Covering the Mexican Economy, Actinver Research

Actinver

Covering the Mexican Economy

Actinver Research

Actinver is a mexican leading financial group, that generates well being for individuals and companies through advisory services that provides investment management to maintain and grow their wealth.

Equity Bottom-Up

Controladora Vuela Cia De-A / Equity Bottom-Up

Controladora Vuela Compania de Aviacion, S.A.B. de C.V. is a low-cost airline carrier based in Mexico.  The Company offers an unbundled pricing strategy which allows them to provide low base fares and enables its passengers to select and pay for a range of optional products and services for additional fees.

<ul><li>Operating revenues of US$678 M decreased by 12% YoY.</li><li>Top-line results were negatively impacted by a 29% YoY contraction yield, ending at US$39.</li><li>The ASM’s recovery of 6% and the 4% in RPMs led to a 1.6pp contraction in the load factor to 85.4%.</li></ul>

Operating revenues of US$678 M decreased by 12% YoY.Top-line results were negatively impacted by a 29% YoY contraction yield, ending at US$39.The ASM’s recovery of 6% and the 4% in RPMs led to a 1.6pp contraction in the load factor to 85.4%.

VOLARA MM - Actinver Research - VOLAR 1Q25: Soft Landing. Weak Q Results (Quick View)

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Trip.com Group Ltd. provides online travel agency services. The Company offers mobile applications, hotel reservations, flight ticketing, package tours, corporate travel management, and train ticketing services.

<ul>
<li>March demand growth improved vs weak February, but Q125 showed clear slowdown vs trend</li>
<li>Relatively strong demand growth for outbound travel is no longer lifting airline load factors</li>
<li>Near-Term, we no longer view Chinese travel as attractive, as stocks appear to lack catalysts</li>
</ul>


March demand growth improved vs weak February, but Q125 showed clear slowdown vs trend
Relatively strong demand growth for outbound travel is no longer lifting airline load factors
Near-Term, we no longer view Chinese travel as attractive, as stocks appear to lack catalysts


Monthly Chinese Tourism Tracker | March and Q125 Demand Growth Weak Vs Trend (April 2025)

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.

General Electric Company is a globally diversified technology and financial services company. The Company's products and services include aircraft engines, power generation, water processing, and household appliances to medical imaging, business and consumer financing, and industrial products.

<ul><li>General Electric Company (GE) Aerospace's earnings presentation for the first quarter of 2025 presents a mixed picture of financial performance, strategic advancements, and ongoing challenges.</li><li>The company delivered a robust financial outcome, with orders up 12% and revenue growing by 11%, primarily driven by strong demand in both services and equipment segments.</li><li>Profits surged by 38% to $2.1 billion, pushing the margins to 23.8%.</li></ul>

General Electric Company (GE) Aerospace's earnings presentation for the first quarter of 2025 presents a mixed picture of financial performance, strategic advancements, and ongoing challenges.The company delivered a robust financial outcome, with orders up 12% and revenue growing by 11%, primarily driven by strong demand in both services and equipment segments.Profits surged by 38% to $2.1 billion, pushing the margins to 23.8%.

GE Aerospace: Building Aircraft Engine Efficiency, Technological Advancements & Other Major Drivers!

United Airlines Holdings / Equity Bottom-Up

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.

<ul><li>United Airlines Holdings presented its first quarter 2025 earnings amid a challenging macroeconomic environment characterized by softer demand for air travel.</li><li>The company managed to demonstrate resilience by achieving a pre-tax margin that was the highest since the beginning of the COVID-19 pandemic.</li><li>The core themes underpinning United’s current performance include having won over brand-loyal customers, contributing to its solid financial metrics even in tougher economic times.</li></ul>

United Airlines Holdings presented its first quarter 2025 earnings amid a challenging macroeconomic environment characterized by softer demand for air travel.The company managed to demonstrate resilience by achieving a pre-tax margin that was the highest since the beginning of the COVID-19 pandemic.The core themes underpinning United’s current performance include having won over brand-loyal customers, contributing to its solid financial metrics even in tougher economic times.

United Airlines Is Focused On Mastering Aircraft Supply Chain To Stay Ahead … But Is It Working?

VINCI SA is a global player in concessions and construction with expertise in building, civil, hydraulic, and electrical engineering. The Company offers construction-related specialities and road materials production, as well as finance, management, operations and maintenance of public infrastructure such as motorways, airports, and road and rail infrastructures.

<ul><li>Vinci, a global leader in concessions, construction, and energy, reported its financial performance for the fiscal year 2024, showcasing both achievements and challenges that frame its investment outlook.</li><li>Positively, Vinci demonstrated robust revenue growth, achieving a 4% overall increase to reach record levels despite economic headwinds.</li><li>This growth stemmed from significant contributions across its diverse business segments—Concessions, Energy, and Construction.</li></ul>

Vinci, a global leader in concessions, construction, and energy, reported its financial performance for the fiscal year 2024, showcasing both achievements and challenges that frame its investment outlook.Positively, Vinci demonstrated robust revenue growth, achieving a 4% overall increase to reach record levels despite economic headwinds.This growth stemmed from significant contributions across its diverse business segments—Concessions, Energy, and Construction.

Vinci: Initiation of Coverage- From Data Centers to Airports—Is This the Most Overlooked Infrastructure Powerhouse in Europe?