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>Bayer AG has reported its first quarter results for 2025, revealing a mixed performance across its business divisions amidst challenging geopolitical and economic conditions.</li><li>The company's overall sales remained flat year-over-year, in line with its guidance range of -3% to +1%.</li><li>In the Crop Science division, sales declined by 3%, primarily due to regulatory impacts affecting high-margin sales, leading to a lower EBITDA margin compared to the previous year.</li></ul>

Bayer AG has reported its first quarter results for 2025, revealing a mixed performance across its business divisions amidst challenging geopolitical and economic conditions.The company's overall sales remained flat year-over-year, in line with its guidance range of -3% to +1%.In the Crop Science division, sales declined by 3%, primarily due to regulatory impacts affecting high-margin sales, leading to a lower EBITDA margin compared to the previous year.

Bayer AG has reported its first quarter results for 2025

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>Innovation data suggests that <a href="https://www.smartkarma.com/entities/bayer-ag" target="_blank" data-smartkarma-citation="entities:26881:1" rel="noopener">Bayer AG (BAYN GY)</a> has an almost monopoly stake in agriculture-related microbial, followed by <a href="https://www.smartkarma.com/entities/dupont-de-nemours-inc" target="_blank" data-smartkarma-citation="entities:9239:1" rel="noopener">DuPont (DD US)</a> </li>
<li>In non-ag microbial space <a href="https://www.smartkarma.com/entities/moderna-inc" target="_blank" data-smartkarma-citation="entities:28744:1" rel="noopener">Moderna Inc (MRNA US)</a>,  <a href="https://www.smartkarma.com/entities/codexis-inc" target="_blank" data-smartkarma-citation="entities:26400:1" rel="noopener">Codexis Inc (CDXS US)</a>,  <a href="https://www.smartkarma.com/entities/regeneron-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:9167:1" rel="noopener">Regeneron Pharmaceuticals (REGN US),</a><a href="https://www.smartkarma.com/entities/immatics-nv" target="_blank" data-smartkarma-citation="entities:33092:1" rel="noopener">Immatics NV (IMTX US)</a> lead the field</li>
<li>In the nascent area of bacteriophages which could be a game-changer to fight against antibiotic-resistant bacteria BOEHRINGER INGELHEIM, <a href="https://www.smartkarma.com/entities/johnson-johnson" target="_blank" data-smartkarma-citation="entities:1132:1" rel="noopener">Johnson &amp; Johnson (JNJ US)</a>, and <a href="https://www.smartkarma.com/entities/pfizer-inc" target="_blank" data-smartkarma-citation="entities:1131:1" rel="noopener">Pfizer Inc (PFE US) </a>lead</li>
</ul>


Innovation data suggests that Bayer AG (BAYN GY) has an almost monopoly stake in agriculture-related microbial, followed by DuPont (DD US) 
In non-ag microbial space Moderna Inc (MRNA US),  Codexis Inc (CDXS US),  Regeneron Pharmaceuticals (REGN US),Immatics NV (IMTX US) lead the field
In the nascent area of bacteriophages which could be a game-changer to fight against antibiotic-resistant bacteria BOEHRINGER INGELHEIM, Johnson &amp; Johnson (JNJ US), and Pfizer Inc (PFE US) lead


Insights from Data Mining Technical Publications - Microbes - Bacteriophages

Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macroeconomics

<ul><li>From supply to demand side weakness in 12 months. Key take aways: As opposed to last year, Germany is now seeing the demand side weaken. The supply side uncertainty is prevalent. A thermometer might be your best investment for trading markets this winter. Last Friday we received the August print of the business assessment from German firms via the Ifo Institut and it wasn’t pretty.</li><li>As we are nearing the levels seen around the energy crisis of last summer/early fall, we notice the difference in the cause for pessimism.</li><li>Last year it was all about the supply side with companies suffering from the high input prices, but this time around companies are telling a story of weakness on the demand side.</li></ul>

From supply to demand side weakness in 12 months. Key take aways: As opposed to last year, Germany is now seeing the demand side weaken. The supply side uncertainty is prevalent. A thermometer might be your best investment for trading markets this winter. Last Friday we received the August print of the business assessment from German firms via the Ifo Institut and it wasn’t pretty.As we are nearing the levels seen around the energy crisis of last summer/early fall, we notice the difference in the cause for pessimism.Last year it was all about the supply side with companies suffering from the high input prices, but this time around companies are telling a story of weakness on the demand side.

