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>Landstar System, Inc. reported its first-quarter 2026 results reflecting modest revenue growth and operational improvements amid ongoing challenges within the freight transportation environment.</li><li>Revenue increased approximately 2% year-over-year, with gross profit up 14% and variable contribution dollars growing by 7%.</li><li>Earnings per share improved by about 36%, aided by a lower insurance and claims cost compared to the prior year, which had been impacted by a supply chain fraud matter.</li></ul>

Landstar System, Inc. reported its first-quarter 2026 results reflecting modest revenue growth and operational improvements amid ongoing challenges within the freight transportation environment.Revenue increased approximately 2% year-over-year, with gross profit up 14% and variable contribution dollars growing by 7%.Earnings per share improved by about 36%, aided by a lower insurance and claims cost compared to the prior year, which had been impacted by a supply chain fraud matter.

Landstar System's Heavy Haul Revenue Rose 18% On Data Center And Energy Demand!

<ul><li>Landstar System Inc. presented its 2025 fourth-quarter results amidst ongoing challenges in the freight transportation industry, notably a prolonged freight recession, inflation uncertainties, and geopolitical headwinds.</li><li>The results offer a blend of resilience and areas of concern, providing a comprehensive perspective for potential investors.</li><li>On the positive side, Landstar reported that its unsided/platform equipment business performed strongly, with an 11% year-over-year revenue increase, driven by the heavy haul segment, which saw a 23% increase in revenue.</li></ul>

Landstar System Inc. presented its 2025 fourth-quarter results amidst ongoing challenges in the freight transportation industry, notably a prolonged freight recession, inflation uncertainties, and geopolitical headwinds.The results offer a blend of resilience and areas of concern, providing a comprehensive perspective for potential investors.On the positive side, Landstar reported that its unsided/platform equipment business performed strongly, with an 11% year-over-year revenue increase, driven by the heavy haul segment, which saw a 23% increase in revenue.

Landstar System Is Turning Data & Machine Learning Into Freight Advantage!

<ul><li>Landstar System Inc. has reported its financial results for the third quarter of 2025 amidst a challenging economic environment, characterized by a soft truckload freight market and continued uncertainty around federal trade policy and inflation.</li><li>The company's revenue decreased by approximately 1% compared to the same period a year ago.</li><li>However, when removing specific anomalies, such as revenue from Landstar Metro and agent fraud, a 1% increase is observed.</li></ul>

Landstar System Inc. has reported its financial results for the third quarter of 2025 amidst a challenging economic environment, characterized by a soft truckload freight market and continued uncertainty around federal trade policy and inflation.The company's revenue decreased by approximately 1% compared to the same period a year ago.However, when removing specific anomalies, such as revenue from Landstar Metro and agent fraud, a 1% increase is observed.

Landstar System: Is The Structural Growth in Truck Brokerage & Multimodal Freight Solutions Here To Stay?

<ul><li>Landstar System, Inc. delivered a mixed set of results for the second quarter of 2025, characterized by some positive developments despite ongoing challenges in the freight environment.</li><li>Overall revenue was down 1% year-over-year, but truck revenue showed an encouraging increase for the first time since the third quarter of 2022, aided by the strong performance of its heavy haul service.</li><li>Landstar generated $138 million in heavy haul revenue, marking a 9% increase over the same period last year, attributed to higher revenue per load and increased volume.</li></ul>

Landstar System, Inc. delivered a mixed set of results for the second quarter of 2025, characterized by some positive developments despite ongoing challenges in the freight environment.Overall revenue was down 1% year-over-year, but truck revenue showed an encouraging increase for the first time since the third quarter of 2022, aided by the strong performance of its heavy haul service.Landstar generated $138 million in heavy haul revenue, marking a 9% increase over the same period last year, attributed to higher revenue per load and increased volume.

Landstar System: Progress in Heavy Haul & Specialized Transportation As A Pivotal Growth Lever!

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>Despite $IWM already hitting our price target at 200-day MA/YTD downtrend, and the $SPX getting to within 1% of our target at 200-day MA, we see this 1.5-month rally continuing.</li>
<li>We expect further upside as long as the 1.5-month uptrend channels remain intact on the SPX and IWM, and we believe that breakouts above their 200-day MAs could be coming</li>
<li>Breakouts above their 200-day MAs that would likely signal the end to this bear market.</li>
</ul>


Despite $IWM already hitting our price target at 200-day MA/YTD downtrend, and the $SPX getting to within 1% of our target at 200-day MA, we see this 1.5-month rally continuing.
We expect further upside as long as the 1.5-month uptrend channels remain intact on the SPX and IWM, and we believe that breakouts above their 200-day MAs could be coming
Breakouts above their 200-day MAs that would likely signal the end to this bear market.


Small- And Mid-Cap Indexes Poised to Break Out?; Further Upside Expected; Buys Within Cyclicals

United States

Landstar System, Inc. is a North American truckload carrier.  The Company transports a variety of freight, including iron and steel, automotive products, paper, lumber, chemicals, foodstuffs, and military hardware.  Landstar provides truckload carrier services, intermodal transportation services, and expedited air and truck services to shippers in the US, Canada, and Mexico.

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Landstar System (LSTR US)

Landstar System's Heavy Haul Revenue Rose 18% On Data Center And Energy Demand!

Landstar System, Inc. reported its first-quarter 2026 results reflecting modest revenue growth and operational improvements amid ongoing...

Baptista Research

Landstar System Is Turning Data & Machine Learning Into Freight Advantage!

Landstar System Inc. presented its 2025 fourth-quarter results amidst ongoing challenges in the freight transportation industry, notably a...

Baptista Research

Landstar System: Is The Structural Growth in Truck Brokerage & Multimodal Freight Solutions Here To Stay?

Landstar System Inc. has reported its financial results for the third quarter of 2025 amidst a challenging economic environment, characterized by...

Baptista Research

Landstar System: Progress in Heavy Haul & Specialized Transportation As A Pivotal Growth Lever!

Landstar System, Inc. delivered a mixed set of results for the second quarter of 2025, characterized by some positive developments despite ongoing...

Baptista Research

Small- And Mid-Cap Indexes Poised to Break Out?; Further Upside Expected; Buys Within Cyclicals

Despite $IWM already hitting our price target at its 200-day MA/YTD downtrend, & the $SPX getting to within 1% of our target at its 200-day MA, we...

Vermilion Research

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