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

United Airlines Holdings / Equity Bottom-Up

<ul><li>United Airlines Holdings reported a challenging yet resilient financial and operational performance for 2025, navigating macroeconomic headwinds, government shutdown impacts, and operational disruptions while delivering modest earnings growth and operational improvements.</li><li>The company recorded a full-year earnings per share (EPS) of $10.62, slightly up from 2024, managing to increase profitability despite a $0.85 EPS headwind from issues primarily at its Newark hub.</li><li>Fourth-quarter EPS of $3.10 met guidance and reflected resilience amid a $250 million pre-tax hit from the government shutdown.</li></ul>

United Airlines Holdings reported a challenging yet resilient financial and operational performance for 2025, navigating macroeconomic headwinds, government shutdown impacts, and operational disruptions while delivering modest earnings growth and operational improvements.The company recorded a full-year earnings per share (EPS) of $10.62, slightly up from 2024, managing to increase profitability despite a $0.85 EPS headwind from issues primarily at its Newark hub.Fourth-quarter EPS of $3.10 met guidance and reflected resilience amid a $250 million pre-tax hit from the government shutdown.

Can United Airlines Holdings Reach 14 EPS Amid Cost And Demand Pressure?

Global Mobility/Transport, Equity Long-Short

Mo Aziz

Thematic (Sector/Industry)

<ul>
<li>Alaska Air Flight 1282 had an in-flight blowout of its mid-aft door and interior sidewall; the aircraft returned and landed safely, and there were no injuries or fatalities  </li>
<li>The U.S. Federal Aviation Administration (FAA) has ordered a temporary grounding of the affected aircraft model, and we think other countries will follow suit soon   </li>
<li>These stocks will likely be under shorts attack on Monday: Boeing (BA US), Alaska Air (ALK US), Ryanair (RYA ID) and United Airlines (UAL US)</li>
</ul>


Alaska Air Flight 1282 had an in-flight blowout of its mid-aft door and interior sidewall; the aircraft returned and landed safely, and there were no injuries or fatalities  
The U.S. Federal Aviation Administration (FAA) has ordered a temporary grounding of the affected aircraft model, and we think other countries will follow suit soon   
These stocks will likely be under shorts attack on Monday: Boeing (BA US), Alaska Air (ALK US), Ryanair (RYA ID) and United Airlines (UAL US)


Boeing 737 MAX 9 and MAX-8200 Grounded: Implications And Opportunities

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/walmart-inc" target="_blank" data-smartkarma-citation="entities:11134:1" rel="noopener">Walmart (WMT US)</a> is now eligible for Nasdaq100 following its listing change from NYSE to Nasdaq on 9 December 2025, marking the largest exchange transfer in history.</li>
<li>The listing transfer was completed after the December 2025 annual review cut-off, so Nasdaq100 inclusion is anticipated by December 2026.</li>
<li>Forecasted passive fund demand upon inclusion is ~600m shares, $70bn and 25 ADV.</li>
</ul>



Walmart (WMT US) is now eligible for Nasdaq100 following its listing change from NYSE to Nasdaq on 9 December 2025, marking the largest exchange transfer in history.
The listing transfer was completed after the December 2025 annual review cut-off, so Nasdaq100 inclusion is anticipated by December 2026.
Forecasted passive fund demand upon inclusion is ~600m shares, $70bn and 25 ADV.


Walmart (WMT US): Unwrapping Nasdaq100 Inclusion Following Listing Transfer

<ul><li>United Airlines Holdings reported its fourth quarter and full-year 2025 financial results amid a backdrop of challenges, yet managed to demonstrate resilience in its operational and financial performance.</li><li>The company highlighted both achievements and ongoing hurdles through various facets of its business, offering insights into its strategic focus and future outlook.</li><li>Positive points from the results include a record revenue for the fourth quarter, reaching $15.4 billion, marking a 4.8% increase compared to the previous year.</li></ul>

United Airlines Holdings reported its fourth quarter and full-year 2025 financial results amid a backdrop of challenges, yet managed to demonstrate resilience in its operational and financial performance.The company highlighted both achievements and ongoing hurdles through various facets of its business, offering insights into its strategic focus and future outlook.Positive points from the results include a record revenue for the fourth quarter, reaching $15.4 billion, marking a 4.8% increase compared to the previous year.

