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>Baxter International's Q1 2025 earnings results reflect a robust performance with notable growth across its operating segments, though not without challenges reflective of the current global economic climate.</li><li>The company reported a 5% increase in sales from continuing operations, exceeding its initial projections of 3% to 4%.</li><li>This performance was driven by substantial contributions from all three segments: Medical Products and Therapies (MPT), Healthcare Systems and Technologies (HST), and Pharmaceuticals.</li></ul>

Baxter International's Q1 2025 earnings results reflect a robust performance with notable growth across its operating segments, though not without challenges reflective of the current global economic climate.The company reported a 5% increase in sales from continuing operations, exceeding its initial projections of 3% to 4%.This performance was driven by substantial contributions from all three segments: Medical Products and Therapies (MPT), Healthcare Systems and Technologies (HST), and Pharmaceuticals.

Baxter International Is Building A Tariff Defense Mechanism With Exemption & Sourcing Tactics But Will It Work?

<ul><li>Baxter International Inc. presented its second quarter 2024 earnings, displaying significant progress stemming from its strategic overhaul and operational enhancements.</li><li>The results surpassed the expected guidance in both revenue and earnings per share (EPS), prompting an uplifting revision in the full-year financial forecast.</li><li>This positive outcome is indicative of the successful implementation of operational efficiencies and a centralized business model that is beginning to bear fruit.</li></ul>

Baxter International Inc. presented its second quarter 2024 earnings, displaying significant progress stemming from its strategic overhaul and operational enhancements.The results surpassed the expected guidance in both revenue and earnings per share (EPS), prompting an uplifting revision in the full-year financial forecast.This positive outcome is indicative of the successful implementation of operational efficiencies and a centralized business model that is beginning to bear fruit.

Baxter International Inc.: An Insight Into The Market Share and Competitiveness in Kidney Care! - Major Drivers

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>In this insight, we take a look at the upcoming constituent changes in the run up to the September 2024 index rebal event.</li>
<li>We expect two regular changes in September 2024. There are also several live M&amp;A events which could trigger intra-review index changes in the late-2024/early-2025.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
In this insight, we take a look at the upcoming constituent changes in the run up to the September 2024 index rebal event.
We expect two regular changes in September 2024. There are also several live M&amp;A events which could trigger intra-review index changes in the late-2024/early-2025.


Quiddity Leaderboard S&P500 Sep 24 Rebal: Palantir, Apollo, Workday Racing for Mega$ Flows

Apollo Global Management  / Index Rebalance

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>In this insight, we take a look at the upcoming constituent changes in the run up to the September 2024 index rebal event.</li>
<li>We expect two regular changes during September. More interestingly, a couple of SP500 members are working on spin-offs which could trigger some high-impact deletions over the next few months.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
In this insight, we take a look at the upcoming constituent changes in the run up to the September 2024 index rebal event.
We expect two regular changes during September. More interestingly, a couple of SP500 members are working on spin-offs which could trigger some high-impact deletions over the next few months.


Sep24 S&P500 Index Rebal - Two Changes Expected; $6bn One-Way Flow and Two Spinoffs?

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samsung-biologics-co-ltd" target="_blank" data-smartkarma-citation="entities:22932:1" rel="noopener">Samsung Biologics (207940 KS)</a> has signed the largest ever single CMO contract worth KRW1.46T ($1.1B) with an undisclosed U.S.-based pharmaceutical company. The contract value represents ~40% of 2023 standalone revenue.</li>
<li>Within the first half of the year, Samsung Biologics has secured order worth of KRW2.6T, compared with order win of KRW3.5T in full-year 2023.</li>
<li>Samsung Bioepis has received FDA approval for Stelara biosimilar Pyzchiva, which is expected to marketed in early 2025. So far, the FDA has approved two other biosimilars of Stelara.  </li>
</ul>



Samsung Biologics (207940 KS) has signed the largest ever single CMO contract worth KRW1.46T ($1.1B) with an undisclosed U.S.-based pharmaceutical company. The contract value represents ~40% of 2023 standalone revenue.
Within the first half of the year, Samsung Biologics has secured order worth of KRW2.6T, compared with order win of KRW3.5T in full-year 2023.
Samsung Bioepis has received FDA approval for Stelara biosimilar Pyzchiva, which is expected to marketed in early 2025. So far, the FDA has approved two other biosimilars of Stelara.  


Samsung Biologics (207940 KS): Gaining Momentum on New Approval and Contract Wins; Hold Shares

United States

Baxter International Inc. develops, manufactures, and markets products and technologies related to hemophilia, immune disorders, infectious diseases, kidney disease, trauma and other chronic and acute medical conditions. The Company's products are used by hospitals, kidney dialysis centers, nursing homes, rehabilitation centers, doctors' offices, and research laboratories.

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Baxter International (BAX US)

Baxter International Is Building A Tariff Defense Mechanism With Exemption & Sourcing Tactics But Will It Work?

Baxter International's Q1 2025 earnings results reflect a robust performance with notable growth across its operating segments, though not without...

Baptista Research

Quiddity Leaderboard S&P500 Sep 24 Rebal: Palantir, Apollo, Workday Racing for Mega$ Flows

S&P500 rebals are notoriously difficult to predict because of significant index committee discretion. Sep24 could see two adds, two deletes. Q4...

Travis Lundy

Sep24 S&P500 Index Rebal - Two Changes Expected; $6bn One-Way Flow and Two Spinoffs?

The S&P500 index rebal is coming in about 7 weeks. There are about 5 weeks of data left to tally. We expect there are two changes, but there are...

Travis Lundy

Samsung Biologics (207940 KS): Gaining Momentum on New Approval and Contract Wins; Hold Shares

Samsung Biologics signs $1.1B CMO contract, representing 40% of 2023 revenue. Samsung Bioepis receives FDA approval for Stelara biosimilar...

Tina Banerjee

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Baxter International Is Building A Tariff Defense Mechanism With Exemption & Sourcing Tactics But Will It Work?

Baxter International's Q1 2025 earnings results reflect a robust performance with notable growth across its operating segments, though not without...

Baptista Research

Baxter International Inc.: An Insight Into The Market Share and Competitiveness in Kidney Care! - Major Drivers

Baxter International Inc. presented its second quarter 2024 earnings, displaying significant progress stemming from its strategic overhaul and...

Baptista Research

Quiddity Leaderboard S&P500 Sep 24 Rebal: Palantir, Apollo, Workday Racing for Mega$ Flows

S&P500 rebals are notoriously difficult to predict because of significant index committee discretion. Sep24 could see two adds, two deletes. Q4...

Travis Lundy

Sep24 S&P500 Index Rebal - Two Changes Expected; $6bn One-Way Flow and Two Spinoffs?

The S&P500 index rebal is coming in about 7 weeks. There are about 5 weeks of data left to tally. We expect there are two changes, but there are...

Travis Lundy

Samsung Biologics (207940 KS): Gaining Momentum on New Approval and Contract Wins; Hold Shares

​Samsung Biologics signs $1.1B CMO contract, representing 40% of 2023 revenue. Samsung Bioepis receives FDA approval for Stelara biosimilar...

Tina Banerjee

Samsung Biologics signs $1.1B CMO contract, representing 40% of 2023 revenue. Samsung Bioepis receives FDA approval for Stelara biosimilar...