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>Coloplast, a global leader in medical devices and solutions, has recently navigated a period of transition and strategic realignment as evidenced by their first half 2024-2025 results.</li>
<li>The most prominent change has been leadership, with Lars Rasmussen, a familiar face, appointed as Interim CEO following Kristian Villumsen's departure after a seven-year tenure.</li>
<li>This change underscores the Board's drive for increased decisiveness and execution efficiency, particularly in response to organic growth challenges.</li>
</ul>


Coloplast, a global leader in medical devices and solutions, has recently navigated a period of transition and strategic realignment as evidenced by their first half 2024-2025 results.
The most prominent change has been leadership, with Lars Rasmussen, a familiar face, appointed as Interim CEO following Kristian Villumsen's departure after a seven-year tenure.
This change underscores the Board's drive for increased decisiveness and execution efficiency, particularly in response to organic growth challenges.


COLOPLAST - Why Recent Acquisitions Could Be the Catalyst for Explosive Growth!

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

iShares MSCI ACWI ETF / Technical Analysis

<ul>
<li>Our 2023 outlook, initially discussed in our January 6th 2023 Int'l Compass, was for $93 to cap upside on the MSCI ACWI (ACWI-US); this has again proven prescient.</li>
<li>Since late-January/early-February we have recommended shifting to defensives, and MSCI ACWI defensive Sectors including Health Care (IXJ-US), Utilities (JXI-US), and Consumer Staples (KXI-US) are now hitting 3-4-month RS highs.</li>
<li>With the ACWI-US just now starting to turn down after testing $93, we continue to recommend a tactical overweight to the aforementioned defensive Sectors, and also to gold miners (GDX-US).</li>
</ul>


Our 2023 outlook, initially discussed in our January 6th 2023 Int'l Compass, was for $93 to cap upside on the MSCI ACWI (ACWI-US); this has again proven prescient.
Since late-January/early-February we have recommended shifting to defensives, and MSCI ACWI defensive Sectors including Health Care (IXJ-US), Utilities (JXI-US), and Consumer Staples (KXI-US) are now hitting 3-4-month RS highs.
With the ACWI-US just now starting to turn down after testing $93, we continue to recommend a tactical overweight to the aforementioned defensive Sectors, and also to gold miners (GDX-US).


Stay Tactically Overweight Defensives; Remain Overweight Europe, Japan, & EAFE. Buys in Defensives

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/polynovo-ltd" target="_blank" data-smartkarma-citation="entities:12208:1" rel="noopener">PolyNovo Ltd (PNV AU)</a> develops, manufactures, and markets artificial dermal templates. The company has only one marketed product and 88% of total revenue comes from the U.S.</li>
<li>Although U.S. business is on high trajectory, the company’s drive to expand sales team and pipeline progress are putting pressure on the profitability, which do not justify the superior valuation.</li>
<li>I would like to wait for PolyNovo to become profitable post its investment for growth, start offering multiple differentiated products, with sizable presence in OUS markets, to have higher conviction.</li>
</ul>



PolyNovo Ltd (PNV AU) develops, manufactures, and markets artificial dermal templates. The company has only one marketed product and 88% of total revenue comes from the U.S.
Although U.S. business is on high trajectory, the company’s drive to expand sales team and pipeline progress are putting pressure on the profitability, which do not justify the superior valuation.
I would like to wait for PolyNovo to become profitable post its investment for growth, start offering multiple differentiated products, with sizable presence in OUS markets, to have higher conviction.


PolyNovo (PNV AU): Positive Momentum in U.S. Is Overshadowed by Cost Pressure and Lofty Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/coloplast-a-s" target="_blank" data-smartkarma-citation="entities:22329:1" rel="noopener">Coloplast A/S (COLOB DC)</a> is the global leader for ostomy and continence care, with 40% market share. It commands highly predictable revenue stream, with an industry leading margin of 30%+.</li>
<li>Coloplast’s €2 billion acquisition of Atos Medical, with its attractive growth profile and margin structure, represents a new long-term growth opportunity amid an underpenetrated market.  </li>
<li>Coloplast is seeing a recovery in its chronic care business, with growth in new patients in ostomy care is back to pre-COVID levels. Elective procedures are also resuming across regions.</li>
</ul>



Coloplast A/S (COLOB DC) is the global leader for ostomy and continence care, with 40% market share. It commands highly predictable revenue stream, with an industry leading margin of 30%+.
Coloplast’s €2 billion acquisition of Atos Medical, with its attractive growth profile and margin structure, represents a new long-term growth opportunity amid an underpenetrated market.  
Coloplast is seeing a recovery in its chronic care business, with growth in new patients in ostomy care is back to pre-COVID levels. Elective procedures are also resuming across regions.


Coloplast (COLOB DC): Adds Another Chronic Business Vertical; Recovering Base Business

<p>The Hang Seng, EURO STOXX 50, MSCI ACWI ex-US, and MSCI EAFE display bearish short-term inflections. Additionally, 10-year yields in the US and Germany are breaking down below key support. These deteriorating market dynamics raise concerns of a deeper pullback, however other indicators remain largely positive. As a result, we continue to see a mixed, but overall constructive market. Actionable themes highlighted in today's report include Health Care and Real Estate.</p>

The Hang Seng, EURO STOXX 50, MSCI ACWI ex-US, and MSCI EAFE display bearish short-term inflections. Additionally, 10-year yields in the US and Germany are breaking down below key support. These deteriorating market dynamics raise concerns of a deeper pullback, however other indicators remain largely positive. As a result, we continue to see a mixed, but overall constructive market. Actionable themes highlighted in today's report include Health Care and Real Estate.

Global Equity Strategy: Mixed Market Environment Continues As Yields Break Down

Denmark

Coloplast A/S develops and provides health care products and services. The Company manufactures products for ostomy, incontinence, mastectomy, wound healing, and skin care. Coloplast's research projects are carried out in cooperation with professional caregivers and user groups. The Company sells to health care professionals, dealers, and product users throughout the world.

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Coloplast A/S (COLOB DC)

COLOPLAST - Why Recent Acquisitions Could Be the Catalyst for Explosive Growth!

Coloplast, a global leader in medical devices and solutions, has recently navigated a period of transition and strategic realignment as evidenced...

Baptista Research

Stay Tactically Overweight Defensives; Remain Overweight Europe, Japan, & EAFE. Buys in Defensives

$93 on $ACWI continues to be a key resistance that we have discussed since early-Jan as capping upside for 2023. Stick with defensives $IXJ $XLV...

Vermilion Research

PolyNovo (PNV AU): Positive Momentum in U.S. Is Overshadowed by Cost Pressure and Lofty Valuation

PolyNovo’s continuing expansion of sales team and pipeline progress are pushing up the operating expenses, thereby increasing loss for the company....

Tina Banerjee

Coloplast (COLOB DC): Adds Another Chronic Business Vertical; Recovering Base Business

Coloplast remains one of the most profitable medtech companies in Europe, with stable revenue growth. The company's acquisition of Atos Medical...

Tina Banerjee

Global Equity Strategy: Mixed Market Environment Continues As Yields Break Down

The Hang Seng, EURO STOXX 50, MSCI ACWI ex-US, and MSCI EAFE display bearish short-term inflections and 10-year yields in the US and Germany are...

Vermilion Research

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