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 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

Equity Long-Short

Mo 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

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Capital Markets

Cainiao Smart Logistics Network / Equity Capital Markets

Cainiao Smart Logistics Network (1437124D HK)

<ul>
<li>J&amp;T debuted with a rich valuation, but little investor enthusiasm to date</li>
<li>Focusing on J&amp;T's valuation alone could be a boon to CaiNiao's valuation...</li>
<li>...but, with few other comps, J&amp;T's lackluster early performance could be a drag</li>
</ul>


J&amp;T debuted with a rich valuation, but little investor enthusiasm to date
Focusing on J&amp;T's valuation alone could be a boon to CaiNiao's valuation...
...but, with few other comps, J&amp;T's lackluster early performance could be a drag


CaiNiao Smart Logistics Pre-IPO Part 5 | For Better or Worse, J&T IPO Will Impact CaiNiao Valuation

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

J&T Global Express / Equity Capital Markets

<ul>
<li>J&amp;T priced its IPO at a fixed price of HK$12.00 per share to raise the gross proceeds of the offering of US$500 million. The shares will start trading tomorrow.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/j-t-global-express-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:104964" rel="noopener">J&amp;T Global Express IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/j-t-global-express-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:105041" rel="noopener">J&amp;T Global Express IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/j-t-global-express-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:115216" rel="noopener">J&amp;T Global Express IPO: Valuation Insights</a>.</li>
<li>The market sentiment on the sector continues to weaken. The de-rating of peers lowers our SoTP valuation to HK$10.01 per share, 16.5% below the IPO price.  </li>
</ul>


J&amp;T priced its IPO at a fixed price of HK$12.00 per share to raise the gross proceeds of the offering of US$500 million. The shares will start trading tomorrow.
We previously discussed the IPO in J&amp;T Global Express IPO: The Bull Case, J&amp;T Global Express IPO: The Bear Case and J&amp;T Global Express IPO: Valuation Insights.
The market sentiment on the sector continues to weaken. The de-rating of peers lowers our SoTP valuation to HK$10.01 per share, 16.5% below the IPO price.  


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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/j-t-global-express-co-ltd" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Global Express (1519 HK)</a>, a global logistics service provider, raised around US$500m in its Hong Kong IPO.</li>
<li>As per Frost &amp; Sullivan (F&amp;S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we talk about the trading dynamics.</li>
</ul>



J&amp;T Global Express (1519 HK), a global logistics service provider, raised around US$500m in its Hong Kong IPO.
As per Frost &amp; Sullivan (F&amp;S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we talk about the trading dynamics.


J&T Global Express IPO Trading - Tepid Demand Despite the Team Effort

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 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...

Mo Aziz

CaiNiao Smart Logistics Pre-IPO Part 5 | For Better or Worse, J&T IPO Will Impact CaiNiao Valuation

For better or worse, we believe investors will view J&T Global Express' recent IPO as the primary reference point for CaiNiao's planned IPO in Hong...

Tracking Traffic

J&T Global Express IPO: Trading Debut

The market sentiment on the sector continues to weaken. The de-rating of peers lowers our SoTP valuation to HK$10.01 per share, 16.5% below the IPO...

Arun George

J&T Global Express IPO Trading - Tepid Demand Despite the Team Effort

J&T Global Express (1519 HK), a global logistics service provider, raised around US$500m in its Hong Kong IPO. In this note, we talk about the...

Sumeet Singh

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52-week Range

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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...

Mo Aziz

CaiNiao Smart Logistics Pre-IPO Part 5 | For Better or Worse, J&T IPO Will Impact CaiNiao Valuation

For better or worse, we believe investors will view J&T Global Express' recent IPO as the primary reference point for CaiNiao's planned IPO in Hong...

Tracking Traffic

J&T Global Express IPO: Trading Debut

The market sentiment on the sector continues to weaken. The de-rating of peers lowers our SoTP valuation to HK$10.01 per share, 16.5% below the IPO...

Arun George

J&T Global Express IPO Trading - Tepid Demand Despite the Team Effort

J&T Global Express (1519 HK), a global logistics service provider, raised around US$500m in its Hong Kong IPO. In this note, we talk about the...

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...