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>HCA Healthcare Inc.</li><li>had a robust fourth quarter in 2023, which exceeded expectations across most business dimensions.</li><li>Demand for services remained high across the company's diverse portfolio.</li></ul>

HCA Healthcare Inc.had a robust fourth quarter in 2023, which exceeded expectations across most business dimensions.Demand for services remained high across the company's diverse portfolio.

HCA Healthcare: Strong Demand Indicators Could Be A Major Driving Force! - Key Drivers

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>More restrictive Fed policy than expected is disproportionately hitting small/mid-caps which are more sensitive to higher interest rates. This suggests we could see further consolidation for small- and mid-caps.</li>
<li>Large-Caps (SPX, Nasdaq 100, DJI) remain bullish on continued strength from mega-caps (AMZN, META, NVDA,MSFT). Our bullish outlook remains appropriate, but we discuss what would lead us to get cautious.</li>
<li>1-, 2-, and 10-year Treasury yields testing resistance today and failing. U.S. dollar (DXY) also testing key resistance at $104.60. We also push back on the bad breadth argument (again).</li>
</ul>


More restrictive Fed policy than expected is disproportionately hitting small/mid-caps which are more sensitive to higher interest rates. This suggests we could see further consolidation for small- and mid-caps.
Large-Caps (SPX, Nasdaq 100, DJI) remain bullish on continued strength from mega-caps (AMZN, META, NVDA,MSFT). Our bullish outlook remains appropriate, but we discuss what would lead us to get cautious.
1-, 2-, and 10-year Treasury yields testing resistance today and failing. U.S. dollar (DXY) also testing key resistance at $104.60. We also push back on the bad breadth argument (again).


Monitoring Rising Treasury Yields & U.S. Dollar (DXY); What Would Lead Us to Get Cautious?

<ul><li>This is our first report on healthcare giant, HCA Healthcare.</li><li>HCA delivered an all-around beat in the previous quarter, underpinned by sustained service demand and healthy operating margins.</li><li>In the quarter, HCA Healthcare continued to invest in its workforce, improving key labor metrics.</li></ul>

This is our first report on healthcare giant, HCA Healthcare.HCA delivered an all-around beat in the previous quarter, underpinned by sustained service demand and healthy operating margins.In the quarter, HCA Healthcare continued to invest in its workforce, improving key labor metrics.

HCA Healthcare: Initiation of Coverage – Business Strategy

APAC IPOs & Placements, Aequitas Research

Ethan Aw

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

Global Health (Medanta) / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/global-health-medanta" target="_blank" data-smartkarma-citation="entities:34649:1" rel="noopener">Global Health (Medanta) (GH IN)</a> is looking to raise approximately US$268m in its upcoming India IPO.  </li>
<li>Global Health (GH) is a hospital network that operates under the Medanta brand. The firm currently has five hospitals in operation and one more planned for development.</li>
<li>We have looked at the background of the deal in our earlier notes. In this note, we will talk about the peer comparison and valuations.</li>
</ul>



Global Health (Medanta) (GH IN) is looking to raise approximately US$268m in its upcoming India IPO.  
Global Health (GH) is a hospital network that operates under the Medanta brand. The firm currently has five hospitals in operation and one more planned for development.
We have looked at the background of the deal in our earlier notes. In this note, we will talk about the peer comparison and valuations.


Global Health IPO - Small Player but Attractive

Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

<p>Over-earners are fertile hunting ground for shorts if the reasons for the margin increase are unsustainable or fraudulent.  In addition to margin sustainability, a critical judgement involves to what extent unsustainable margins are embedded in a company’s forecasts and valuations.  Here are some of the names we're seeing now. </p>

Over-earners are fertile hunting ground for shorts if the reasons for the margin increase are unsustainable or fraudulent.  In addition to margin sustainability, a critical judgement involves to what extent unsustainable margins are embedded in a company’s forecasts and valuations.  Here are some of the names we're seeing now. 

Overearning Short Candidates: Guess?, MarineMax, Atkoe, HCA Health, Nucor

United States

HCA Healthcare, Inc.  operates hospitals.  The Company operates acute care hospitals, outpatient facilities, clinics and other patient care delivery settings.  HCA operates hospitals in the United States and the United Kingdom.

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HCA Healthcare, Inc. (HCA US)

HCA Healthcare: Strong Demand Indicators Could Be A Major Driving Force! - Key Drivers

HCA Healthcare Inc. had a robust fourth quarter in 2023, which exceeded expectations across most business dimensions. Demand for services remained...

Baptista Research

Monitoring Rising Treasury Yields & U.S. Dollar (DXY); What Would Lead Us to Get Cautious?

Monitoring Rising Treasury Yields & U.S. Dollar. 1-, 2-, and 10-year Treasury yields $TNX failing at shorter-term resistances today; $DXY below...

Vermilion Research

HCA Healthcare: Initiation of Coverage – Business Strategy

This is our first report on healthcare giant, HCA Healthcare. HCA delivered an all-around beat in the previous quarter, underpinned by sustained...

Baptista Research

Global Health IPO - Small Player but Attractive

Global Health (Medanta) (GH IN) is looking to raise approximately US$268m in its upcoming India IPO. In this note, we will talk about the peer...

Ethan Aw

Overearning Short Candidates: Guess?, MarineMax, Atkoe, HCA Health, Nucor

Overearners are fertile hunting ground for short candidates. We highlight several names here as well as our updated overearners model update.

Eric Fernandez, CFA

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