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>FedEx Corporation is preparing to bring its grounded MD-11 cargo jets back into service after a costly disruption that hit operations, margins, and investor expectations.</li><li>The move comes after regulators grounded the aircraft type following a fatal UPS crash involving an MD-11 in November.</li><li>For FedEx, the issue is not just about aircraft availability; it is about cost control, network reliability, and confidence in a global logistics system that depends on precision.</li></ul>

FedEx Corporation is preparing to bring its grounded MD-11 cargo jets back into service after a costly disruption that hit operations, margins, and investor expectations.The move comes after regulators grounded the aircraft type following a fatal UPS crash involving an MD-11 in November.For FedEx, the issue is not just about aircraft availability; it is about cost control, network reliability, and confidence in a global logistics system that depends on precision.

FedEx’s $200 Million Jet Gamble Could Change Everything!

<ul><li>FedEx Corporation reported third quarter fiscal 2026 results marked by solid revenue growth, operational resilience, and ongoing strategic transformation amid a dynamic global environment.</li><li>Consolidated revenue increased 8% year-over-year, driven primarily by robust performance in the FedEx Express Corporation (FEC) segment, which grew revenue 10%.</li><li>Adjusted operating income rose 7% overall, with FEC’s adjusted operating income expanding 18%, supported by higher yields and volume strength, as well as six consecutive quarters of margin expansion.</li></ul>

FedEx Corporation reported third quarter fiscal 2026 results marked by solid revenue growth, operational resilience, and ongoing strategic transformation amid a dynamic global environment.Consolidated revenue increased 8% year-over-year, driven primarily by robust performance in the FedEx Express Corporation (FEC) segment, which grew revenue 10%.Adjusted operating income rose 7% overall, with FEC’s adjusted operating income expanding 18%, supported by higher yields and volume strength, as well as six consecutive quarters of margin expansion.

<ul><li>For decades, the rivalry between FedEx and UPS has been defined by scale.</li><li>The company delivering more packages, operating the largest networks, and moving the most goods across continents typically held the advantage in investor perception.</li><li>Yet recent market dynamics suggest that this traditional framework may no longer fully explain how Wall Street values logistics giants.</li></ul>

For decades, the rivalry between FedEx and UPS has been defined by scale.The company delivering more packages, operating the largest networks, and moving the most goods across continents typically held the advantage in investor perception.Yet recent market dynamics suggest that this traditional framework may no longer fully explain how Wall Street values logistics giants.

FedEx Just Beat UPS—But Not In The Way You Think!

Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

Event-Driven

<ul><li>On June 1, 2026, FedEx (FDX) is expected to spin off FedEx Freight, which is anticipated to trade under the ticker FDXF.</li><li>The separation is intended to simplify the FedEx investment story and unlock value, as less-than-truckload (LTL) carriers typically trade at higher multiples than parcel delivery companies due to high barriers to entry — including terminal networks built over decades — as well as rational industry competition and strong pricing discipline.</li><li>FedEx RemainCo recently hosted an investor day and presented a constructive long-term outlook, supported in part by early progress in improving the performance of its European operations and ongoing Network 2.0 integration initiatives. </li></ul>

On June 1, 2026, FedEx (FDX) is expected to spin off FedEx Freight, which is anticipated to trade under the ticker FDXF.The separation is intended to simplify the FedEx investment story and unlock value, as less-than-truckload (LTL) carriers typically trade at higher multiples than parcel delivery companies due to high barriers to entry — including terminal networks built over decades — as well as rational industry competition and strong pricing discipline.FedEx RemainCo recently hosted an investor day and presented a constructive long-term outlook, supported in part by early progress in improving the performance of its European operations and ongoing Network 2.0 integration initiatives. 

FedEx: Unlocking Value Through the Freight Spin-Off — But Limited Near-Term Upside

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Thematic (Sector/Industry)

<ul>
<li>The scale of fraud in a new US federal criminal complaint – US$60M of fake postage – mirrors the recent dramatic growth of Chinese e-commerce platforms that target US consumers</li>
<li>The case also highlights the importance of securing cheap last-mile US distribution for the Chinese e-commerce platforms selling inexpensive goods directly to US consumers</li>
<li>It’s unclear which of the Chinese platforms benefited from the scheme, but the incident should refocus investors’ attention on logistics as a critical piece of their business models </li>
</ul>


The scale of fraud in a new US federal criminal complaint – US$60M of fake postage – mirrors the recent dramatic growth of Chinese e-commerce platforms that target US consumers
The case also highlights the importance of securing cheap last-mile US distribution for the Chinese e-commerce platforms selling inexpensive goods directly to US consumers
It’s unclear which of the Chinese platforms benefited from the scheme, but the incident should refocus investors’ attention on logistics as a critical piece of their business models 


The Curious Case of $60M of Bogus US Postage or 'How Can They Can Make Money Exporting $5 Shirts?!'

United States

FedEx Corp. delivers packages and freight to multiple countries and territories through an integrated global network.  The Company provides worldwide express delivery, ground small-parcel delivery, less-than-truckload freight delivery, supply chain management services, customs brokerage services, and trade facilitation and electronic commerce solutions.

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FedEx Corp (FDX US)

FedEx’s $200 Million Jet Gamble Could Change Everything!

FedEx Corporation is preparing to bring its grounded MD-11 cargo jets back into service after a costly disruption that hit operations, margins,...

Baptista Research

FedEx Corporation: Network 2.0

FedEx Corporation reported third quarter fiscal 2026 results marked by solid revenue growth, operational resilience, and ongoing strategic...

Baptista Research

FedEx Just Beat UPS—But Not In The Way You Think!

For decades, the rivalry between FedEx and UPS has been defined by scale. The company delivering more packages, operating the largest networks,...

Baptista Research

FedEx: Unlocking Value Through the Freight Spin-Off — But Limited Near-Term Upside

On June 1, 2026, FedEx (FDX) is expected to spin off FedEx Freight, which is anticipated to trade under the ticker FDXF. The separation is...

Richard Howe

The Curious Case of $60M of Bogus US Postage or 'How Can They Can Make Money Exporting $5 Shirts?!'

Thie story of fake US postage being used to distribute Chinese goods to US consumers isn't just a fascinating story -- it could potentially have...

Tracking Traffic

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