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>CSX Corporation reported mixed financial results for the first quarter of 2024, demonstrating solid operational performance amid various challenges including severe weather and infrastructure disruptions.</li><li>The company recorded a total volume increase of 3% driven primarily by a 7% growth in its Intermodal business.</li><li>Despite this growth in volume, revenue declined slightly by approximately 1% year over year to just under $3.7 billion, influenced by lower fuel surcharges and changes in mix.</li></ul>

CSX Corporation reported mixed financial results for the first quarter of 2024, demonstrating solid operational performance amid various challenges including severe weather and infrastructure disruptions.The company recorded a total volume increase of 3% driven primarily by a 7% growth in its Intermodal business.Despite this growth in volume, revenue declined slightly by approximately 1% year over year to just under $3.7 billion, influenced by lower fuel surcharges and changes in mix.

CSX Corporation: How They Are Looking To Expand Their Business Through Strategic Partnerships and Network Collaboration! - Major Drivers

<ul><li>CSX Corporation had a solid start to 2024, dealing with a number of challenges, including severe weather in January and the Francis Scott Key Bridge collapse.</li><li>Despite these difficulties, the corporation managed to maintain a consistent momentum with a volume performance that kept moving forward.</li><li>The company's management remains committed to mitigating the impact of these challenges for its customers.</li></ul>

CSX Corporation had a solid start to 2024, dealing with a number of challenges, including severe weather in January and the Francis Scott Key Bridge collapse.Despite these difficulties, the corporation managed to maintain a consistent momentum with a volume performance that kept moving forward.The company's management remains committed to mitigating the impact of these challenges for its customers.

CSX Corporation: Will Its Investments In Industrial Development Projects Yield Dividends? - Major Drivers

<ul><li>CSX Corporation posted solid 2023 results, setting a strong precedent for 2024 due to its robust financial position and positive business momentum.</li><li>Despite facing challenges like inclement weather, 2023 was marked by healthy volumes, favorable pricing measures, strong operating margins, and more.</li><li>The company experienced setbacks due to higher interest rates and supply chain disruptions, but managed to mitigate these issues.</li></ul>

CSX Corporation posted solid 2023 results, setting a strong precedent for 2024 due to its robust financial position and positive business momentum.Despite facing challenges like inclement weather, 2023 was marked by healthy volumes, favorable pricing measures, strong operating margins, and more.The company experienced setbacks due to higher interest rates and supply chain disruptions, but managed to mitigate these issues.

CSX Corporation: Revenue expectations considering coal prices and intermodal market dynamics! - Major Drivers

<ul><li>CSX Corporation delivered a mixed result in the recent quarter, with revenues above market expectations, but it failed to surpass the analyst consensus regarding earnings.</li><li>These challenges included reduced fuel recovery, lower intermodal storage revenue, decreased export coal prices, and increased inflation-related costs, notably from labor contracts.</li><li>The quarter saw the movement of over 1.5 million carloads, with a marginal decrease compared to the previous year.</li></ul>

CSX Corporation delivered a mixed result in the recent quarter, with revenues above market expectations, but it failed to surpass the analyst consensus regarding earnings.These challenges included reduced fuel recovery, lower intermodal storage revenue, decreased export coal prices, and increased inflation-related costs, notably from labor contracts.The quarter saw the movement of over 1.5 million carloads, with a marginal decrease compared to the previous year.

CSX Corporation: A Saga Of Revenue Growth & Surprising Challenges! - Major Drivers

<ul><li>CSX Corporation's performance in the second quarter was largely disappointing with revenues below par and earnings in line with expectations.</li><li>The only silver lining was the successful performance of its merchandise sector.</li><li>In the second quarter, CSX moved more than 1.5 million carloads, driven by a 3% volume increase in merchandise and a 4% volume increase in coal.</li></ul>

CSX Corporation's performance in the second quarter was largely disappointing with revenues below par and earnings in line with expectations.The only silver lining was the successful performance of its merchandise sector.In the second quarter, CSX moved more than 1.5 million carloads, driven by a 3% volume increase in merchandise and a 4% volume increase in coal.

CSX Corporation: Major Factors Responsible For The Good Results! - Financial Forecasts

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.

J.B. Hunt Transport Services, Inc. and its subsidiaries provide transportation and logistics services in the United States, Canada, and Mexico.  The Company transports a variety of products including automotive parts, department store merchandise, paper and wood products, food and beverages, plastics, chemicals, and manufacturing materials and supplies.

Saia, Inc. provides trucking transportation to the retail, petrochemical, and manufacturing industries.  The Company offers regional, interregional, and national less-than-truckload services, and selected truckload services across the United States.

Norfolk Southern Corporation provides rail transportation services. The Company transports raw materials, intermediate products, and finished goods primarily in the Southeast, East, and Midwest and, via interchange with rail carriers, to and from the rest of the United States. Norfolk Southern also transports overseas freight through several Atlantic and Gulf Coast ports

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.

