Global Mobility/Transport, Equity Long-Short

Mo 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

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

Copa Holdings Sa Class A / Equity Bottom-Up

<ul><li>Copa Holdings recently hosted their fourth-quarter earnings call, revealing solid financial and operational performance for both the quarter and the full year 2025.</li><li>The company’s CEO, Pedro Heilbron, highlighted the airline's efficient hub positioned in the Americas and their strong operational results.</li><li>Copa Airlines notably achieved the highest on-time performance in Latin America for the eleventh time as per Cirium’s recognition.</li></ul>

Copa Holdings recently hosted their fourth-quarter earnings call, revealing solid financial and operational performance for both the quarter and the full year 2025.The company’s CEO, Pedro Heilbron, highlighted the airline's efficient hub positioned in the Americas and their strong operational results.Copa Airlines notably achieved the highest on-time performance in Latin America for the eleventh time as per Cirium’s recognition.

Copa Airlines’ Fleet Strategy—Integrating the 737 MAX While Driving Double-Digit Capacity Growth!

<ul><li>Copa Holdings, S.A. delivered strong operational and financial results for the third quarter of 2025, reinforcing its position as one of the most profitable airlines in Latin America despite ongoing industry challenges.</li><li>The company reported a net profit of $173 million, up 18.7% year-over-year, with an operating margin of 23.2%, representing a 2.9 percentage point improvement from the prior year.</li><li>Revenue growth was supported by a 5.8% increase in available seat miles and a 1.8 percentage point increase in load factor to 88%, partially offset by a 2.6% decline in passenger yields.</li></ul>

Copa Holdings, S.A. delivered strong operational and financial results for the third quarter of 2025, reinforcing its position as one of the most profitable airlines in Latin America despite ongoing industry challenges.The company reported a net profit of $173 million, up 18.7% year-over-year, with an operating margin of 23.2%, representing a 2.9 percentage point improvement from the prior year.Revenue growth was supported by a 5.8% increase in available seat miles and a 1.8 percentage point increase in load factor to 88%, partially offset by a 2.6% decline in passenger yields.

Copa Holdings Targets $0.057–$0.058 Ex-Fuel CASM—A Margin Blueprint or a Mirage?

<ul><li>Copa Holdings reported strong financial results for the first quarter, highlighted by a significant operating margin of 23.8%.</li><li>The company's performance was characterized by growth in passenger traffic and an increase in capacity.</li><li>Additionally, the load factor improved to 86.4%, indicating efficient utilization of available capacity.</li></ul>

Copa Holdings reported strong financial results for the first quarter, highlighted by a significant operating margin of 23.8%.The company's performance was characterized by growth in passenger traffic and an increase in capacity.Additionally, the load factor improved to 86.4%, indicating efficient utilization of available capacity.

Copa Holdings Just Locked in 57 New Aircrafts—Is This the Smartest Fleet Move in Emerging Markets?

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

iShares Russell 2000 ETF / Technical Analysis

<ul>
<li>We discussed last week how consolidation was likely, so far that has played out with the SPX back testing the 4300-4325 area which we anticipated would cap upside for 2023.</li>
<li>We continue to watch short-term support at 4300, and we cannot be bearish if the S&amp;P 500 is above 4300.</li>
<li>The Russell 2000 (IWM) is back to test support at $180; we would expect to see this hold as support, but a failure to hold would mean a trip to $170<span id="autocomplete"><span id="autocomplete-searchtext"></span></span>
</li>
</ul>


We discussed last week how consolidation was likely, so far that has played out with the SPX back testing the 4300-4325 area which we anticipated would cap upside for 2023.
We continue to watch short-term support at 4300, and we cannot be bearish if the S&amp;P 500 is above 4300.
The Russell 2000 (IWM) is back to test support at $180; we would expect to see this hold as support, but a failure to hold would mean a trip to $170



Russell 2000 (IWM) Testing $180 Support; Breadth Remains Constructive; Construction/Engineering Buys

United States

Copa Holdings SA provides international airline passenger and cargo service. The Company provides scheduled flights to countries in North, Central and South America and the Caribbean. The Company also has codeshare arrangements with Continental Airlines.

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Copa Holdings Sa Class A (CPA US)

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,...

Mo Aziz

Copa Airlines’ Fleet Strategy—Integrating the 737 MAX While Driving Double-Digit Capacity Growth!

Copa Holdings recently hosted their fourth-quarter earnings call, revealing solid financial and operational performance for both the quarter and...

Baptista Research

Copa Holdings Targets $0.057–$0.058 Ex-Fuel CASM—A Margin Blueprint or a Mirage?

Copa Holdings, S.A. delivered strong operational and financial results for the third quarter of 2025, reinforcing its position as one of the most...

Baptista Research

Copa Holdings Just Locked in 57 New Aircrafts—Is This the Smartest Fleet Move in Emerging Markets?

Copa Holdings reported strong financial results for the first quarter, highlighted by a significant operating margin of 23.8%. The company's...

Baptista Research

Russell 2000 (IWM) Testing $180 Support; Breadth Remains Constructive; Construction/Engineering Buys

Russell 2000 $IWM Testing $180 Support; $RTY $SPX Breadth Remains Constructive; Highlighting buy ideas in Services (Research/Consulting &...

Vermilion Research

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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,...

Mo Aziz

Copa Airlines’ Fleet Strategy—Integrating the 737 MAX While Driving Double-Digit Capacity Growth!

Copa Holdings recently hosted their fourth-quarter earnings call, revealing solid financial and operational performance for both the quarter and...

Baptista Research

Copa Holdings Targets $0.057–$0.058 Ex-Fuel CASM—A Margin Blueprint or a Mirage?

Copa Holdings, S.A. delivered strong operational and financial results for the third quarter of 2025, reinforcing its position as one of the most...

Baptista Research

Copa Holdings Just Locked in 57 New Aircrafts—Is This the Smartest Fleet Move in Emerging Markets?

Copa Holdings reported strong financial results for the first quarter, highlighted by a significant operating margin of 23.8%. The company's...

Baptista Research

Russell 2000 (IWM) Testing $180 Support; Breadth Remains Constructive; Construction/Engineering Buys

Russell 2000 $IWM Testing $180 Support; $RTY $SPX Breadth Remains Constructive; Highlighting buy ideas in Services (Research/Consulting &...

Vermilion Research

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