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 faced a challenging operating environment during the last quarter but managed to deliver an all-around beat.</li><li>Although the company had high load factors, it quickly accommodated thousands more passengers when other airlines' flights were cancelled.</li><li>Domestic capacity decreased by 8%, while international capacity decreased by 12%.</li></ul>

United Airlines faced a challenging operating environment during the last quarter but managed to deliver an all-around beat.Although the company had high load factors, it quickly accommodated thousands more passengers when other airlines' flights were cancelled.Domestic capacity decreased by 8%, while international capacity decreased by 12%.

<ul><li>United Airlines had a disappointing quarter despite seeing an unprecedented return of customers.</li><li>In this quarter, Cargo remained strong and premium leisure has been a bright spot as the domestic revenue growth of premium cabins outpaces the economy cabin.</li><li>We provide the United Airlines stock with a ‘Hold’ rating with a revised target price.</li></ul>

United Airlines had a disappointing quarter despite seeing an unprecedented return of customers.In this quarter, Cargo remained strong and premium leisure has been a bright spot as the domestic revenue growth of premium cabins outpaces the economy cabin.We provide the United Airlines stock with a ‘Hold’ rating with a revised target price.

United Airlines: Sustainable Aviation Fuel Update & Other Drivers

Credit

<ul><li>United Airlines limped through its process of recovery throughout 2021 on account of various pandemic-induced headwinds and the year 2022 brings a while new set of challenges for the company with respect to the recovery of international travel.</li><li>As the airline transitions from pandemic to endemic, demand is high from vacationers but business travel is far away from full recovery.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

United Airlines limped through its process of recovery throughout 2021 on account of various pandemic-induced headwinds and the year 2022 brings a while new set of challenges for the company with respect to the recovery of international travel.As the airline transitions from pandemic to endemic, demand is high from vacationers but business travel is far away from full recovery.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

United Airlines: Detailed Credit Analysis & Financial Strength Evaluation Report

Equity Capital Markets

United Airlines Holdings / Equity Capital Markets

<ul><li>United Airlines continues to be in recovery mode and delivered a solid first-quarter result in 2022.</li><li>As the airline transitions from pandemic to endemic, demand is at an all-time high, even before business travel fully recovers.</li><li>Though it continues to accelerate at a breakneck pace, it will be some time before international markets, particularly in Asia, recover fully.</li></ul>

United Airlines continues to be in recovery mode and delivered a solid first-quarter result in 2022.As the airline transitions from pandemic to endemic, demand is at an all-time high, even before business travel fully recovers.Though it continues to accelerate at a breakneck pace, it will be some time before international markets, particularly in Asia, recover fully.

United Airlines: The Recovery Story, Financial Forecasts, DCF Valuation, ESG & Other Risks (05/22)

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

<ul>
<li>We are getting the test of the lows we have been calling for, following some indiscriminate selling late last week which produced back-to-back 80%+ downside volume days on the NYSE.</li>
<li>There can certainly be more 80%-90%+ downside days that take the indexes to new lows.</li>
<li>We need to see back-to-back 80%+ upside volume days or one 90%+ upside day on the NYSE in order to have confidence that a major market bottom is in place</li>
</ul>


We are getting the test of the lows we have been calling for, following some indiscriminate selling late last week which produced back-to-back 80%+ downside volume days on the NYSE.
There can certainly be more 80%-90%+ downside days that take the indexes to new lows.
We need to see back-to-back 80%+ upside volume days or one 90%+ upside day on the NYSE in order to have confidence that a major market bottom is in place


Panic Selling Achieved, Now Waiting for Panic Buying; Major Indexes At/Near Support

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: Major Drivers

United Airlines faced a challenging operating environment during the last quarter but managed to deliver an all-around beat. Although the company...

Baptista Research

United Airlines: Sustainable Aviation Fuel Update & Other Drivers

United Airlines had a disappointing quarter despite seeing an unprecedented return of customers. In this quarter, Cargo remained strong and...

Baptista Research

United Airlines: Detailed Credit Analysis & Financial Strength Evaluation Report

United Airlines limped through its process of recovery throughout 2021 on account of various pandemic-induced headwinds and the year 2022 brings a...

Baptista Research

United Airlines: The Recovery Story, Financial Forecasts, DCF Valuation, ESG & Other Risks (05/22)

United Airlines continues to be in recovery mode and delivered a solid first-quarter result in 2022. As the airline transitions from pandemic to...

Baptista Research

Panic Selling Achieved, Now Waiting for Panic Buying; Major Indexes At/Near Support

Now that we have seen indiscriminate panic selling, we are now looking for panic buying in order to have confidence that a major market bottom is...

Vermilion Research

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