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>XPO Inc. reported solid financial performance for Q3 2025, indicating strong operational execution despite a challenging macroeconomic environment.</li><li>The company's adjusted EBITDA reached $342 million, with adjusted diluted EPS at $1.07, representing an increase of 6% and 11%, respectively, from the previous year when excluding non-recurring benefits.</li><li>XPO Inc.'s North American Less-Than-Truckload (LTL) business was a notable contributor, showing a 10% increase in adjusted operating income and a 150 basis point improvement in the adjusted operating ratio to 82.7%.</li></ul>

XPO Inc. reported solid financial performance for Q3 2025, indicating strong operational execution despite a challenging macroeconomic environment.The company's adjusted EBITDA reached $342 million, with adjusted diluted EPS at $1.07, representing an increase of 6% and 11%, respectively, from the previous year when excluding non-recurring benefits.XPO Inc.'s North American Less-Than-Truckload (LTL) business was a notable contributor, showing a 10% increase in adjusted operating income and a 150 basis point improvement in the adjusted operating ratio to 82.7%.

XPO’s Cash Machine: How Smart CapEx Cuts Are Unlocking Billions in Free Flow!

<ul><li>XPO Logistics recently reported its second-quarter results, revealing a mixed yet solid performance amid a challenging freight environment.</li><li>The company's revenue remained stable year-over-year at $2.1 billion, showing a 6% sequential increase from the first quarter.</li><li>Adjusted EBITDA stood at $340 million, slightly down by 1% compared to the previous year, although the North American Less-than-Truckload (LTL) segment saw a marginal EBITDA increase to $300 million, expanding its margin by 90 basis points to 24.2%.</li></ul>

XPO Logistics recently reported its second-quarter results, revealing a mixed yet solid performance amid a challenging freight environment.The company's revenue remained stable year-over-year at $2.1 billion, showing a 6% sequential increase from the first quarter.Adjusted EBITDA stood at $340 million, slightly down by 1% compared to the previous year, although the North American Less-than-Truckload (LTL) segment saw a marginal EBITDA increase to $300 million, expanding its margin by 90 basis points to 24.2%.

XPO Inc: Is The Growth in Local Channels Here To Stay?

<ul><li>XPO Inc., a leading provider of less-than-truckload (LTL) freight transportation, recently presented its first-quarter financial results for 2025.</li><li>The results highlighted both the company's strengths and the challenges it faces in the current economic climate.</li><li>XPO reported first-quarter revenue of $2 billion with adjusted EBITDA of $278 million.</li></ul>

XPO Inc., a leading provider of less-than-truckload (LTL) freight transportation, recently presented its first-quarter financial results for 2025.The results highlighted both the company's strengths and the challenges it faces in the current economic climate.XPO reported first-quarter revenue of $2 billion with adjusted EBITDA of $278 million.

XPO Logistics: A Tale Of Financial Prudence & Strategic Investments To Drive Growth!

Alpha-Centric ESG Research

Kyle Rudden

COVID-19 vaccines figure into Biden's recently-announced COVID-19 response plan, though with a clear emphasis on distribution versus development (as was Trump's focus). Biden's prioritisation of vaccine distribution – and the US$25 billion earmarked for it – is a gift for "cold chain" stocks."Cold chain" refers to a complex temperature-controlled supply chain that is mission-critical to the distribution of COVID-19 vaccines. Critical, because vaccines require consistent ultra-cold storage from manufacture to needle-stick, otherwise those expensive vaccines become medical waste.This Insight looks at cold chain stocks as an investment theme inherent in Biden's COVID-19 plan (see <a href="https://www.smartkarma.com/insights/biden-covid-19-response-plan-overview-of-its-inherent-investment-themes" target="_blank" data-smartkarma-citation="insights:45631" rel="noopener">Biden COVID-19 Response Plan: Overview of Its Inherent Investment Themes</a>). Although the cold chain is fragmented and largely privately-held, but there are opportunities in three areas:<ol>
<li>
Freight and Logistics: Most listed companies fall into this category, including both integrated cold chain freight and logistics stocks, as well as niche players in either of freight or logistics.</li>
<li>
Freezer Manufacturers: Ultra-cold freezer boxes and related industrial components of various shapes and sizes are needed for the cold chain to function. Several stocks serve this segment.</li>
<li>
Specialty Chemicals: Dry ice gets all the headlines, as massive amounts are needed but supply is short, but other specialty chemicals and industrial gases are also needed in the cold chain.</li>
</ol>