U-Haul Holding Company operates as a holding company. The Company, through its subsidiaries, offers rental of trucks, trailers, and self storage space, as well as provides property and casualty and life insurance products. U-Haul Holding also sells boxes, tapes, and other moving and self-storage products and services to 'do-it-yourself' moving and storage customers.

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.

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.

Avis Budget Group, Inc. engages in the provision of vehicle sharing and rental services. It operates through the Americas and International segments. The Americas segment licenses the firm's brands for car rentals in the United States. The International segment leases out vehicles in Europe, the Middle East, Africa, Asia, Australia, and New Zealand. It operates under the Avis, Budget, Zipcar, Payless, and Apex brands. The company was founded on August 23, 2006 and is headquartered in Parsippany, NJ.

Lyft, Inc. provides online ridesharing services. The Company offers ride booking, payment processing, and car transportation services. Lyft serves customers in the United States.

Daqin Railway Co., Ltd. mainly provides coal transportation service in Northern China. It also operates passenger transportation business.

MTR Corporation Limited provides public transport services in Hong Kong.  The Company owns and operates the Mass Transit Railway.  The Company also develops, sells, and manages residential and commercial properties.  In addition, MTR leases commercial facilities and provides services along the Railway, such as advertising, telecommunication facilities, and provides consultancy services.

Central Japan Railway Company provides rail transportation services between Tokyo and Osaka, including the Tokai region.  The Company, through its subsidiaries, also provides bus transportation services, leases real estate, and operates department stores, hotels, restaurants, and construction businesses.

East Japan Railway Company provides rail transportation services in the Kanto and Tohoku regions, including Tokyo.  The Company's services include the shinkansen (bullet train) network and the Tokyo metropolitan network.  East Japan Railway also leases real estate and operates hotel, travel, and restaurant businesses.

DSV A/S is the parent company for a group of companies that offer transport and logistics.   The Group provides truck, ship, and plane transport services, as well as warehousing and logistic services.  DSV operates in Europe, North America, and the Far East.

Canadian National Railway Company operates a network of track in Canada and the United States.  The Company transports forest products, grain and grain products, coal, sulfur, and fertilizers, intermodal, and automotive products. Canadian National operates a fleet of locomotives and railcars.

TFI International Inc is in the transportation and logistics industry. The Company  identifies strategic acquisitions and manages a network of subsidiaries. TFI International operates across the United States, Canada and Mexico.

Beijing-Shanghai High Speed Railway Co., Ltd. provides railway operation services. The Company offers high-speed railway and stations investment, construction, operation, and other services. Beijing-Shanghai High Speed Railway provides services in China.

Beijing-Shanghai High Speed Ra (601816 CH)

TOKYU CORPORATION provides passenger rail transportation, bus transportation, truckload services, and air transportation serving the Tokyo and its surrounding areas.  The Company operates department stores, real estate leasing, and hotel businesses.  Through its subsidiaries, Tokyu offers leisure-related services such as travel agents, theaters. golf, and rent car agents.

West Japan Railway Company provides rail transportation services including the shinkansen network (bullet train) in North Kyushu, Kinki, Chugoku, and Hokuriku including Kyoto and Osaka.  The Company also operates ferries in Miyajima, manages real estate, shopping centers, and hotels, and offers leisure-related services such as travel packaging products.

CSX Corporation is an international freight transportation company.  The Company provides rail, intermodal, domestic container-shipping, barging, and contract logistics services around the world.  CSX's rail transportation services are provided principally throughout the eastern United States.

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Csx Corp (CSX US)

CSX Corporation: How They Are Looking To Expand Their Business Through Strategic Partnerships and Network Collaboration! - Major Drivers

CSX Corporation reported mixed financial results for the first quarter of 2024, demonstrating solid operational performance amid various...

Baptista Research

CSX Corporation: Will Its Investments In Industrial Development Projects Yield Dividends? - Major Drivers

CSX Corporation had a solid start to 2024, dealing with a number of challenges, including severe weather in January and the Francis Scott Key...

Baptista Research

CSX Corporation: Revenue expectations considering coal prices and intermodal market dynamics! - Major Drivers

CSX Corporation posted solid 2023 results, setting a strong precedent for 2024 due to its robust financial position and positive business...

Baptista Research

CSX Corporation: A Saga Of Revenue Growth & Surprising Challenges! - Major Drivers

CSX Corporation delivered a mixed result in the recent quarter, with revenues above market expectations, but it failed to surpass the analyst...

Baptista Research

CSX Corporation: Major Factors Responsible For The Good Results! - Financial Forecasts

CSX Corporation's performance in the second quarter was largely disappointing with revenues below par and earnings in line with expectations. The...

Baptista Research

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