior financial firepower when compared with that of CNI.Following CP's raised counterbid, this follow-up insight considers what might happen next in this intriguing battle for a key North American railroad. 

MergerTalk:Battle For Kansas-Will Canadian National Derail Canadian Pacific’s USCMA Strategy? Part 2

The first major railroad merger transaction in North America in more than two decades could develop into a bidding war between the two major Canadian railroad operators battling for <a href="https://www.smartkarma.com/entities/kansas-city-southern" target="_blank" data-smartkarma-citation="entities:6157:1" rel="noopener">Kansas City Southern (KSU US)</a> as each look to exploit more fully the benefits of last year's inked USCMA. While there could be further surprises, we assess below why  it looks like the easy pickings from this battle may have been already picked from the perspective of arbs.

The first major railroad merger transaction in North America in more than two decades could develop into a bidding war between the two major Canadian railroad operators battling for Kansas City Southern (KSU US) as each look to exploit more fully the benefits of last year's inked USCMA. While there could be further surprises, we assess below why  it looks like the easy pickings from this battle may have been already picked from the perspective of arbs.

MergerTalk: Kansas City Southern-Will Canadian National Derail Canadian Pacific's USCMA Strategy?

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

Global indexes including the MSCI ACWI and ACWI ex-US are following in the MSCI EM index’s footsteps by breaking to new highs. This is bullish and signals a new leg higher is underway. Additionally, the US dollar is showing signs of a breakdown, something we view as a positive for global risk sentiment as long as the decline continues to be orderly. Overall our outlook remains bullish and we suggest buying any dips. Growth remains long-term leadership -- remain overweight. Attractive growth Sectors highlighted in today’s report include: Health Care, Services, Technology, and Communications

Global indexes including the MSCI ACWI and ACWI ex-US are following in the MSCI EM index’s footsteps by breaking to new highs. This is bullish and signals a new leg higher is underway. Additionally, the US dollar is showing signs of a breakdown, something we view as a positive for global risk sentiment as long as the decline continues to be orderly. Overall our outlook remains bullish and we suggest buying any dips. Growth remains long-term leadership -- remain overweight. Attractive growth Sectors highlighted in today’s report include: Health Care, Services, Technology, and Communications

U.S. Dollar Breakdown: Bullish For Ex-U.S. Equities

Both the cap- and equal-weighted S&amp;P 500 are trading at highs not seen since early October 2018 - a positive indication in itself. Additionally, key risk-on areas we highlighted in last week’s Compass (small-caps, Financials/Banks, and Transports) have outperformed off the recent lows - a welcomed sight for risk sentiment, and confirms out positive outlook. In today's report we highlight attractive bottom-fishing opportunities within the Financials Sector, and attractive Groups and stocks within Large- and Small-Cap Railroads, and Internet Software

Both the cap- and equal-weighted S&amp;P 500 are trading at highs not seen since early October 2018 - a positive indication in itself. Additionally, key risk-on areas we highlighted in last week’s Compass (small-caps, Financials/Banks, and Transports) have outperformed off the recent lows - a welcomed sight for risk sentiment, and confirms out positive outlook. In today's report we highlight attractive bottom-fishing opportunities within the Financials Sector, and attractive Groups and stocks within Large- and Small-Cap Railroads, and Internet Software

Canada

Canadian National Railway Company operates a network of track in Canada and the United States.  The Company transports forest products, grain and grain products, coal, sulfur, and fertilizers, intermodal, and automotive products. Canadian National operates a fleet of locomotives and railcars.

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Canadian National Railway (CNR CN)

CNI - Will Its Recent Strategic CapEx Investment Help Sustain Profitability In The Long-Term?

The company reported a 2% growth in adjusted earnings per share (EPS), despite a static year-over-year carload count and a 1% reduction in revenue...

Baptista Research

MergerTalk:Battle For Kansas-Will Canadian National Derail Canadian Pacific’s USCMA Strategy? Part 2

This situation has been largely played out for the arbs. However, this may be more of a story for long-term investors as a unique USCMA play.

Robert Sassoon

MergerTalk: Kansas City Southern-Will Canadian National Derail Canadian Pacific's USCMA Strategy?

A bid battle brewing on North America's rail tracks, but the easy pickings for the arbs in this may have already been collected

Robert Sassoon

U.S. Dollar Breakdown: Bullish For Ex-U.S. Equities

Global indexes including the MSCI ACWI and ACWI ex-US are following in the MSCI EM index’s footsteps by breaking to new highs. This is bullish and...

Vermilion Research

U.S. Equity Strategy: Be Long & Carry On

Both the cap- and equal-weighted S&P 500 are trading at highs not seen since early October 2018 - a positive indication in itself....

Vermilion Research

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