United Airlines: Inside the International Expansion Plan—How New Routes Could Unlock a HUGE Margin Premium!

<ul><li>United Airlines reported its third quarter earnings for 2025, presenting a mixed bag of financial and operational highlights.</li><li>The company demonstrated strong results despite identified macroeconomic challenges.</li><li>United's ability to maintain profitability and beat earnings expectations underscores the resilience of its strategic initiatives and market positioning, even as broader industry pressures persist.</li></ul>

United Airlines reported its third quarter earnings for 2025, presenting a mixed bag of financial and operational highlights.The company demonstrated strong results despite identified macroeconomic challenges.United's ability to maintain profitability and beat earnings expectations underscores the resilience of its strategic initiatives and market positioning, even as broader industry pressures persist.

United Airlines’ Premium Push: Can Luxury Cabins Be the Key to Sky-High Profits?

United States

United Airlines Holdings Inc is an airline holding company.  The Company owns and operates airlines that transports persons, property and mail throughout the United States and abroad.

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United Airlines Holdings (UAL US)

Can United Airlines Holdings Reach 14 EPS Amid Cost And Demand Pressure?

United Airlines Holdings reported a challenging yet resilient financial and operational performance for 2025, navigating macroeconomic headwinds,...

Baptista Research

Boeing 737 MAX 9 and MAX-8200 Grounded: Implications And Opportunities

Flight 1282 experienced a mid-air blowout but landed safely. The FAA has grounded the Boeing 737 MAX 9, potentially impacting stocks of Boeing,...

Mo Aziz

Walmart (WMT US): Unwrapping Nasdaq100 Inclusion Following Listing Transfer

AstraZeneca (AZN) will delist its ADRs from Nasdaq and transition to a direct listing of its ordinary shares on the NYSE on 2 February. As a...

Dimitris Ioannidis

United Airlines: Inside the International Expansion Plan—How New Routes Could Unlock a HUGE Margin Premium!

United Airlines Holdings reported its fourth quarter and full-year 2025 financial results amid a backdrop of challenges, yet managed to...

Baptista Research

United Airlines’ Premium Push: Can Luxury Cabins Be the Key to Sky-High Profits?

United Airlines reported its third quarter earnings for 2025, presenting a mixed bag of financial and operational highlights. The company...

Baptista Research

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

Can United Airlines Holdings Reach 14 EPS Amid Cost And Demand Pressure?

United Airlines Holdings reported a challenging yet resilient financial and operational performance for 2025, navigating macroeconomic headwinds,...

Baptista Research

Boeing 737 MAX 9 and MAX-8200 Grounded: Implications And Opportunities

​Flight 1282 experienced a mid-air blowout but landed safely. The FAA has grounded the Boeing 737 MAX 9, potentially impacting stocks of Boeing,...

Mo Aziz

Walmart (WMT US): Unwrapping Nasdaq100 Inclusion Following Listing Transfer

AstraZeneca (AZN) will delist its ADRs from Nasdaq and transition to a direct listing of its ordinary shares on the NYSE on 2 February. As a...

Dimitris Ioannidis

United Airlines: Inside the International Expansion Plan—How New Routes Could Unlock a HUGE Margin Premium!

United Airlines Holdings reported its fourth quarter and full-year 2025 financial results amid a backdrop of challenges, yet managed to...

Baptista Research

United Airlines’ Premium Push: Can Luxury Cabins Be the Key to Sky-High Profits?

United Airlines reported its third quarter earnings for 2025, presenting a mixed bag of financial and operational highlights. The company...

Baptista Research

Flight 1282 experienced a mid-air blowout but landed safely. The FAA has grounded the Boeing 737 MAX 9, potentially impacting stocks of Boeing,...