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>Based on the second quarter 2024 results, Abbott Laboratories displayed a strong overall performance cementing its position in various segments, while also highlighting areas that require further attention.</li><li>The company reported organic sales growth of over 9%, excluding COVID testing sales, surpassing analyst expectations and marking a 16% sequential increase from the first quarter.</li><li>This led the company to raise guidance for the full year, now forecasting organic sales growth of 9.5% to 10%, and adjusted earnings per share between $4.61 and $4.71.</li></ul>

Based on the second quarter 2024 results, Abbott Laboratories displayed a strong overall performance cementing its position in various segments, while also highlighting areas that require further attention.The company reported organic sales growth of over 9%, excluding COVID testing sales, surpassing analyst expectations and marking a 16% sequential increase from the first quarter.This led the company to raise guidance for the full year, now forecasting organic sales growth of 9.5% to 10%, and adjusted earnings per share between $4.61 and $4.71.

Abbott Laboratories: Expanding Sensor Technology & Other Innovations! - Major Drivers

Global Healthcare Analyst

Tina Banerjee

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<li>
<a href="https://www.smartkarma.com/entities/asahi-intecc-co-ltd" target="_blank" data-smartkarma-citation="entities:15915:1" rel="noopener">Asahi Intecc (7747 JP)</a> reported strong FY24 result, with all key parameters beating estimates. FY24 revenue exceeds ¥100B, a significant milestone of the mid-term management plan.</li>
<li>For FY25, Asahi Intecc has guided for revenue of ¥117B (up 9% YoY), operating profit of ¥25B (up 14% YoY), and net profit of ¥19B (up 19% YoY).</li>
<li>Growth will be driven by increase in overseas revenue in medical division despite the impact of stronger yen. Positive environment and strong demand enhance conviction on the long-term growth prospect.</li>
</ul>



Asahi Intecc (7747 JP) reported strong FY24 result, with all key parameters beating estimates. FY24 revenue exceeds ¥100B, a significant milestone of the mid-term management plan.
For FY25, Asahi Intecc has guided for revenue of ¥117B (up 9% YoY), operating profit of ¥25B (up 14% YoY), and net profit of ¥19B (up 19% YoY).
Growth will be driven by increase in overseas revenue in medical division despite the impact of stronger yen. Positive environment and strong demand enhance conviction on the long-term growth prospect.


2024 High Conviction Update: Asahi Intecc (7747 JP)- FY24 Result Tops Guidance; Positive Outlook

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Emcure Pharmaceuticals / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/emcure-pharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:35585:1" rel="noopener">Emcure Pharmaceuticals</a> raised around US$240m in its India IPO. Subscription rates were strong.</li>
<li>Emcure Pharmaceuticals (EP) is an Indian Pharmaceutical company engaged in the developing, manufacturing and globally marketing a broad range of pharmaceutical products across several major therapeutic areas.</li>
<li>We have looked at the company’s past performance in our earlier note. In this note, we talk about the trading dynamics.</li>
</ul>



Emcure Pharmaceuticals raised around US$240m in its India IPO. Subscription rates were strong.
Emcure Pharmaceuticals (EP) is an Indian Pharmaceutical company engaged in the developing, manufacturing and globally marketing a broad range of pharmaceutical products across several major therapeutic areas.
We have looked at the company’s past performance in our earlier note. In this note, we talk about the trading dynamics.


