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

Davita Healthcare Partners / Equity Bottom-Up

<ul><li>DaVita Inc. reported its fourth quarter and full-year 2025 financial performance, highlighting key aspects that influenced its results and setting the stage for its expectations in 2026.</li><li>The company continued to focus on its Integrated Kidney Care (IKC) programs and announced a strategic partnership with Elara Caring, aimed at enhancing home healthcare services for patients with end-stage kidney disease (ESKD).</li><li>In the fourth quarter of 2025, DaVita's operating income aligned with prior expectations, achieving $586 million, while the full-year operating income was slightly above projections at $2.094 billion.</li></ul>

DaVita Inc. reported its fourth quarter and full-year 2025 financial performance, highlighting key aspects that influenced its results and setting the stage for its expectations in 2026.The company continued to focus on its Integrated Kidney Care (IKC) programs and announced a strategic partnership with Elara Caring, aimed at enhancing home healthcare services for patients with end-stage kidney disease (ESKD).In the fourth quarter of 2025, DaVita's operating income aligned with prior expectations, achieving $586 million, while the full-year operating income was slightly above projections at $2.094 billion.

DaVita Inc.’s Quiet Advantage—Why Better Patient Outcomes Could Mean Better Economics!

<ul><li>DaVita Inc.'s third-quarter 2025 performance reflected a continuation of its strategic focus on providing high-quality kidney care amidst a challenging healthcare landscape.</li><li>The company reported an adjusted operating income of $517 million, and adjusted earnings per share of $2.51, aligning with internal estimates but falling short of market expectations.</li><li>The U.S. treatment volume showed a year-over-year decline of 1.5%, attributed to mixed operational days and census trends affected by a severe flu season, Hurricane Helene, and a cyber incident.</li></ul>

DaVita Inc.'s third-quarter 2025 performance reflected a continuation of its strategic focus on providing high-quality kidney care amidst a challenging healthcare landscape.The company reported an adjusted operating income of $517 million, and adjusted earnings per share of $2.51, aligning with internal estimates but falling short of market expectations.The U.S. treatment volume showed a year-over-year decline of 1.5%, attributed to mixed operational days and census trends affected by a severe flu season, Hurricane Helene, and a cyber incident.

DaVita Inside: Expansion of At-Home Dialysis & Sustained ESRD Patient Growth To Shape The Future in Kidney Care!

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

<ul>
<li>We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM). </li>
<li>With that said, QQQ violated $695 support, a concerning sign; $681-$686 support must hold on QQQ or we will downgrade it.</li>
<li>We continue to believe a consolidation or a continuation of short-term downtrends is likely through mid-to-late-August amid choppy price action for semiconductors (SOXX), memory (DRAM), and optical equipment/photonics (EUV) names.</li>
</ul>


We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM). 
With that said, QQQ violated $695 support, a concerning sign; $681-$686 support must hold on QQQ or we will downgrade it.
We continue to believe a consolidation or a continuation of short-term downtrends is likely through mid-to-late-August amid choppy price action for semiconductors (SOXX), memory (DRAM), and optical equipment/photonics (EUV) names.


Upgrading Health Care and Consumer Staples to Market Weight; Monitoring Tech for a Downgrade

Writing about Companies with an Unfair Advantage, Unfair Advantage

Unfair Advantage

Writing about Companies with an Unfair Advantage

I write about companies that have an unfair advantage. I might invest in them as well.

Thematic (Sector/Industry)

<ul><li>You can call me AK. My previous job was fixing companies and advising PE firms.</li><li>I live in Ireland with my wife, 2 dogs and a baby on the way. For my 9-5, I work for a semiconductor company and investing is my 5-9.</li><li>Before this, I used to be a management consultant with Bain &amp; Company working mostly on competitive and growth strategy &amp; Private Equity deals. </li></ul>

You can call me AK. My previous job was fixing companies and advising PE firms.I live in Ireland with my wife, 2 dogs and a baby on the way. For my 9-5, I work for a semiconductor company and investing is my 5-9.Before this, I used to be a management consultant with Bain &amp; Company working mostly on competitive and growth strategy &amp; Private Equity deals. 

I investigate companies for a living (sort of)

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The potential/market size of GLP-1 drugs is much greater-than-expected. Indication expansion could easily generate big returns. Investment strategy for GLP-1 drugs should be long-term, which is expected to bring alpha.</li>
<li>Supply-Demand relationship of entire market would change due to popularization of GLP-1 drugs.This is not only for healthcare, but also cause a change in the investment logic of other industries.</li>
<li>It’s recommended to re-examine stock positions in portfolio. Because each indication expansion of GLP-1 drugs would mean a decrease in demand in another field, leading to potential stock price plummet.</li>
</ul>


The potential/market size of GLP-1 drugs is much greater-than-expected. Indication expansion could easily generate big returns. Investment strategy for GLP-1 drugs should be long-term, which is expected to bring alpha.
Supply-Demand relationship of entire market would change due to popularization of GLP-1 drugs.This is not only for healthcare, but also cause a change in the investment logic of other industries.
It’s recommended to re-examine stock positions in portfolio. Because each indication expansion of GLP-1 drugs would mean a decrease in demand in another field, leading to potential stock price plummet.


GLP-1 Drugs – Are They Dessert or Time Bomb to Your Portfolio?

United States

DaVita Inc. provides a variety of health care services. The Company provides kidney dialysis services for patients suffering from chronic kidney failure. DaVita serves patients worldwide.

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Davita Healthcare Partners (DVA US)

DaVita Inc.’s Quiet Advantage—Why Better Patient Outcomes Could Mean Better Economics!

DaVita Inc. reported its fourth quarter and full-year 2025 financial performance, highlighting key aspects that influenced its results and setting...

Baptista Research

DaVita Inside: Expansion of At-Home Dialysis & Sustained ESRD Patient Growth To Shape The Future in Kidney Care!

DaVita Inc.'s third-quarter 2025 performance reflected a continuation of its strategic focus on providing high-quality kidney care amidst a...

Baptista Research

Upgrading Health Care and Consumer Staples to Market Weight; Monitoring Tech for a Downgrade

Upgrading Health Care $XLV and Consumer Staples $XLP to Market Weight; Monitoring Tech $XLK for a Downgrade. $LLY $JNJ $ABBV $MRK $NVS $ABT $NVO...

Vermilion Research

I investigate companies for a living (sort of)

I start reading books on the company, biographies of their CEO, arcane unknown interviews that lie in a forgotten corner of the internet and talk...

Unfair Advantage

GLP-1 Drugs – Are They Dessert or Time Bomb to Your Portfolio?

GLP-1s will be the next major opportunity in healthcare, which won't be limited to weight loss drugs. But when they expand new indications,...

Xinyao (Criss) Wang

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