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>According to the FedEx Corporation's third quarter earnings report for the Fiscal Year 2024, profits continued to increase for the third successive quarter.</li><li>This is attributed to the FedEx team's prompt customer service and progress with transformation initiatives.</li><li>Although revenues declined, operating income and profit margin showed growth—a dynamic the CEO attributed to FedEx's transformation and its management prowess in controlling what is within its purview.</li></ul>

According to the FedEx Corporation's third quarter earnings report for the Fiscal Year 2024, profits continued to increase for the third successive quarter.This is attributed to the FedEx team's prompt customer service and progress with transformation initiatives.Although revenues declined, operating income and profit margin showed growth—a dynamic the CEO attributed to FedEx's transformation and its management prowess in controlling what is within its purview.

FedEx Corporation: Will The Implementation Of The One FedEx Strategy Pay Off? - Major Drivers

<ul><li>FedEx Corporation delivered disappointing results as the company could not meet Wall Street's revenue and earnings expectations.</li><li>Despite a 3% decline in total revenue, the enterprise achieved a 17% improvement in adjusted operating income and a 110 basis points expansion in adjusted margin compared to the previous year.</li><li>The Ground segment exhibited outstanding performance with a 57% increase in adjusted operating income and a remarkable 370 basis points expansion in adjusted margin.</li></ul>

FedEx Corporation delivered disappointing results as the company could not meet Wall Street's revenue and earnings expectations.Despite a 3% decline in total revenue, the enterprise achieved a 17% improvement in adjusted operating income and a 110 basis points expansion in adjusted margin compared to the previous year.The Ground segment exhibited outstanding performance with a 57% increase in adjusted operating income and a remarkable 370 basis points expansion in adjusted margin.

FedEx Corporation: The Road to Recovery – How They're Overcoming Challenges! - Major Drivers

Global Mobility/Transport, Equity Long-Short

Mohshin Aziz

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fedex-corp" target="_blank" data-smartkarma-citation="entities:14577:1" rel="noopener">FedEx Corp (FDX US)</a> (FedEx) will release its 2QFY24 results on 19 Dec after market close. Closely watched as it is the bellwether for global trade and commerce  </li>
<li>Cost reduction initiatives has delivered, and resurgence in e-commerce activities across Asia Pacific could potentially provide positive earnings surprise    </li>
<li>Target price US$299 (7% UPSIDE) based on 15x CY2024 PE (FedEx's historical mean). Our recommendation is to give FedEx a miss, too little upside for the risk </li>
</ul>



FedEx Corp (FDX US) (FedEx) will release its 2QFY24 results on 19 Dec after market close. Closely watched as it is the bellwether for global trade and commerce  
Cost reduction initiatives has delivered, and resurgence in e-commerce activities across Asia Pacific could potentially provide positive earnings surprise    
Target price US$299 (7% UPSIDE) based on 15x CY2024 PE (FedEx's historical mean). Our recommendation is to give FedEx a miss, too little upside for the risk 


FedEx (FDX US, BUY, TP:$299): 2QFY24 Will Shed Light on E-Commerce Resurgence

<ul><li>FedEx Corporation delivered a mixed set of results for the previous quarter, with revenues below the analyst consensus.</li><li>The company's transformation efforts are already reaping the rewards, notably in the Ground segment, which saw increased revenue due to higher yields and exceptional operational performance.</li><li>The transformative DRIVE initiative is progressing as planned, with substantial cost reductions achieved across the network.</li></ul>

FedEx Corporation delivered a mixed set of results for the previous quarter, with revenues below the analyst consensus.The company's transformation efforts are already reaping the rewards, notably in the Ground segment, which saw increased revenue due to higher yields and exceptional operational performance.The transformative DRIVE initiative is progressing as planned, with substantial cost reductions achieved across the network.

FedEx Corporation: Navigating Through Demand Fluctuations! - Major Drivers

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

Event-Driven

<ul>
<li>J&amp;T Global Express, a global logistics provider, raised about US$500m in its Hong Kong IPO in Oct 2023. Its pre-IPO investors will be released from its IPO linked lockup soon.</li>
<li>As per Frost &amp; Sullivan (F&amp;S), the firm is the leading express delivery business in Southeast Asia, with a 25.4% market share as per 2023 parcel volume.</li>
<li>In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.</li>
</ul>


J&amp;T Global Express, a global logistics provider, raised about US$500m in its Hong Kong IPO in Oct 2023. Its pre-IPO investors will be released from its IPO linked lockup soon.
As per Frost &amp; Sullivan (F&amp;S), the firm is the leading express delivery business in Southeast Asia, with a 25.4% market share as per 2023 parcel volume.
In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.


J&T Global Express IPO Lock-Up Expiry - Tiny Float with 87%+ Stake Lockup Release Worth >US$8.8bn

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.

FedEx Corp (FDX US)

FedEx Corporation: Will The Implementation Of The One FedEx Strategy Pay Off? - Major Drivers

According to the FedEx Corporation's third quarter earnings report for the Fiscal Year 2024, profits continued to increase for the third...

Baptista Research

FedEx Corporation: The Road to Recovery – How They're Overcoming Challenges! - Major Drivers

FedEx Corporation delivered disappointing results as the company could not meet Wall Street's revenue and earnings expectations. Despite a 3%...

Baptista Research

FedEx (FDX US, BUY, TP:$299): 2QFY24 Will Shed Light on E-Commerce Resurgence

FedEx's 2QFY24 results will be released on Dec 19. The company's cost reduction efforts have been successful, and a boost in e-commerce in Asia...

Mohshin Aziz

FedEx Corporation: Navigating Through Demand Fluctuations! - Major Drivers

FedEx Corporation delivered a mixed set of results for the previous quarter, with revenues below the analyst consensus. The company's...

Baptista Research

J&T Global Express IPO Lock-Up Expiry - Tiny Float with 87%+ Stake Lockup Release Worth >US$8.8bn

J&T Global Express, a global logistics provider, raised about US$500m in its Hong Kong IPO in Oct 2023. Its pre-IPO investors will be released from...

Sumeet Singh

FedEx Corporation: Will The Implementation Of The One FedEx Strategy Pay Off? - Major Drivers

According to the FedEx Corporation's third quarter earnings report for the Fiscal Year 2024, profits continued to increase for the third...

Baptista Research

FedEx Corporation: The Road to Recovery – How They're Overcoming Challenges! - Major Drivers

FedEx Corporation delivered disappointing results as the company could not meet Wall Street's revenue and earnings expectations. Despite a 3%...

Baptista Research

FedEx (FDX US, BUY, TP:$299): 2QFY24 Will Shed Light on E-Commerce Resurgence

​FedEx's 2QFY24 results will be released on Dec 19. The company's cost reduction efforts have been successful, and a boost in e-commerce in Asia...

Mohshin Aziz

FedEx Corporation: Navigating Through Demand Fluctuations! - Major Drivers

FedEx Corporation delivered a mixed set of results for the previous quarter, with revenues below the analyst consensus. The company's...

Baptista Research

J&T Global Express IPO Lock-Up Expiry - Tiny Float with 87%+ Stake Lockup Release Worth >US$8.8bn

J&T Global Express, a global logistics provider, raised about US$500m in its Hong Kong IPO in Oct 2023. Its pre-IPO investors will be released from...

Sumeet Singh

FedEx's 2QFY24 results will be released on Dec 19. The company's cost reduction efforts have been successful, and a boost in e-commerce in Asia...