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 reported its second quarter financial results amid a challenging environment characterized by significantly higher fuel costs.</li><li>The company recorded an operating profit of $91.7 million with an operating margin of 8.7%, down from 21.7% in the same period last year.</li><li>The operating margin contraction was primarily driven by an 85% increase in all-in fuel prices, which rose from $2.32 to $4.28 per gallon year-over-year.</li></ul>

Copa Holdings reported its second quarter financial results amid a challenging environment characterized by significantly higher fuel costs.The company recorded an operating profit of $91.7 million with an operating margin of 8.7%, down from 21.7% in the same period last year.The operating margin contraction was primarily driven by an 85% increase in all-in fuel prices, which rose from $2.32 to $4.28 per gallon year-over-year.

Copa Holdings’ Hidden Strength — Revenue Jumps 25.7% Despite An 85% Fuel Surge!

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

<ul><li>Copa Holdings reported first quarter 2026 results reflecting a mix of growth, operational efficiency, and challenges primarily driven by volatile jet fuel prices.</li><li>The company increased capacity by 14% year-over-year while passenger traffic rose 15%, leading to a 0.8 percentage point improvement in load factor to 87.2%.</li><li>Passenger yields were up 1.6%, supporting a 2.7% rise in revenue per available seat mile (RASM) to $0.118.</li></ul>

Copa Holdings reported first quarter 2026 results reflecting a mix of growth, operational efficiency, and challenges primarily driven by volatile jet fuel prices.The company increased capacity by 14% year-over-year while passenger traffic rose 15%, leading to a 0.8 percentage point improvement in load factor to 87.2%.Passenger yields were up 1.6%, supporting a 2.7% rise in revenue per available seat mile (RASM) to $0.118.

Copa Holdings’ 24.6% Margin Shows Why This Airline Still Stands Apart!

<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?

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)

Copa Holdings’ Hidden Strength — Revenue Jumps 25.7% Despite An 85% Fuel Surge!

Copa Holdings reported its second quarter financial results amid a challenging environment characterized by significantly higher fuel costs. The...

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,...

Mo Aziz

Copa Holdings’ 24.6% Margin Shows Why This Airline Still Stands Apart!

Copa Holdings reported first quarter 2026 results reflecting a mix of growth, operational efficiency, and challenges primarily driven by volatile...

Baptista Research

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

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Market Cap (USDm)

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Copa Holdings’ Hidden Strength — Revenue Jumps 25.7% Despite An 85% Fuel Surge!

Copa Holdings reported its second quarter financial results amid a challenging environment characterized by significantly higher fuel costs. The...

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,...

Mo Aziz

Copa Holdings’ 24.6% Margin Shows Why This Airline Still Stands Apart!

Copa Holdings reported first quarter 2026 results reflecting a mix of growth, operational efficiency, and challenges primarily driven by volatile...

Baptista Research

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

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