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>GlaxoSmithKline demonstrated robust quarterly performance, continuing its commitment to creating long-term value for its stakeholders.</li><li>The company managed to deliver double-digit growth for the quarter, with sales increasing by 13% to GBP 7.4 billion, core operating profit going up by 35% to GBP 2.4 billion, and core earnings per share increasing by 37%.</li><li>Underpinning GlaxoSmithKline's solid financial results is the successful launch and strong delivery of its new products, reflecting the company's ability to continue growing and innovating in the highly competitive pharmaceutical industry.</li></ul>

GlaxoSmithKline demonstrated robust quarterly performance, continuing its commitment to creating long-term value for its stakeholders.The company managed to deliver double-digit growth for the quarter, with sales increasing by 13% to GBP 7.4 billion, core operating profit going up by 35% to GBP 2.4 billion, and core earnings per share increasing by 37%.Underpinning GlaxoSmithKline's solid financial results is the successful launch and strong delivery of its new products, reflecting the company's ability to continue growing and innovating in the highly competitive pharmaceutical industry.

GlaxoSmithKline plc: Will Its  Ongoing Investment In Oncology & Vaccines Pay Off? - Major Drivers

<ul><li>GSK's performance in 2023 has demonstrated strong growth, with sales and profits excluding COVID solutions rising by double-digit levels.</li><li>Sales increased by 14% to over GBP 30 billion, with adjusted operating profit up by 16% and adjusted EPS up by 22%.</li><li>This strong performance enabled the company to upgrade their guidance for 2023, and they have now announced an increased dividend of 58p per share.</li></ul>

GSK's performance in 2023 has demonstrated strong growth, with sales and profits excluding COVID solutions rising by double-digit levels.Sales increased by 14% to over GBP 30 billion, with adjusted operating profit up by 16% and adjusted EPS up by 22%.This strong performance enabled the company to upgrade their guidance for 2023, and they have now announced an increased dividend of 58p per share.

GlaxoSmithKline plc (GSK): Recent Acquisitions

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

Event-Driven

<ul>
<li>A group of shareholders raised around US$530m in <a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma</a>(MP) IPO in May 2023. The pre-IPO shareholders will be released from their lockup soon.</li>
<li>MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.</li>
<li>In this note, we will talk about the lock-up dynamics and recent updates.</li>
</ul>


A group of shareholders raised around US$530m in Mankind Pharma(MP) IPO in May 2023. The pre-IPO shareholders will be released from their lockup soon.
MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
In this note, we will talk about the lock-up dynamics and recent updates.


Mankind Pharma Lock-Up - A US$1.1bn+ Lockup Release

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Equity Capital Markets

Indegene Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indegene-limited" target="_blank" data-smartkarma-citation="entities:36629:1" rel="noopener">Indegene Limited (1864095D IN)</a> raised around US$220m in its India IPO, via selling a mix of primary and secondary shares.</li>
<li>Indegene is a “digital-first” commercialisation firm with an exclusive focus on the global life sciences industry.</li>
<li>We had looked at the firm’s past performance and shared our thoughts on Indegene’s valuation in earlier notes. In this note, we will look at the trading dynamics.</li>
</ul>



Indegene Limited (1864095D IN) raised around US$220m in its India IPO, via selling a mix of primary and secondary shares.
Indegene is a “digital-first” commercialisation firm with an exclusive focus on the global life sciences industry.
We had looked at the firm’s past performance and shared our thoughts on Indegene’s valuation in earlier notes. In this note, we will look at the trading dynamics.


Indegene IPO Trading - High Anchor Quality + Strong Demand, Expect a Pop on Debut

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 continue to view the latest pullback as healthy/normal within the ongoing bull market, and it is quite possible that the lows have been established on MSCI ACWI (ACWI-US).</li>
<li>Upgrading EM to Market Weight; MSCI Emerging Markets, China (shanghai Composite) and Hong Kong (Hang Seng) Still Bottoming; we discussed buying in our February 23, 2024<em> Int'l Compass</em>
</li>
<li>Commodities all appear to be rolling over near resistance, which is what we discussed to watch for in our April 18, 2024 <em>Int'l Compass. </em>This has bullish implications for ACWI</li>
</ul>


We continue to view the latest pullback as healthy/normal within the ongoing bull market, and it is quite possible that the lows have been established on MSCI ACWI (ACWI-US).
Upgrading EM to Market Weight; MSCI Emerging Markets, China (shanghai Composite) and Hong Kong (Hang Seng) Still Bottoming; we discussed buying in our February 23, 2024 Int'l Compass

Commodities all appear to be rolling over near resistance, which is what we discussed to watch for in our April 18, 2024 Int'l Compass. This has bullish implications for ACWI


Upgrading Emerging Markets to Market Weight; China/Hong Kong Continue to Bottom; Energy Breakdowns

United States

GSK PLC operates as a research-based pharmaceutical company. The Company develops, manufactures, and markets vaccines, prescription, and over-the-counter medicines, as well as health-related consumer products. GSK provides products for infections, depression, skin conditions, asthma, heart and circulatory disease, and cancer.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

GSK (GSK US)

GlaxoSmithKline plc: Will Its Ongoing Investment In Oncology & Vaccines Pay Off? - Major Drivers

GlaxoSmithKline demonstrated robust quarterly performance, continuing its commitment to creating long-term value for its stakeholders. The company...

Baptista Research

GlaxoSmithKline plc (GSK): Recent Acquisitions

GSK's performance in 2023 has demonstrated strong growth, with sales and profits excluding COVID solutions rising by double-digit levels. Sales...

Baptista Research

Mankind Pharma Lock-Up - A US$1.1bn+ Lockup Release

The two pre-IPO investors have launched a block to sell around US$591m worth of Mankind Pharma shares. Since the lockup on the shares expired not...

Sumeet Singh

Indegene IPO Trading - High Anchor Quality + Strong Demand, Expect a Pop on Debut

Indegene Limited (1864095D IN) raised around US$220m in its India IPO, via selling a mix of primary and secondary shares. In this note, we will...

Clarence Chu

Upgrading Emerging Markets to Market Weight; China/Hong Kong Continue to Bottom; Energy Breakdowns

Upgrading Emerging Markets $EEM $VWO to Market Weight; China/Hong Kong Continue to Bottom $FXI $MCHI $KWEB; Lows Likely in on $ACWI; Commodities...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)