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 Capital Markets

<ul><li>GSK delivered a weak set of results in the quarter, failing to meet analyst expectations in terms of revenues as well as earnings.</li><li>The company's R&D pipeline now includes 68 assets in clinical development, almost two-thirds of which target infectious illness and HIV.</li><li>They also began withdrawing bepirovirsen from their Phase III program for the treatment of chronic hepatitis B.</li></ul>

GSK delivered a weak set of results in the quarter, failing to meet analyst expectations in terms of revenues as well as earnings.The company's R&D pipeline now includes 68 assets in clinical development, almost two-thirds of which target infectious illness and HIV.They also began withdrawing bepirovirsen from their Phase III program for the treatment of chronic hepatitis B.

GSK plc: Initiation Of Coverage – Acquisition Of BELLUS Health & Other Drivers

<ul><li>Henry Schein had a successful quarter, generating $3.4 billion in net sales and managing to surpass the revenue expectations of Wall Street.</li><li>The company achieved an operating margin of 7.27%, which is an 18 basis point increase from the prior year's GAAP operating margin, despite experiencing a decline in sales of PPE and COVID-19-related products due to pricing volatility.</li><li>Although global dental sales declined by 3.1%, with LCI sales down 0.3%, LCI sales growth, except for COVID-19-related products and PPE, was 3.5%.</li></ul>

Henry Schein had a successful quarter, generating $3.4 billion in net sales and managing to surpass the revenue expectations of Wall Street.The company achieved an operating margin of 7.27%, which is an 18 basis point increase from the prior year's GAAP operating margin, despite experiencing a decline in sales of PPE and COVID-19-related products due to pricing volatility.Although global dental sales declined by 3.1%, with LCI sales down 0.3%, LCI sales growth, except for COVID-19-related products and PPE, was 3.5%.

Henry Schein Inc.: Initiation Of Coverage – Dental Sales Decline: A Temporary Setback or a Long-Term Problem? - Key Drivers

Equity Long-Short Analyst

Pyari Menon

Equity Bottom-Up

<ul>
<li>Economic slowdown, China lockdown and more competition has hit <a href="https://www.smartkarma.com/entities/align-technology-inc" target="_blank" data-smartkarma-citation="entities:2817:1" rel="noopener">Align Technology (ALGN US)</a> share performance. Quantity and quality of innovations suggests a solid moat that should help a comeback.</li>
<li>ALGN has dominant leadership in digital design and mass custom manufacture of clear aligner orthodontics. A return of demand should lead to strong upside. </li>
<li>Dentistry has seen significant new technologies we list the top fifteen innovators in the sector. Align is primarily in the narrow business of straightening teeth, but dominates the space.</li>
</ul>


Economic slowdown, China lockdown and more competition has hit Align Technology (ALGN US) share performance. Quantity and quality of innovations suggests a solid moat that should help a comeback.
ALGN has dominant leadership in digital design and mass custom manufacture of clear aligner orthodontics. A return of demand should lead to strong upside. 
Dentistry has seen significant new technologies we list the top fifteen innovators in the sector. Align is primarily in the narrow business of straightening teeth, but dominates the space.


Align Technology - Very Well Positioned when Demand Returns

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>On a constant-currency basis, Q3 revenue of <a href="https://www.smartkarma.com/entities/align-technology-inc" target="_blank" data-smartkarma-citation="entities:2817:1" rel="noopener">Align Technology (ALGN US)</a> was reduced by 3% sequentially and 6% year-over-year, one of the largest quarterly foreign exchange impacts.</li>
<li>Weak consumer sentiment is taking a toll on Invisalign shipment, with adult case starts plunging 11% q/q and 16% y/y to 377K. Invisalign ASPs nosedived to nine-quarter low of $1,150.  </li>
<li>Amid increasing competition and macroeconomic headwinds, long-term model of 20–30% revenue growth is hard to achieve. The company is also expected to miss 2022 operating margin target of 20%.</li>
</ul>


On a constant-currency basis, Q3 revenue of Align Technology (ALGN US) was reduced by 3% sequentially and 6% year-over-year, one of the largest quarterly foreign exchange impacts.
Weak consumer sentiment is taking a toll on Invisalign shipment, with adult case starts plunging 11% q/q and 16% y/y to 377K. Invisalign ASPs nosedived to nine-quarter low of $1,150.  
Amid increasing competition and macroeconomic headwinds, long-term model of 20–30% revenue growth is hard to achieve. The company is also expected to miss 2022 operating margin target of 20%.


Align Technology (ALGN US): Q3 Result Not Aligned with Consensus; Outlook Remains Cloudy

<ul>
<li>
<a href="https://www.smartkarma.com/entities/align-technology-inc" target="_blank" data-smartkarma-citation="entities:2817:1" rel="noopener">Align Technology (ALGN US)</a> is better investment idea than its Chinese competitor <a href="https://www.smartkarma.com/entities/angelalign-technology-inc" target="_blank" data-smartkarma-citation="entities:31480:1" rel="noopener">Angelalign Technology (6699 HK),</a> due to its larger global scale of operation, early mover advantage, and cheaper valuation.    </li>
<li>Align Technology is well-positioned for 20%+ revenue and earnings growth through 2024, driven by large and underpenetrated TAM of 19 million annual ortho starts.</li>
<li>Align Technology shares are trading at a steep discount to Angelalign Technology shares. Price erosion due to the increasing competition remains the key risks for both the companies.</li>
</ul>



Align Technology (ALGN US) is better investment idea than its Chinese competitor Angelalign Technology (6699 HK), due to its larger global scale of operation, early mover advantage, and cheaper valuation.    
Align Technology is well-positioned for 20%+ revenue and earnings growth through 2024, driven by large and underpenetrated TAM of 19 million annual ortho starts.
Align Technology shares are trading at a steep discount to Angelalign Technology shares. Price erosion due to the increasing competition remains the key risks for both the companies.


Align Technology (ALGN US) Vs. Angelalign Technology (6699 HK): Which One Is Better Investment

United States

Henry Schein, Inc. distributes healthcare products and services, including practice management software, to office-based healthcare practitioners.  The Company has operations in North America and other countries.  Henry Schein's operations include direct marketing, telesales, and field sales.

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Henry Schein (HSIC US)

GSK plc: Initiation Of Coverage – Acquisition Of BELLUS Health & Other Drivers

GSK delivered a weak set of results in the quarter, failing to meet analyst expectations in terms of revenues as well as earnings. The company's...

Baptista Research

Henry Schein Inc.: Initiation Of Coverage – Dental Sales Decline: A Temporary Setback or a Long-Term Problem? - Key Drivers

Henry Schein had a successful quarter, generating $3.4 billion in net sales and managing to surpass the revenue expectations of Wall Street. The...

Baptista Research

Align Technology - Very Well Positioned when Demand Returns

Decline in earnings has driven the sell-off, but with patience and tolerance for volatility ALGN's innovation dominance should lead to good long...

Pyari Menon

Align Technology (ALGN US): Q3 Result Not Aligned with Consensus; Outlook Remains Cloudy

With ~50% revenue from international market, Align’s Q3 result was significantly impacted by unfavorable Fx. Macroeconomic uncertainty and weak...

Tina Banerjee

Align Technology (ALGN US) Vs. Angelalign Technology (6699 HK): Which One Is Better Investment

This insight has analyzed why Align Technology is a better investment idea than Angelalign Technology and thrown light on former’s fundamental...

Tina Banerjee

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