COVID-19 vaccines figure into Biden's recently-announced COVID-19 response plan, though with a clear emphasis on distribution versus development (as was Trump's focus). Biden's prioritisation of vaccine distribution – and the US$25 billion earmarked for it – is a gift for "cold chain" stocks."Cold chain" refers to a complex temperature-controlled supply chain that is mission-critical to the distribution of COVID-19 vaccines. Critical, because vaccines require consistent ultra-cold storage from manufacture to needle-stick, otherwise those expensive vaccines become medical waste.This Insight looks at cold chain stocks as an investment theme inherent in Biden's COVID-19 plan (see Biden COVID-19 Response Plan: Overview of Its Inherent Investment Themes). Although the cold chain is fragmented and largely privately-held, but there are opportunities in three areas:

Freight and Logistics: Most listed companies fall into this category, including both integrated cold chain freight and logistics stocks, as well as niche players in either of freight or logistics.

Freezer Manufacturers: Ultra-cold freezer boxes and related industrial components of various shapes and sizes are needed for the cold chain to function. Several stocks serve this segment.

Specialty Chemicals: Dry ice gets all the headlines, as massive amounts are needed but supply is short, but other specialty chemicals and industrial gases are also needed in the cold chain.


Biden COVID-19 Response Plan: Cold Chain Transportation and Logistics Stocks Benefit

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>Recent global freight industry data points and peer commentary suggest more downside than upside risk to Mainfreight's (MFT) near-term outlook.</li><li>After a challenging start to FY26 (PBT was down -24% in the first 17 weeks), MFT is in catch-up mode, though its prior-year comparatives become more challenging for the remainder of the year.</li><li>Despite this backdrop, MFT's one-year forward PE has firmed to ~24x in recent weeks, while its closest global peers have de-rated.</li></ul>

Recent global freight industry data points and peer commentary suggest more downside than upside risk to Mainfreight's (MFT) near-term outlook.After a challenging start to FY26 (PBT was down -24% in the first 17 weeks), MFT is in catch-up mode, though its prior-year comparatives become more challenging for the remainder of the year.Despite this backdrop, MFT's one-year forward PE has firmed to ~24x in recent weeks, while its closest global peers have de-rated.

United States

XPO Logistics, Inc. provides logistics services. The Company offers expedited airfreight forwarding, warehousing management, drayage, freight brokerage, intermodal, transportation, and reverse logistics. XPO Logistics serves customers throughout North America.

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Xpo Logistics (XPO US)

XPO’s Cash Machine: How Smart CapEx Cuts Are Unlocking Billions in Free Flow!

XPO Inc. reported solid financial performance for Q3 2025, indicating strong operational execution despite a challenging macroeconomic...

Baptista Research

XPO Inc: Is The Growth in Local Channels Here To Stay?

XPO Logistics recently reported its second-quarter results, revealing a mixed yet solid performance amid a challenging freight environment. The...

Baptista Research

XPO Logistics: A Tale Of Financial Prudence & Strategic Investments To Drive Growth!

XPO Inc., a leading provider of less-than-truckload (LTL) freight transportation, recently presented its first-quarter financial results for...

Baptista Research

Biden COVID-19 Response Plan: Cold Chain Transportation and Logistics Stocks Benefit

Biden's COVID-19 response plan earmarks US$25 billion to vaccines, but with a twist. His emphasis is vaccine distribution, not development. That...

Kyle Rudden

Mainfreight Freighting Re-Rating

Recent global freight industry data points and peer commentary suggest more downside than upside risk to Mainfreight's (MFT) near-term outlook.

Forsyth Barr

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