The Energy Cable #35 – Are Monster Draws Ahead?

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/syngenta-group" target="_blank" data-smartkarma-citation="entities:39907:1" rel="noopener">Syngenta Group (1844795D CH)</a> is looking to raise around US$9.2bn in its upcoming China A-share IPO.</li>
<li>Syngenta Group (Syngenta) is one of the largest agricultural firms globally, developing, producing and commercializing a portfolio of crop protection, seeds, crop nutrition products.</li>
<li>In this note, we will talk about the not so positive aspects of the deal.</li>
</ul>



Syngenta Group (1844795D CH) is looking to raise around US$9.2bn in its upcoming China A-share IPO.
Syngenta Group (Syngenta) is one of the largest agricultural firms globally, developing, producing and commercializing a portfolio of crop protection, seeds, crop nutrition products.
In this note, we will talk about the not so positive aspects of the deal.


Syngenta Pre-IPO - The Negatives - Margins Remain Razor Thin and Parent on Sanction List

<ul>
<li>
<a href="https://www.smartkarma.com/entities/syngenta-group" target="_blank" data-smartkarma-citation="entities:39907:1" rel="noopener">Syngenta Group (1844795D CH)</a> is looking to raise around US$9.2bn in its upcoming China A-share IPO.</li>
<li>Syngenta Group (Syngenta) is one of the largest agricultural firms globally, developing, producing and commercializing a portfolio of crop protection, seeds, crop nutrition products.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>



Syngenta Group (1844795D CH) is looking to raise around US$9.2bn in its upcoming China A-share IPO.
Syngenta Group (Syngenta) is one of the largest agricultural firms globally, developing, producing and commercializing a portfolio of crop protection, seeds, crop nutrition products.
In this note, we will talk about the positive aspects of the deal.


Syngenta Pre-IPO - The Positives - Giant in the Agriculture Industry Set to Benefit from Policies

Germany

Bayer AG produces and markets healthcare and agricultural products. The Company manufactures products that include aspirin, antibiotics, anti-infectives, cardiovascular, oncology, central nervous system drugs, over-the-counter medications, diagnostics, and animal health products, as well as crop protection products, plastics, and polyurethanes.

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Bayer (BAYN GY)

Bayer AG has reported its first quarter results for 2025

Bayer AG has reported its first quarter results for 2025, revealing a mixed performance across its business divisions amidst challenging...

Baptista Research

Insights from Data Mining Technical Publications - Microbes - Bacteriophages

Innovations are modifying and harnessing microbes for new uses in agriculture, industry, and as potential new therapeutics to replace or...

Pyari Menon

The Energy Cable #35 – Are Monster Draws Ahead?

From supply to demand side weakness in 12 months. Key take aways: As opposed to last year, Germany is now seeing the demand side...

Steno Research

Syngenta Pre-IPO - The Negatives - Margins Remain Razor Thin and Parent on Sanction List

Syngenta Group (1844795D CH) is looking to raise around US$9.2bn in its upcoming China A-share IPO. In this note, we will talk about the not so...

Clarence Chu

Syngenta Pre-IPO - The Positives - Giant in the Agriculture Industry Set to Benefit from Policies

Syngenta Group (1844795D CH) is looking to raise around US$9.2bn in its upcoming China A-share IPO. In this note, we will talk about the positive...

Clarence Chu

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