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 Capital Markets

American Airlines Group / Equity Capital Markets

<ul><li>American Airlines Group's performance was solid in the last quarter as it delivered an all-around beat.</li><li>The company reported a net income of $827 million for the fourth quarter and $328 million for the entire year and performed considerably better than peers, particularly Southwest.</li><li>We give American Airlines Group a 'Hold' rating with a revised target price.</li></ul>

American Airlines Group's performance was solid in the last quarter as it delivered an all-around beat.The company reported a net income of $827 million for the fourth quarter and $328 million for the entire year and performed considerably better than peers, particularly Southwest.We give American Airlines Group a 'Hold' rating with a revised target price.

American Airlines Group Inc.: Major Drivers

<ul><li>With customers resuming travel in large numbers, the last quarter was one of the busiest quarters for American Airlines.</li><li>Given the significant run-up in the prices of oil, American Airlines missed out on meeting analyst expectations on earnings.</li><li>Overall, we provide the stock of American Airlines with a ‘Hold’ rating and a revision in the target price.</li></ul>

With customers resuming travel in large numbers, the last quarter was one of the busiest quarters for American Airlines.Given the significant run-up in the prices of oil, American Airlines missed out on meeting analyst expectations on earnings.Overall, we provide the stock of American Airlines with a ‘Hold’ rating and a revision in the target price.

American Airlines: New Routes & Other Developments

Credit

<ul><li>Like most of its peers, American Airlines continues to be on a rather tumultuous path to recovery in 2022.</li><li>The company is facing its fair share of challenges related to the rising fuel costs and geopolitical factors but its financial results have shown a decent recovery in passenger revenues.</li><li>Domestic leisure travel in the U.S. has been a driving force for the recovery as against the performance in 2021 and the company is also seeing a marked recovery in corporate and government travel revenue.</li></ul>

Like most of its peers, American Airlines continues to be on a rather tumultuous path to recovery in 2022.The company is facing its fair share of challenges related to the rising fuel costs and geopolitical factors but its financial results have shown a decent recovery in passenger revenues.Domestic leisure travel in the U.S. has been a driving force for the recovery as against the performance in 2021 and the company is also seeing a marked recovery in corporate and government travel revenue.

American Airlines Group: Detailed Credit Analysis & Financial Strength Evaluation Report

<ul><li>American Airlines continues to be on the path to recovery despite facing its fair share of challenges related to the rising fuel costs and geopolitical factors.</li><li>The world's largest airline generated $8.9 billion in revenue in the first quarter of 2022, with $7.8 billion in passenger revenue leading the industry.</li><li>Additionally, in 2021, American Airlines had its best operating performance in the company's history.</li></ul>

American Airlines continues to be on the path to recovery despite facing its fair share of challenges related to the rising fuel costs and geopolitical factors.The world's largest airline generated $8.9 billion in revenue in the first quarter of 2022, with $7.8 billion in passenger revenue leading the industry.Additionally, in 2021, American Airlines had its best operating performance in the company's history.

American Airlines Group: Initiation of Coverage – Financial & Price Forecasts

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p>Market dynamics remain largely positive and there continues to be an absence of breakdowns across all Sectors and the major averages. As a result, we continue to see a mixed market environment, but we remain constructive overall with the S&amp;P 500 holding above short-term support at the 50-day moving average and 4056.</p>

Market dynamics remain largely positive and there continues to be an absence of breakdowns across all Sectors and the major averages. As a result, we continue to see a mixed market environment, but we remain constructive overall with the S&amp;P 500 holding above short-term support at the 50-day moving average and 4056.

U.S. Equity Strategy: Growth Improving, But Can It Last?

United States

SkyWest, Inc. operates regional airlines that offer scheduled passenger service to destinations in the United States, Canada, Mexico, and the Caribbean.

Alaska Air Group, Inc. is an airline holding company. The Company, through its subsidiaries, provides air service to passengers in multiple destinations. Alaska Air also provide freight and mail services, primarily to and within the state of Alaska and on the West Coast.

JetBlue Airways Corporation provides nonstop passenger flight service through its Airbus A320 aircraft.  The Company's airline is based in New York's John F. Kennedy Airport and currently flies to various destinations in the United States.

Hawaiian Holdings, Inc. provides scheduled and charter air transportation of passengers, cargo, and mail.  The Company provides its services among the islands of Hawaii and between Hawaii and several West Coast gateway cities and destinations in the South Pacific.

Allegiant Travel Company is a leisure travel company. The Company operates a passenger airline marketed to leisure travelers in small cities.

