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>Kirby Corporation reported second-quarter 2026 EPS of $1.67, up 11% sequentially and broadly unchanged from the prior-year quarter.</li><li>Results reflected solid execution across Marine Transportation and Distribution and Services.</li><li>Marine Transportation generated $537 million of revenue and $88 million of operating income.</li></ul>

Kirby Corporation reported second-quarter 2026 EPS of $1.67, up 11% sequentially and broadly unchanged from the prior-year quarter.Results reflected solid execution across Marine Transportation and Distribution and Services.Marine Transportation generated $537 million of revenue and $88 million of operating income.

Kirby’s 90%+ Inland Utilization — Can Tight Capacity Keep Pricing Rising?

<ul><li>Kirby Corporation reported first quarter 2026 earnings per share of $1.50, marking a 13% increase year-over-year from $1.33 in the prior year’s first quarter.</li><li>The company's performance benefited from improving market conditions in marine transportation and continued strength in power generation demand, despite some operational challenges.</li><li>Weather-related disruptions and navigational delays impacted inland marine transportation, while supply constraints from original equipment manufacturers (OEMs) affected the Distribution and Services segment.</li></ul>

Kirby Corporation reported first quarter 2026 earnings per share of $1.50, marking a 13% increase year-over-year from $1.33 in the prior year’s first quarter.The company's performance benefited from improving market conditions in marine transportation and continued strength in power generation demand, despite some operational challenges.Weather-related disruptions and navigational delays impacted inland marine transportation, while supply constraints from original equipment manufacturers (OEMs) affected the Distribution and Services segment.

Kirby: Data Center Power Demand Is Surging—But Can Engine Shortages Slow the Growth Story?

<ul><li>Kirby Corporation’s third quarter 2025 results reflected stable overall performance, supported by strong execution in its coastal marine transportation and power generation businesses, partially offset by near-term softness in inland marine transportation and conventional oil and gas activity.</li><li>Consolidated revenue grew modestly, while profitability was driven by continued pricing strength in the coastal business and expanding margins in the Distribution and Services segment.</li><li>Earnings per share were $1.65, a 6% year-over-year increase, highlighting operational resilience despite cyclical challenges in select markets.</li></ul>

Kirby Corporation’s third quarter 2025 results reflected stable overall performance, supported by strong execution in its coastal marine transportation and power generation businesses, partially offset by near-term softness in inland marine transportation and conventional oil and gas activity.Consolidated revenue grew modestly, while profitability was driven by continued pricing strength in the coastal business and expanding margins in the Distribution and Services segment.Earnings per share were $1.65, a 6% year-over-year increase, highlighting operational resilience despite cyclical challenges in select markets.

Kirby Corporation: A $0.5–$1 Billion Backlog Sounds Great—But Execution Will Make or Break It?

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>The SPX gapped-up to reverse its 1-month downtrend on 5/3/24, followed by another upside gap on 5/6/24, and yet another on 5/15/24 on the breakout to all-time highs</li>
<li>All of these gaps remain unfilled which signals upside power, a very bullish sign. These gaps at 5250-5263, 5127-5142, and 5073-5101 are now areas to expect short-term support, if tested.</li>
<li>Market dynamics remain healthy and the S&amp;P 500, Nasdaq 100, and DJI are all breaking out to new all-time highs, helping validate our bullish outlook.</li>
</ul>


The SPX gapped-up to reverse its 1-month downtrend on 5/3/24, followed by another upside gap on 5/6/24, and yet another on 5/15/24 on the breakout to all-time highs
All of these gaps remain unfilled which signals upside power, a very bullish sign. These gaps at 5250-5263, 5127-5142, and 5073-5101 are now areas to expect short-term support, if tested.
Market dynamics remain healthy and the S&amp;P 500, Nasdaq 100, and DJI are all breaking out to new all-time highs, helping validate our bullish outlook.


New All-Time Highs Validates Our Bullish Outlook; Risk-On Signals Abound. Buys in Aluminum, Shippers

<ul>
<li>Over the past two weeks we've discussed the possibility that further downside was limited (4/23/24 Compass) and mounting evidence that suggests the pullback lows may be in (4/30/24 Compass).</li>
<li>Major risk-on developments for the broad equity market have continued to roll in over the past week, which we discuss below.</li>
<li>We continue to believe the lows are in, and we see the pullback to the 100-day MA on the S&amp;P 500 as healthy/normal within the ongoing bull market.</li>
</ul>


Over the past two weeks we've discussed the possibility that further downside was limited (4/23/24 Compass) and mounting evidence that suggests the pullback lows may be in (4/30/24 Compass).
Major risk-on developments for the broad equity market have continued to roll in over the past week, which we discuss below.
We continue to believe the lows are in, and we see the pullback to the 100-day MA on the S&amp;P 500 as healthy/normal within the ongoing bull market.


Major Risk-On Developments; Bullish Outlook Intact; Downgrading Health Care $XLV to Underweight

United States

Kirby Corporation operates a fleet of inland tank barges.  The Company transports industrial chemicals, refined petroleum products, black oil products, and agricultural chemicals.  Kirby also overhauls and services diesel engines employed in marine, power generation, and rail applications.

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Kirby Corp (KEX US)

Kirby’s 90%+ Inland Utilization — Can Tight Capacity Keep Pricing Rising?

Kirby Corporation reported second-quarter 2026 EPS of $1.67, up 11% sequentially and broadly unchanged from the prior-year quarter. Results...

Baptista Research

Kirby: Data Center Power Demand Is Surging—But Can Engine Shortages Slow the Growth Story?

Kirby Corporation reported first quarter 2026 earnings per share of $1.50, marking a 13% increase year-over-year from $1.33 in the prior year’s...

Baptista Research

Kirby Corporation: A $0.5–$1 Billion Backlog Sounds Great—But Execution Will Make or Break It?

Kirby Corporation’s third quarter 2025 results reflected stable overall performance, supported by strong execution in its coastal marine...

Baptista Research

New All-Time Highs Validates Our Bullish Outlook; Risk-On Signals Abound. Buys in Aluminum, Shippers

New All-Time Highs Validates Our Bullish Outlook $SPX $QQQ $DJI; Risk-On Signals Abound. Three SPX upside gaps in May signals bulls firmly in...

Vermilion Research

Major Risk-On Developments; Bullish Outlook Intact; Downgrading Health Care $XLV to Underweight

Major Risk-On Developments; Bullish Outlook Intact $SPX $QQQ $IWM; Downgrading Health Care $XLV to Underweight Despite Still Being Bullish on $XBI....

Vermilion Research

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