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 Systems, Inc. reported its first quarter financial results for 2025, providing a mixed outlook with both challenges and areas of strength.</li><li>The quarter was impacted by external and internal factors that influenced performance across different metrics.</li><li>On the positive side, Landstar demonstrated resilience in load volumes, managing to exceed the high end of guidance with truck loads surpassing usual seasonal declines.</li></ul>

Landstar Systems, Inc. reported its first quarter financial results for 2025, providing a mixed outlook with both challenges and areas of strength.The quarter was impacted by external and internal factors that influenced performance across different metrics.On the positive side, Landstar demonstrated resilience in load volumes, managing to exceed the high end of guidance with truck loads surpassing usual seasonal declines.

Landstar System: An Insight Into Its Low-Capital-Intensity Model with Strong Returns and Resilience Across Freight Cycles!

<ul><li>Landstar System, Inc. concluded fiscal year 2024 under challenging market conditions, yet managed to achieve certain noteworthy accomplishments amid soft freight demand and abundant truck capacity.</li><li>Revenue in the fourth quarter of 2024 indicated resilience, with figures slightly above the midpoint of guidance, even as earnings per share fell modestly below guidance due to margin pressures and increased costs.</li><li>The company's performance in 2024 was marked by a significant record in the heavy haul division, where revenue rose to approximately $498 million, spurred by a 9% increase in revenue per load and a 3% uptick in volume.</li></ul>

Landstar System, Inc. concluded fiscal year 2024 under challenging market conditions, yet managed to achieve certain noteworthy accomplishments amid soft freight demand and abundant truck capacity.Revenue in the fourth quarter of 2024 indicated resilience, with figures slightly above the midpoint of guidance, even as earnings per share fell modestly below guidance due to margin pressures and increased costs.The company's performance in 2024 was marked by a significant record in the heavy haul division, where revenue rose to approximately $498 million, spurred by a 9% increase in revenue per load and a 3% uptick in volume.

Landstar System: What Its Hybrid Model Means for the Future of Logistics!

<ul><li>Landstar System Inc., a prominent player in the transportation and logistics sector, presented its third-quarter financials for the year 2024, reflecting both challenges and resilience in a tough economic climate.</li><li>The company operates under a unique model, utilizing independent agents and owner-operator truck drivers, which it refers to as BCOs (Business Capacity Owners).</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Landstar System Inc., a prominent player in the transportation and logistics sector, presented its third-quarter financials for the year 2024, reflecting both challenges and resilience in a tough economic climate.The company operates under a unique model, utilizing independent agents and owner-operator truck drivers, which it refers to as BCOs (Business Capacity Owners).Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Landstar System Inc.: This Is How They Are Dealing With Challenges of Maintaining Competitive Technology Advancements! - Major Drivers

<ul><li>Landstar Systems, Inc.'s second-quarter performance in 2024 reflected resilience against a backdrop of continuing challenges in the freight market characterized by soft demand and surplus truck capacity.</li><li>Despite these market conditions, the company managed to surpass the midpoint of its projected earnings, indicative of its robust business model and strategic operational adjustments.</li><li>As it navigates the latter half of the year, Landstar remains committed to spurring growth through focused initiatives and capital investment in technology and fleet enhancements.</li></ul>

Landstar Systems, Inc.'s second-quarter performance in 2024 reflected resilience against a backdrop of continuing challenges in the freight market characterized by soft demand and surplus truck capacity.Despite these market conditions, the company managed to surpass the midpoint of its projected earnings, indicative of its robust business model and strategic operational adjustments.As it navigates the latter half of the year, Landstar remains committed to spurring growth through focused initiatives and capital investment in technology and fleet enhancements.

Landstar System Inc.: Initiation Of Coverage - What Is Its Core Business Strategy? - Major Drivers

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: An Insight Into Its Low-Capital-Intensity Model with Strong Returns and Resilience Across Freight Cycles!

Landstar Systems, Inc. reported its first quarter financial results for 2025, providing a mixed outlook with both challenges and areas of...

Baptista Research

Landstar System: What Its Hybrid Model Means for the Future of Logistics!

Landstar System, Inc. concluded fiscal year 2024 under challenging market conditions, yet managed to achieve certain noteworthy accomplishments...

Baptista Research

Landstar System Inc.: This Is How They Are Dealing With Challenges of Maintaining Competitive Technology Advancements! - Major Drivers

Landstar System Inc., a prominent player in the transportation and logistics sector, presented its third-quarter financials for the year 2024,...

Baptista Research

Landstar System Inc.: Initiation Of Coverage - What Is Its Core Business Strategy? - Major Drivers

Landstar Systems, Inc.'s second-quarter performance in 2024 reflected resilience against a backdrop of continuing challenges in the freight market...

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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