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>Delta Air Lines reported a strong performance for the September quarter of 2025, showcasing growth in several vital areas.</li><li>The company achieved a revenue increase of 4% year-over-year to $15.2 billion, driven by significant gains in premium, corporate, and loyalty segments.</li><li>This result aligns with its strategy to leverage Delta's brand power, focusing on improving the customer experience and enhancing operational reliability.</li></ul>

Delta Air Lines reported a strong performance for the September quarter of 2025, showcasing growth in several vital areas.The company achieved a revenue increase of 4% year-over-year to $15.2 billion, driven by significant gains in premium, corporate, and loyalty segments.This result aligns with its strategy to leverage Delta's brand power, focusing on improving the customer experience and enhancing operational reliability.

Delta Air Lines’ Big Bet: What You Don’t Know About Its Loyalty Goldmine!

<ul><li>Delta Air Lines' recent financial results for the June quarter of 2025 present a mixed picture of performance, underscored by robust operational execution and challenging market dynamics.</li><li>The company reported a pretax income of $1.8 billion, or earnings of $2.10 per share, on record quarterly revenue of $15.5 billion, which was in line with its April guidance.</li><li>Despite economic uncertainties, the airline achieved an operating margin of 13.2% and generated $700 million in free cash flow, indicating effective cost management and operational efficiency.</li></ul>

Delta Air Lines' recent financial results for the June quarter of 2025 present a mixed picture of performance, underscored by robust operational execution and challenging market dynamics.The company reported a pretax income of $1.8 billion, or earnings of $2.10 per share, on record quarterly revenue of $15.5 billion, which was in line with its April guidance.Despite economic uncertainties, the airline achieved an operating margin of 13.2% and generated $700 million in free cash flow, indicating effective cost management and operational efficiency.

Delta Air Lines: Its Positive Outlook On Corporate Travel & Sector Demand May Not Be ENOUGH To Warrant Optimism!

<ul><li>Delta Air Lines reported a strong performance for the December quarter and full year 2024, highlighted by a record pretax profit of $1.6 billion in the fourth quarter and earnings per share of $1.85, topping their own guidance.</li><li>This positive result was achieved against a backdrop of industry leading operational performance, with Delta achieving the highest system completion factor and on time performance among its peers.</li><li>For the full year 2024, Delta's operational achievements included 78 "Brand Perfect" days and recognition with Cirium's Platinum Award for operational excellence for the fourth consecutive year.</li></ul>

Delta Air Lines reported a strong performance for the December quarter and full year 2024, highlighted by a record pretax profit of $1.6 billion in the fourth quarter and earnings per share of $1.85, topping their own guidance.This positive result was achieved against a backdrop of industry leading operational performance, with Delta achieving the highest system completion factor and on time performance among its peers.For the full year 2024, Delta's operational achievements included 78 "Brand Perfect" days and recognition with Cirium's Platinum Award for operational excellence for the fourth consecutive year.

Delta Air Lines’ Strong 2024: Record Profits

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Skymark Airlines / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/skymark-airlines-inc" target="_blank" data-smartkarma-citation="entities:20430:1" rel="noopener">Skymark Airlines (9204 JP)</a> raised US$242m in its Japan IPO. The shares began to trade on 14th Dec 2022, its six-month lockup will expire on 11th Jun 2023.</li>
<li>Skymark Airlines (SA) is a Japanese low-cost airline, being the third largest domestic airline  according to the company. Unlike major airlines and other low-cost carriers, Skymark operates only domestic flights.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Skymark Airlines (9204 JP) raised US$242m in its Japan IPO. The shares began to trade on 14th Dec 2022, its six-month lockup will expire on 11th Jun 2023.
Skymark Airlines (SA) is a Japanese low-cost airline, being the third largest domestic airline  according to the company. Unlike major airlines and other low-cost carriers, Skymark operates only domestic flights.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Skymark Airlines Lockup Expiry - Still Doesn’t Seem Cheap with 50% of the Shares Being Unlocked

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
<li>Welcome to Curator’s Cut — a fortnightly roundup of standout themes from the 1,500+ insights published on Smartkarma. </li>
<li>In this cut, we revisit memory stocks' stellar year, unpack results from <em>the best pure-play gaming franchise</em>, and spotlight airline stocks poised for lift-off.</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut — a fortnightly roundup of standout themes from the 1,500+ insights published on Smartkarma. 
In this cut, we revisit memory stocks' stellar year, unpack results from the best pure-play gaming franchise, and spotlight airline stocks poised for lift-off.
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator's Cut: Korea's Memory Mania, Nintendo's Next Play & Airline Takeoffs

United States

Delta Air Lines, Inc. provides scheduled air transportation for passengers, freight, and mail over a network of routes throughout the United States and internationally.

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Delta Air Lines (DAL US)

Delta Air Lines’ Big Bet: What You Don’t Know About Its Loyalty Goldmine!

Delta Air Lines reported a strong performance for the September quarter of 2025, showcasing growth in several vital areas. The company achieved a...

Baptista Research

Delta Air Lines: Its Positive Outlook On Corporate Travel & Sector Demand May Not Be ENOUGH To Warrant Optimism!

Delta Air Lines' recent financial results for the June quarter of 2025 present a mixed picture of performance, underscored by robust operational...

Baptista Research

Delta Air Lines’ Strong 2024: Record Profits

Delta Air Lines reported a strong performance for the December quarter and full year 2024, highlighted by a record pretax profit of $1.6 billion...

Baptista Research

Skymark Airlines Lockup Expiry - Still Doesn’t Seem Cheap with 50% of the Shares Being Unlocked

Skymark Airlines (9204 JP) raised US$242m in its Japan IPO. The shares began to trade on 14th Dec 2022, its six-month lockup will expire on 11th...

Ethan Aw

Curator's Cut: Korea's Memory Mania, Nintendo's Next Play & Airline Takeoffs

This Curator's Cut reviews the rally in memory stocks, the top gaming franchise's results, and two airline stocks that could be cleared for takeoff.

Pranav Rao

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52-week Range

Market Cap (USDm)

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Delta Air Lines’ Big Bet: What You Don’t Know About Its Loyalty Goldmine!

Delta Air Lines reported a strong performance for the September quarter of 2025, showcasing growth in several vital areas. The company achieved a...

Baptista Research

Delta Air Lines: Its Positive Outlook On Corporate Travel & Sector Demand May Not Be ENOUGH To Warrant Optimism!

Delta Air Lines' recent financial results for the June quarter of 2025 present a mixed picture of performance, underscored by robust operational...

Baptista Research

Delta Air Lines’ Strong 2024: Record Profits

Delta Air Lines reported a strong performance for the December quarter and full year 2024, highlighted by a record pretax profit of $1.6 billion...

Baptista Research

Skymark Airlines Lockup Expiry - Still Doesn’t Seem Cheap with 50% of the Shares Being Unlocked

Skymark Airlines (9204 JP) raised US$242m in its Japan IPO. The shares began to trade on 14th Dec 2022, its six-month lockup will expire on 11th...

Ethan Aw

Curator's Cut: Korea's Memory Mania, Nintendo's Next Play & Airline Takeoffs

This ​Curator's Cut reviews the rally in memory stocks, the top gaming franchise's results, and two airline stocks that could be cleared for takeoff.

Pranav Rao

This Curator's Cut reviews the rally in memory stocks, the top gaming franchise's results, and two airline stocks that could be cleared for takeoff.