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

Old Dominion Freight Line / Equity Bottom-Up

<ul><li>Old Dominion Freight Line's (ODFL) third quarter of 2025 results show mixed performance amid a challenging domestic economic environment.</li><li>The company reported a 4.3% decline in revenue compared with the same period in 2024.</li><li>This decrease was primarily driven by a 9% drop in Less-Than-Truckload (LTL) tons per day, which was only partially offset by a 4.7% increase in LTL revenue per hundredweight.</li></ul>

Old Dominion Freight Line's (ODFL) third quarter of 2025 results show mixed performance amid a challenging domestic economic environment.The company reported a 4.3% decline in revenue compared with the same period in 2024.This decrease was primarily driven by a 9% drop in Less-Than-Truckload (LTL) tons per day, which was only partially offset by a 4.7% increase in LTL revenue per hundredweight.

Old Dominion Freight Line: An Insight Into Its Positioning In The Times Of The Market Recovery & Key Growth Levers!

<ul><li>Old Dominion Freight Line's recent financial performance reveals both challenges and opportunities.</li><li>Despite a declined revenue in the second quarter of 2025, totaling $1.41 billion, representing a 6.1% decrease from the previous year, the company has managed to sustain yield growth.</li><li>This growth is embodied by a 3.4% increase in less-than-truckload (LTL) revenue per hundredweight, although LTL tons per day fell by 9.3%.</li></ul>

Old Dominion Freight Line's recent financial performance reveals both challenges and opportunities.Despite a declined revenue in the second quarter of 2025, totaling $1.41 billion, representing a 6.1% decrease from the previous year, the company has managed to sustain yield growth.This growth is embodied by a 3.4% increase in less-than-truckload (LTL) revenue per hundredweight, although LTL tons per day fell by 9.3%.

Old Dominion Freight Line: What Is The E-commerce & Supply Chain Impact On Its Near Term Business?

<ul><li>The first-quarter 2025 earnings report for Old Dominion Freight Line presents a nuanced picture reflecting both achievements and challenges rooted in the prevailing economic environment and strategic corporate decisions.</li><li>During the period, Old Dominion faced a 5.8% year-over-year decrease in revenue, totaling $1.37 billion.</li><li>This decline was primarily attributed to a 6.3% drop in less-than-truckload (LTL) tons per day, slightly offset by a 2.2% increase in LTL revenue per hundredweight.</li></ul>

The first-quarter 2025 earnings report for Old Dominion Freight Line presents a nuanced picture reflecting both achievements and challenges rooted in the prevailing economic environment and strategic corporate decisions.During the period, Old Dominion faced a 5.8% year-over-year decrease in revenue, totaling $1.37 billion.This decline was primarily attributed to a 6.3% drop in less-than-truckload (LTL) tons per day, slightly offset by a 2.2% increase in LTL revenue per hundredweight.

Old Dominion Freight Line: Adaptating to Economic Indicators & Market Dynamics to Respond Swiftly To Changes In The Economy's Pulse!

<ul><li>Old Dominion Freight Line, a prominent player in the less-than-truckload (LTL) industry, reported its fourth quarter and full-year 2024 financial results amidst a challenging economic environment.</li><li>The earnings call highlighted both positive and negative aspects, providing a comprehensive view of the company's current standing and future prospects.</li><li>On the positive side, Old Dominion Freight Line reported strong operational discipline and superior customer service despite declining revenue.</li></ul>

Old Dominion Freight Line, a prominent player in the less-than-truckload (LTL) industry, reported its fourth quarter and full-year 2024 financial results amidst a challenging economic environment.The earnings call highlighted both positive and negative aspects, providing a comprehensive view of the company's current standing and future prospects.On the positive side, Old Dominion Freight Line reported strong operational discipline and superior customer service despite declining revenue.

Old Dominion Freight: Inside the LTL Leader’s Plan to Maintain Its Competitive Edge!

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

<ul><li>We upgrade Mainfreight (MFT) to OUTPERFORM from NEUTRAL, following a softer-than-expected 1H26 result, but one where management provided a more positive outlook, suggesting the company is now through an earnings-cycle inflection point.</li><li>This underlying business improvement is likely to continue into 2H26, driven predominantly by accelerating Australasian activity reflecting new business wins and cyclical green shoots.</li><li>MFT's ability to accelerate profit growth out of a down cycle is due to consistent customer acquisition—often at sub-optimal rates—that are subsequently reset as conditions improve.</li></ul>

We upgrade Mainfreight (MFT) to OUTPERFORM from NEUTRAL, following a softer-than-expected 1H26 result, but one where management provided a more positive outlook, suggesting the company is now through an earnings-cycle inflection point.This underlying business improvement is likely to continue into 2H26, driven predominantly by accelerating Australasian activity reflecting new business wins and cyclical green shoots.MFT's ability to accelerate profit growth out of a down cycle is due to consistent customer acquisition—often at sub-optimal rates—that are subsequently reset as conditions improve.

Mainfreight 1H26—Accelerating Through the Camber

United States

Old Dominion Freight Line, Inc. is an inter-regional and multi-regional motor carrier.  The Company primarily transports less-than-truckload shipments of general commodities, such as consumer goods, textiles, and capital goods.  Old Dominion serves regional markets throughout the United States.

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Old Dominion Freight Line (ODFL US)

Old Dominion Freight Line: An Insight Into Its Positioning In The Times Of The Market Recovery & Key Growth Levers!

Old Dominion Freight Line's (ODFL) third quarter of 2025 results show mixed performance amid a challenging domestic economic environment. The...

Baptista Research

Old Dominion Freight Line: What Is The E-commerce & Supply Chain Impact On Its Near Term Business?

Old Dominion Freight Line's recent financial performance reveals both challenges and opportunities. Despite a declined revenue in the second...

Baptista Research

Old Dominion Freight Line: Adaptating to Economic Indicators & Market Dynamics to Respond Swiftly To Changes In The Economy's Pulse!

The first-quarter 2025 earnings report for Old Dominion Freight Line presents a nuanced picture reflecting both achievements and challenges rooted...

Baptista Research

Old Dominion Freight: Inside the LTL Leader’s Plan to Maintain Its Competitive Edge!

Old Dominion Freight Line, a prominent player in the less-than-truckload (LTL) industry, reported its fourth quarter and full-year 2024 financial...

Baptista Research

Mainfreight 1H26—Accelerating Through the Camber

This underlying business improvement is likely to continue into 2H26, driven predominantly by accelerating Australasian activity reflecting new...

Forsyth Barr

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