Emcure Pharma Pre-IPO Trading - Strong Subscription, Will Pop

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<li>
<a href="https://www.smartkarma.com/entities/emcure-pharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:35585:1" rel="noopener">Emcure Pharmaceuticals</a> is looking to raise around US$240m in its upcoming India IPO.</li>
<li>Emcure Pharmaceuticals (EP) is an Indian Pharmaceutical company engaged in the developing, manufacturing and globally marketing a broad range of pharmaceutical products across several major therapeutic areas.</li>
<li>We have looked at the company’s past performance, in our earlier note. In this note, we talk about the RHP updates and take a quick look at valuations.</li>
</ul>



Emcure Pharmaceuticals is looking to raise around US$240m in its upcoming India IPO.
Emcure Pharmaceuticals (EP) is an Indian Pharmaceutical company engaged in the developing, manufacturing and globally marketing a broad range of pharmaceutical products across several major therapeutic areas.
We have looked at the company’s past performance, in our earlier note. In this note, we talk about the RHP updates and take a quick look at valuations.


Emcure Pharmaceuticals Pre-IPO - Refiling Updates and Valuations

External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>The Lahore High Court on April 02, 2024, disposed off the case in favour of the pharmaceutical industry and the stay order against deregulation of Maximum Retail Price (MRPs) of drugs has been vacated, according to our channel checks with pharma companies. A detailed order is awaited for more clarity.</li><li>Background: On Feb 20, 2024, the government approved deregulation of drug price which falls in the category of other than essential. However, on Feb 22, 2024, an individual went to the Lahore High Court where he obtained a stay, and the court sought clarification from the Federal Government.</li><li>2018 Pricing Policy: As per DRAP 2018 policy, the retail prices of pharmaceutical products had been linked to the Consumer Price Index (CPI) effective from Jul 01, 2018. This pricing formula allows pharma companies to increase prices by giving 30 days notice to DRAP (no need of prior approval) vs. 6 Months lag that used to delay increase in prices.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

The Lahore High Court on April 02, 2024, disposed off the case in favour of the pharmaceutical industry and the stay order against deregulation of Maximum Retail Price (MRPs) of drugs has been vacated, according to our channel checks with pharma companies. A detailed order is awaited for more clarity.Background: On Feb 20, 2024, the government approved deregulation of drug price which falls in the category of other than essential. However, on Feb 22, 2024, an individual went to the Lahore High Court where he obtained a stay, and the court sought clarification from the Federal Government.2018 Pricing Policy: As per DRAP 2018 policy, the retail prices of pharmaceutical products had been linked to the Consumer Price Index (CPI) effective from Jul 01, 2018. This pricing formula allows pharma companies to increase prices by giving 30 days notice to DRAP (no need of prior approval) vs. 6 Months lag that used to delay increase in prices.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan Equity - Pharmaceuticals Sector; Court dismissed petition in favour of pharma companies

United States

Abbott Laboratories discovers, develops, manufactures, and sells a broad and diversified line of health care products and services. The Company's products include pharmaceuticals, nutritional, diagnostics, and vascular products. Abbott markets its products worldwide through affiliates and distributors.

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Abbott Laboratories (ABT US)

Abbott Laboratories: Expanding Sensor Technology & Other Innovations! - Major Drivers

Based on the second quarter 2024 results, Abbott Laboratories displayed a strong overall performance cementing its position in various segments,...

Baptista Research

2024 High Conviction Update: Asahi Intecc (7747 JP)- FY24 Result Tops Guidance; Positive Outlook

Asahi Intecc reported ¥100B revenue for FY24, a significant milestone of the mid-term management plan. Even after excluding Fx, the company sees...

Tina Banerjee

Emcure Pharma Pre-IPO Trading - Strong Subscription, Will Pop

Emcure Pharmaceuticals raised around US$240m in its India IPO. Subscription rates were strong for institutional and HNI tranche.

Sumeet Singh

Emcure Pharmaceuticals Pre-IPO - Refiling Updates and Valuations

Emcure Pharmaceuticals is looking to raise around US$240m in its upcoming India IPO. In this note, we talk about valuations.

Sumeet Singh

Pakistan Equity - Pharmaceuticals Sector; Court dismissed petition in favour of pharma companies

The Lahore High Court on April 02, 2024, disposed off the case in favour of the pharmaceutical industry and the stay order against deregulation...

Topline Securities

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