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

Becton Dickinson and Co / Equity Bottom-Up

<ul><li>Becton, Dickinson and Company (BD) recently held its first quarter fiscal 2025 earnings presentation, announcing strong financial performance and strategic decisions that could significantly reshape the company’s future.</li><li>The most critical updates included the impressive results from its existing business units, plans to separate its Biosciences and Diagnostic Solutions segment, and supporting market prospects driven by ongoing innovation.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Becton, Dickinson and Company (BD) recently held its first quarter fiscal 2025 earnings presentation, announcing strong financial performance and strategic decisions that could significantly reshape the company’s future.The most critical updates included the impressive results from its existing business units, plans to separate its Biosciences and Diagnostic Solutions segment, and supporting market prospects driven by ongoing innovation.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Becton Dickinson: 85% Recurring Revenue—Is This Stock an Untouchable Healthcare Powerhouse?

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/acotec-scientific-holdings-limited" target="_blank" data-smartkarma-citation="entities:32176:1" rel="noopener">Acotec Scientific Holdings (6669 HK)</a> is an early-mover in peripheral drug coated balloon market in China and holds a dominant 85%+ market share.  </li>
<li>On November 7, Acotec received its first FDA approval for Vericor, a peripheral support catheter designed to enhance access to peripheral vessels.</li>
<li>Acotec started 2022 on a strong note, with revenue increasing 25% y/y in H1 2022 due to increasing adoption of the company’s product in Chinese hospitals.</li>
</ul>



Acotec Scientific Holdings (6669 HK) is an early-mover in peripheral drug coated balloon market in China and holds a dominant 85%+ market share.  
On November 7, Acotec received its first FDA approval for Vericor, a peripheral support catheter designed to enhance access to peripheral vessels.
Acotec started 2022 on a strong note, with revenue increasing 25% y/y in H1 2022 due to increasing adoption of the company’s product in Chinese hospitals.


Acotec Scientific Holdings (6669 HK): Base Business, Geography Expansion, New Launch to Drive Growth

<ul>
<li>Ruling on Ethylene Oxide in favor of Sotera is a positive for all the medical devices companies including <a href="https://www.smartkarma.com/entities/becton-dickinson-and-co" target="_blank" data-smartkarma-citation="entities:13061:1" rel="noopener">Becton Dickinson and Co (BDX US)</a>, who have EO sterilization facilities.  </li>
<li>In FY22, BD reported strong base business, which grew 6.9% y/y on reported basis. On currency-neutral basis, base business increased 9.4% y/y in FY22, accelerated from 8.1% in FY21.</li>
<li>FY22 marks 51st consecutive year of dividend increase for BD, which makes it one of the leading dividend yield stocks. Currently, the stock has a dividend yield of 1.53%.</li>
</ul>


Ruling on Ethylene Oxide in favor of Sotera is a positive for all the medical devices companies including Becton Dickinson and Co (BDX US), who have EO sterilization facilities.  
In FY22, BD reported strong base business, which grew 6.9% y/y on reported basis. On currency-neutral basis, base business increased 9.4% y/y in FY22, accelerated from 8.1% in FY21.
FY22 marks 51st consecutive year of dividend increase for BD, which makes it one of the leading dividend yield stocks. Currently, the stock has a dividend yield of 1.53%.


Becton Dickinson and Co (BDX US): EO Ruling Is Positive; Strong Base Business to Drive Growth Ahead

<ul>
<li>
<a href="https://www.smartkarma.com/entities/access-bio-inc-kdr" target="_blank" data-smartkarma-citation="entities:5729:1" rel="noopener">Access Bio Inc (950130 KS)</a> has been reporting triple-digit revenue growth since 2020, thanks to massive demand for the COVID-19 tests. The performance continued in this year too.</li>
<li>Going forward, the stellar revenue growth is not expected to be replicated as demand for COVID-19 tests looks uncertain beyond 2022. Revenue from the company’s malaria test is declining.</li>
<li>Access Bio has developed monkeypox tests. However, monkeypox does not seem be a large and attractive market opportunity, which can compensate for the revenue loss from COVID-19 tests.</li>
</ul>



Access Bio Inc (950130 KS) has been reporting triple-digit revenue growth since 2020, thanks to massive demand for the COVID-19 tests. The performance continued in this year too.
Going forward, the stellar revenue growth is not expected to be replicated as demand for COVID-19 tests looks uncertain beyond 2022. Revenue from the company’s malaria test is declining.
Access Bio has developed monkeypox tests. However, monkeypox does not seem be a large and attractive market opportunity, which can compensate for the revenue loss from COVID-19 tests.


Access Bio (950130 KS): COVID-19 Rapid Tests Demand Lose Sheen Sending Share Prices Down to Lows

<ul>
<li>With multiple mutations, Omicron may require modifications in the existing vaccines. With fast mover advantage and superior efficacy, <a href="https://www.smartkarma.com/entities/moderna-inc" target="_blank" data-smartkarma-citation="entities:28744:1" rel="noopener">Moderna Inc (MRNA US)</a> seems to be a clear winner of the situation.</li>
<li>Moderna’s current expectation to deliver 2–3 billion doses in 2022 is likely to be revised upwards with the fast spread of Omicron vaccine and full approval of booster doses.</li>
<li>Moderna shares have reasonable valuation compared to its peers. Higher visibility into 2022 and beyond will lead to re-rating opportunity.</li>
</ul>


With multiple mutations, Omicron may require modifications in the existing vaccines. With fast mover advantage and superior efficacy, Moderna Inc (MRNA US) seems to be a clear winner of the situation.
Moderna’s current expectation to deliver 2–3 billion doses in 2022 is likely to be revised upwards with the fast spread of Omicron vaccine and full approval of booster doses.
Moderna shares have reasonable valuation compared to its peers. Higher visibility into 2022 and beyond will lead to re-rating opportunity.


Moderna (MRNA US): To Cash in on Omicron Fear

United States

Becton, Dickinson and Company is a global medical technology company engaged principally in the development, manufacture and sale of medical devices, instrument systems and reagents used by healthcare institutions, life science researchers, clinical laboratories, the pharmaceutical industry and the general public.

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Becton Dickinson and Co (BDX US)

Becton Dickinson: 85% Recurring Revenue—Is This Stock an Untouchable Healthcare Powerhouse?

Becton, Dickinson and Company (BD) recently held its first quarter fiscal 2025 earnings presentation, announcing strong financial performance and...

Baptista Research

Acotec Scientific Holdings (6669 HK): Base Business, Geography Expansion, New Launch to Drive Growth

Although recent price rally seems to be overdone, Acotec’s strong base business enhances conviction on its growth potential. Normalization of China...

Tina Banerjee