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>Matson Inc. recently reported their fourth-quarter and full-year 2024 financial performance, as well as their outlook for 2025.</li><li>The company's performance in the fourth quarter was notably strong, exceeding expectations and wrapping up a solid year.</li><li>This performance was largely driven by their China service, which experienced high freight demand and significantly increased freight rates for their CLX and MAX services.</li></ul>

Matson Inc. recently reported their fourth-quarter and full-year 2024 financial performance, as well as their outlook for 2025.The company's performance in the fourth quarter was notably strong, exceeding expectations and wrapping up a solid year.This performance was largely driven by their China service, which experienced high freight demand and significantly increased freight rates for their CLX and MAX services.

Matson Inc.: These Are The 5 Biggest Challenges In Its Path In 2025 & Beyond!

<ul><li>Matson, Inc. delivered strong financial results in the third quarter of 2024, driven primarily by its Ocean Transportation and Logistics segments.</li><li>A significant contributor to this performance was the elevated freight rates in its China service.</li><li>Matson recorded a year-over-year increase in operating income of $110.2 million, reaching $242.3 million.</li></ul>

Matson, Inc. delivered strong financial results in the third quarter of 2024, driven primarily by its Ocean Transportation and Logistics segments.A significant contributor to this performance was the elevated freight rates in its China service.Matson recorded a year-over-year increase in operating income of $110.2 million, reaching $242.3 million.

Matson Inc.: Here Are the 6 Key Drivers Shaping Its Performance for 2025 and Beyond! - Major Drivers

<ul><li>Matson, Inc. recently disclosed its financial results for the second quarter of 2024, providing insights into the company’s operational and financial performance.</li><li>The Ocean Transportation and Logistics business segment exhibited commendable performance, with a rise in year-over-year operating income.</li><li>A notable driver of the consolidated operating income was Matson's China service which reported significantly higher fee rates compared to the previous year.</li></ul>

Matson, Inc. recently disclosed its financial results for the second quarter of 2024, providing insights into the company’s operational and financial performance.The Ocean Transportation and Logistics business segment exhibited commendable performance, with a rise in year-over-year operating income.A notable driver of the consolidated operating income was Matson's China service which reported significantly higher fee rates compared to the previous year.

Matson Inc.: Initiation Of Coverage - China Service Rate & Volume Increases Driving Growth! - Major Drivers

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

ZIM Integrated Shipping Services / Equity Capital Markets

ZIM Integrated Shipping Services (ZIM US)

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<p>Israel's ZIM Integrated Shipping Services (proposed ticker ZIM US) has filed documents to launch an IPO in the US. Media reports have speculated the container shipping company hopes to raise at least US$100 mn in the deal; some reports say ZIM could try to raise US$300 mn or more.</p>
<p>The objective of this note is to provide some context for the company and the global container shipping industry. After all, it has been over two decades since a global container ship operator has traded in the US (<a href="https://www.smartkarma.com/entities/matson-inc" target="_blank" data-smartkarma-citation="entities:6335:1" rel="noopener">Matson Inc (MATX US)</a> focuses on niche domestic US markets, generally).</p>
<p>ZIM is a small player in global container shipping, and contrary to its claims the company mainly operates in highly competitive segments. Its "asset-light" model is unusual, but it represents a double-edged sword: chartering in the majority of its capacity offers flexibility, but it also means operating costs may rise in tandem with freight rates over the cycle, limiting margin expansion. </p>
<p>Fortunately, Europe and Asia offer several direct comps for ZIM, including <a href="https://www.smartkarma.com/entities/ap-moeller-maersk-a-s" target="_blank" data-smartkarma-citation="entities:22428:1" rel="noopener">AP Moeller - Maersk A/S (MAERSKB DC)</a> of Denmark and <a href="https://www.smartkarma.com/entities/evergreen-marine-corp-ltd" target="_blank" data-smartkarma-citation="entities:15428:1" rel="noopener">Evergreen Marine Corp (2603 TT)</a> of Taiwan. These two companies -- both of them far larger than ZIM, and more profitable over the cycle -- will serve as useful benchmarks once ZIM and its bankers announce details regarding deal size and pricing. </p>




Israel's ZIM Integrated Shipping Services (proposed ticker ZIM US) has filed documents to launch an IPO in the US. Media reports have speculated the container shipping company hopes to raise at least US$100 mn in the deal; some reports say ZIM could try to raise US$300 mn or more.
The objective of this note is to provide some context for the company and the global container shipping industry. After all, it has been over two decades since a global container ship operator has traded in the US (Matson Inc (MATX US) focuses on niche domestic US markets, generally).
ZIM is a small player in global container shipping, and contrary to its claims the company mainly operates in highly competitive segments. Its "asset-light" model is unusual, but it represents a double-edged sword: chartering in the majority of its capacity offers flexibility, but it also means operating costs may rise in tandem with freight rates over the cycle, limiting margin expansion. 
Fortunately, Europe and Asia offer several direct comps for ZIM, including AP Moeller - Maersk A/S (MAERSKB DC) of Denmark and Evergreen Marine Corp (2603 TT) of Taiwan. These two companies -- both of them far larger than ZIM, and more profitable over the cycle -- will serve as useful benchmarks once ZIM and its bankers announce details regarding deal size and pricing. 

Planned ZIM IPO: Opportunistic Listing Near Cycle Peak for Minor Industry Player

United States

Matson Inc., is involved in transportation and logistics.  The Company offers provides  multimodal transportation services to the North American market, including domestic and international rail intermodal service, long haul and regional highway brokerage, supply chain services and LTL transportation services, as well as third-party logistics services.

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Matson Inc (MATX US)

Matson Inc.: These Are The 5 Biggest Challenges In Its Path In 2025 & Beyond!

Matson Inc. recently reported their fourth-quarter and full-year 2024 financial performance, as well as their outlook for 2025. The company's...

Baptista Research

Matson Inc.: Here Are the 6 Key Drivers Shaping Its Performance for 2025 and Beyond! - Major Drivers

Matson, Inc. delivered strong financial results in the third quarter of 2024, driven primarily by its Ocean Transportation and Logistics...

Baptista Research

Matson Inc.: Initiation Of Coverage - China Service Rate & Volume Increases Driving Growth! - Major Drivers

Matson, Inc. recently disclosed its financial results for the second quarter of 2024, providing insights into the company’s operational and...

Baptista Research

Planned ZIM IPO: Opportunistic Listing Near Cycle Peak for Minor Industry Player

ZIM is pursuing an IPO in the US as the container shipping cycle is approaching a peak. In this note we attempt to give investors context that...

Tracking Traffic

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