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 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?

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

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<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' second-quarter 2025 earnings showcased a mix of operational triumphs and challenges.</li><li>The company reported earnings per share (EPS) of $3.87, aligning with guidance while slightly ahead of market expectations, despite operational disruptions at Newark Airport and a challenging macroeconomic environment.</li><li>Positive developments included the successful management of operational issues at Newark, which had suffered from cancellations and delays due to FAA technology outages and staffing shortages.</li></ul>

United Airlines Holdings' second-quarter 2025 earnings showcased a mix of operational triumphs and challenges.The company reported earnings per share (EPS) of $3.87, aligning with guidance while slightly ahead of market expectations, despite operational disruptions at Newark Airport and a challenging macroeconomic environment.Positive developments included the successful management of operational issues at Newark, which had suffered from cancellations and delays due to FAA technology outages and staffing shortages.

United Airlines Premium Push: Will Extra Luxury Seats Provide A Much Needed Margin Boost?

<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?

<ul><li>United Airlines Holdings' latest earnings call for the fourth quarter and fiscal year 2024 highlights a robust performance that illustrates both advancements and challenges within the company.</li><li>Reflecting on the year, United Airlines demonstrated strong financial outcomes primarily driven by strategic operational improvements and a favorable market environment.</li><li>In 2024, United Airlines achieved a record earnings per share of $10.61, surpassing the midpoint of their initial guidance.</li></ul>

United Airlines Holdings' latest earnings call for the fourth quarter and fiscal year 2024 highlights a robust performance that illustrates both advancements and challenges within the company.Reflecting on the year, United Airlines demonstrated strong financial outcomes primarily driven by strategic operational improvements and a favorable market environment.In 2024, United Airlines achieved a record earnings per share of $10.61, surpassing the midpoint of their initial guidance.

United Airlines: Leveraging Technological Innovation To Change The Game! - Major Drivers

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)

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

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

Walmart’s move from NYSE to Nasdaq positions it as the largest forecasted inclusion in Nasdaq100 for the December 2026 review, attracting...

Dimitris Ioannidis

United Airlines Premium Push: Will Extra Luxury Seats Provide A Much Needed Margin Boost?

United Airlines Holdings' second-quarter 2025 earnings showcased a mix of operational triumphs and challenges. The company reported earnings per...

Baptista Research

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

United Airlines Holdings presented its first quarter 2025 earnings amid a challenging macroeconomic environment characterized by softer demand for...

Baptista Research

United Airlines: Leveraging Technological Innovation To Change The Game! - Major Drivers

United Airlines Holdings' latest earnings call for the fourth quarter and fiscal year 2024 highlights a robust performance that illustrates both...

Baptista Research

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