Spirit Airlines Inc. is a low-fare airline based in Miramar, Florida. The Airline provides low-cost travel opportunities principally to and from South Florida, the Caribbean and Latin America. Spirit Airlines basic service combines with a range of optional services for additional fees, targets price sensitive leisure travelers and travelers visiting friends and relatives.

Landstar System, Inc. is a North American truckload carrier.  The Company transports a variety of freight, including iron and steel, automotive products, paper, lumber, chemicals, foodstuffs, and military hardware.  Landstar provides truckload carrier services, intermodal transportation services, and expedited air and truck services to shippers in the US, Canada, and Mexico.

Kirby Corporation operates a fleet of inland tank barges.  The Company transports industrial chemicals, refined petroleum products, black oil products, and agricultural chemicals.  Kirby also overhauls and services diesel engines employed in marine, power generation, and rail applications.

Ryder System, Inc. provides a continuum of logistics, supply chain, and transportation management solutions worldwide.  The Company's offerings range from full-service leasing, commercial rental and maintenance of vehicles to integrated services.  The Company also offers comprehensive supply chain solutions, logistics management services, and e-Commerce solutions.

Knight-Swift Transportation Holdings Inc. provides transportation and logistics services. The Company offers dry van, cross border freight transportation, fleet solutions, consulting, brokerage, equipment leasing, temperature controlled transport, and engineering services. Knight-Swift Transportation Holdings serves customers in North America.

Cathay Pacific Airways Limited operates scheduled airline services. The Company also provides related services, including airline catering, aircraft handling, and engineering.

Qantas Airways Limited provides transportation of passengers through two airlines including Qantas (full service carrier) and Jetstar (low cost carrier), operating international, domestic and regional services. The Company also includes Qantas Frequent Flyer and Qantas Freight which generates diverse revenue streams and adds value for customers and investors.

China Southern Airlines Company Limited provides commercial airline services throughout China, Southeast Asia and other parts of the world.  The Company also provides other airline related services including aircraft maintenance and air catering.

China Eastern Airlines Corporation Limited, together with its subsidiaries, operates in the civil aviation industry. It offers passenger, cargo, mail delivery, ground, cargo handling, and other extended transportation services.

Japan Airlines Co. Ltd. provides air transportation services. The Company offers a variety of scheduled  flights and unscheduled flights throughout the world as well as offers air courier services. Japan Airlines also provides tickets, resort hotels, and travel agencies services.

ANA Holdings Inc provides a variety of air transportation-related services. The Company offers scheduled & unscheduled air passenger services and air courier services. ANA sells aircraft parts and provides travel arrangement & reservation services as well.

Air China Limited provides passenger, cargo, and airline-related services in China.  The Company is primarily based in Beijing and a major hub for domestic and international air transportation.  Air China's airline-related services include aircraft maintenance, repair, overhaul service, ground services, and in-flight catering services.

Korean Air Lines Co., Ltd. operates air transportation services.  The Company's services include passenger and cargo transportation, aircraft maintenance, and air catering.  Korean Air Lines provides domestic and international airline services.

EVA Airways Corp. is an air carrier that transports passengers and cargos. The Company operates primarily in Taiwan and serves international route networks in North America, Asia, Europe, and Australasia.

Deutsche Lufthansa Aktiengesellschaft provides passenger and cargo air transportation services worldwide. The Company offers flight and connection programs in North America, Scandinavia, and Asia. Deutsche Lufthansa also provides travel agency, catering, and aircraft maintenance services.

American Airlines Group Inc. operates an airline that provides scheduled passenger, freight, and mail service throughout North America, the Caribbean, Latin America, Europe, and the Pacific.  The Company also provides connecting service throughout the United States, Canada, and the Caribbean.

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American Airlines Group (AAL US)

American Airlines Group Inc.: Major Drivers

American Airlines Group's performance was solid in the last quarter as it delivered an all-around beat. The company reported a net income of $827...

Baptista Research

American Airlines: New Routes & Other Developments

With customers resuming travel in large numbers, the last quarter was one of the busiest quarters for American Airlines. Given the significant...

Baptista Research

American Airlines Group: Detailed Credit Analysis & Financial Strength Evaluation Report

Like most of its peers, American Airlines continues to be on a rather tumultuous path to recovery in 2022. The company is facing its fair share of...

Baptista Research

American Airlines Group: Initiation of Coverage – Financial & Price Forecasts

American Airlines continues to be on the path to recovery despite facing its fair share of challenges related to the rising fuel costs and...

Baptista Research

U.S. Equity Strategy: Growth Improving, But Can It Last?

We continue to see a mixed market environment, but we remain constructive overall with the S&P 500 holding above short-term support at the 50-day...

Vermilion Research

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