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

Hims & Hers Health Inc / Equity Bottom-Up

<ul><li>Hims & Hers Health has found itself at the center of investor turmoil after its high-profile collaboration with Novo Nordisk on FDA-approved weight loss drug Wegovy abruptly ended.</li><li>The Danish pharmaceutical titan terminated the pact, accusing Hims & Hers of misleading marketing practices and non-compliance with regulations governing compounded drugs—actions it deemed a threat to patient safety.</li><li>Hims & Hers CEO Andrew Dudum fired back, insisting the company’s compounding approach is legal under FDA rules and accusing Novo Nordisk of leveraging its market dominance to pressure patients toward branded Wegovy.</li></ul>

Hims & Hers Health has found itself at the center of investor turmoil after its high-profile collaboration with Novo Nordisk on FDA-approved weight loss drug Wegovy abruptly ended.The Danish pharmaceutical titan terminated the pact, accusing Hims & Hers of misleading marketing practices and non-compliance with regulations governing compounded drugs—actions it deemed a threat to patient safety.Hims & Hers CEO Andrew Dudum fired back, insisting the company’s compounding approach is legal under FDA rules and accusing Novo Nordisk of leveraging its market dominance to pressure patients toward branded Wegovy.

Hims & Hers Stock Nosedives: The Real Reason Behind the Novo Nordisk Breakup!

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There are 4 changes for the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX</a>, 6 changes for the S&amp;P Midcap400 Index and 14 changes for the S&amp;P SmallCap600 Index at the March rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/doordash-inc" target="_blank" data-smartkarma-citation="entities:28881:1" rel="noopener">DoorDash (DASH US)</a> was newly eligible after meeting the profitability criterion, while <a href="https://www.smartkarma.com/entities/applovin-corp" target="_blank" data-smartkarma-citation="entities:32989:1" rel="noopener">AppLovin (APP US)</a>, <a href="https://www.smartkarma.com/entities/coinbase-global-inc" target="_blank" data-smartkarma-citation="entities:32227:1" rel="noopener">Coinbase Global (COIN US)</a> and <a href="https://www.smartkarma.com/entities/interactive-brokers-group-inc" target="_blank" data-smartkarma-citation="entities:13335:1" rel="noopener">Interactive Brokers Group, Inc (IBKR US)</a> were overlooked again.</li>
<li>There will be more same-way flow for the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a> adds and deletes from the Select Sector index trackers.</li>
</ul>


There are 4 changes for the S&amp;P 500 INDEX, 6 changes for the S&amp;P Midcap400 Index and 14 changes for the S&amp;P SmallCap600 Index at the March rebalance.

DoorDash (DASH US) was newly eligible after meeting the profitability criterion, while AppLovin (APP US), Coinbase Global (COIN US) and Interactive Brokers Group, Inc (IBKR US) were overlooked again.
There will be more same-way flow for the S&amp;P 500 INDEX (SPX INDEX) adds and deletes from the Select Sector index trackers.


S&P500/400/600 Index Rebalance: DASH In as Stability Trumps Volatility

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>ดัชนี CSI 300 และ HSI ปรับตัวในกรอบแคบก่อนปิดลดลง โดยหุ้นปรับขึ้นลงตามปัจจัยเฉพาะตัว</li><li>เรามองผลประกอบการ 2025 มีแนวโน้มเติบโตตามกระแสการลงทุน Data center ในจีน ซึ่งสอดคล้องกับแผนการลงทุนของ Alibaba และ ByteDance</li><li>คาดตลาดปรับตัว sideway เพื่อติดตามผลประกอบการ NVDA (26 ก.พ.) และรายงานเงินเฟ้อ PCE (28 ก.พ.) ทั้งนี้กลุ่ม Al อาจได้รับจิตวิทยาลบจากการยกเลิกสัญญาเช่า Datacenter ของ MSFT ตามรายงานของ TD Cowen</li></ul>

ดัชนี CSI 300 และ HSI ปรับตัวในกรอบแคบก่อนปิดลดลง โดยหุ้นปรับขึ้นลงตามปัจจัยเฉพาะตัวเรามองผลประกอบการ 2025 มีแนวโน้มเติบโตตามกระแสการลงทุน Data center ในจีน ซึ่งสอดคล้องกับแผนการลงทุนของ Alibaba และ ByteDanceคาดตลาดปรับตัว sideway เพื่อติดตามผลประกอบการ NVDA (26 ก.พ.) และรายงานเงินเฟ้อ PCE (28 ก.พ.) ทั้งนี้กลุ่ม Al อาจได้รับจิตวิทยาลบจากการยกเลิกสัญญาเช่า Datacenter ของ MSFT ตามรายงานของ TD Cowen

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>SPACs - remember them? US offerings in 2021 topped ~US$150bn, falling to US$13bn in 2022. Singapore joined the bandwagon in January 2022  and Hong Kong two months later.</li>
<li>That Hong Kong stock is <strong><a href="https://www.smartkarma.com/entities/aquila-acquisition-corporation" target="_blank" data-smartkarma-citation="entities:35435:1" rel="noopener">Aquila Acquisition Corporation (7836 HK)</a></strong>, and it recently announced a merger with <strong>ZG Group</strong>, a Chinese steel trading website.</li>
<li>That's positive. Less positive is how de-SPACed shares tend to trade in the US. </li>
</ul>


SPACs - remember them? US offerings in 2021 topped ~US$150bn, falling to US$13bn in 2022. Singapore joined the bandwagon in January 2022  and Hong Kong two months later.
That Hong Kong stock is Aquila Acquisition Corporation (7836 HK), and it recently announced a merger with ZG Group, a Chinese steel trading website.
That's positive. Less positive is how de-SPACed shares tend to trade in the US. 


United States

Hims & Hers Health, Inc. provides health care software solutions. The Company offers multi-specialty telehealth platform that connects consumers to licensed healthcare providers, enabling them to access high-quality medical care for numerous conditions related to mental health, sexual health, dermatology, and primary care. Hims & Hers Health serves customers in the United States.

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Hims & Hers Health Inc (HIMS US)

Hims & Hers Stock Nosedives: The Real Reason Behind the Novo Nordisk Breakup!

Hims & Hers Health has found itself at the center of investor turmoil after its high-profile collaboration with Novo Nordisk on FDA-approved...

Baptista Research

S&P500/400/600 Index Rebalance: DASH In as Stability Trumps Volatility

There are many changes for the SnP500/400/600 indices in March. The index committee has overlooked high vol stocks. There will be more same-way...

Brian Freitas

Global Market Update: February 24, 2025

Krungthai XSpring

Aquila Acquisition: The De-SPACed Arb

The gross spread to the redemption price is 4.8%. I'd be redeeming. Shares are beyond illiquid. Unless shares were to dip here, on some volume,...

David Blennerhassett

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