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>Illumina's first-quarter 2025 earnings present a mixed financial picture.</li><li>The company showed resilience by achieving revenue and EPS at the upper end of guidance, highlighting strong execution despite macroeconomic challenges, especially in the context of foreign exchange impacts and geopolitical uncertainties that have complicated the operating environment.</li><li>Positive indicators include robust performance in the NovaSeq X instruments, exceeding expectations with significant quarterly placements.</li></ul>

Illumina's first-quarter 2025 earnings present a mixed financial picture.The company showed resilience by achieving revenue and EPS at the upper end of guidance, highlighting strong execution despite macroeconomic challenges, especially in the context of foreign exchange impacts and geopolitical uncertainties that have complicated the operating environment.Positive indicators include robust performance in the NovaSeq X instruments, exceeding expectations with significant quarterly placements.

Illumina Inc.: Tackling Global Headwinds With Strategic Market Diversification!

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

Axbio International / Equity Capital Markets

<ul>
<li>Axbio, a China-based technology company, is looking to raise at least USD 100 million via a Hong Kong listing. CICC and SPDB are the joint sponsors.</li>
<li>In this note, we took a quick look at the core products and key products, as well as its management team.</li>
<li>Although there are interesting takes from the prospectus, we are not convinced on the prospect of the deal yet.</li>
</ul>


Axbio, a China-based technology company, is looking to raise at least USD 100 million via a Hong Kong listing. CICC and SPDB are the joint sponsors.
In this note, we took a quick look at the core products and key products, as well as its management team.
Although there are interesting takes from the prospectus, we are not convinced on the prospect of the deal yet.


Axbio (安序源) Pre-IPO: First Take of the Deal

<ul><li>Illumina, a global leader in gene-sequencing machines, is facing a wave of turbulence that has significantly dented investor confidence.</li><li>The company has recently announced that activist investor Keith Meister, who heads Corvex Management and owns a 2.5% stake in the company, will be joining its board of directors.</li><li>At the same time, former FDA commissioner Scott Gottlieb will replace Stephen MacMillan as chairman, marking a substantial leadership reshuffle aimed at steering the company out of its current malaise.</li></ul>

Illumina, a global leader in gene-sequencing machines, is facing a wave of turbulence that has significantly dented investor confidence.The company has recently announced that activist investor Keith Meister, who heads Corvex Management and owns a 2.5% stake in the company, will be joining its board of directors.At the same time, former FDA commissioner Scott Gottlieb will replace Stephen MacMillan as chairman, marking a substantial leadership reshuffle aimed at steering the company out of its current malaise.

Illumina’s Tumultuous Chapter: New Activist Investor & Board Shake-Up Amid Mounting Pressures!

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>China has banned <strong>Illumina</strong>, the U.S. genomics giant, from exporting gene sequencing machines to the country, escalating sanctions imposed last month when the company was added to Beijing’s Unreliable Entity List.</li><li>The move is expected to accelerate domestic alternatives in the gene sequencing industry.</li><li>Illumina, a dominant player in the global gene sequencing industry, has been a major supplier in China since entering the market in 2005. It once held a near-monopoly in the country’s gene sequencing sector before Chinese rival MGI Tech Co. Ltd. emerged in 2015 as a competitor. Since then, the two companies have battled for market share in China while engaging in global patent disputes.</li></ul>

China has banned Illumina, the U.S. genomics giant, from exporting gene sequencing machines to the country, escalating sanctions imposed last month when the company was added to Beijing’s Unreliable Entity List.The move is expected to accelerate domestic alternatives in the gene sequencing industry.Illumina, a dominant player in the global gene sequencing industry, has been a major supplier in China since entering the market in 2005. It once held a near-monopoly in the country’s gene sequencing sector before Chinese rival MGI Tech Co. Ltd. emerged in 2015 as a competitor. Since then, the two companies have battled for market share in China while engaging in global patent disputes.

China Bans Illumina’s Gene Sequencers Amid Escalating Trade Sanctions 

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>GRAIL shares outperformed the market in 2025 with shares up ~168% year-to-date vs. a modest ~3% gain on the Nasdaq Composite.</li>
<li>Most notably, management disclosed that Quest Diagnostics and TRICARE Health Insurance expanded their relationships with GRAIL.</li>
<li>A fast-growing healthcare company reported FY24 revenues of ~$126M, up ~35% year-over-year, and ended 4Q’FY24 with ~$767M of cash and cash equivalents.</li>
</ul>


GRAIL shares outperformed the market in 2025 with shares up ~168% year-to-date vs. a modest ~3% gain on the Nasdaq Composite.
Most notably, management disclosed that Quest Diagnostics and TRICARE Health Insurance expanded their relationships with GRAIL.
A fast-growing healthcare company reported FY24 revenues of ~$126M, up ~35% year-over-year, and ended 4Q’FY24 with ~$767M of cash and cash equivalents.


GRAIL’s 4Q’FY24 Financial Results: The Company Is On Track To Complete FDA/PMA Submission In FY26

United States

Illumina, Inc. develops, manufactures and markets integrated systems for the large scale analysis of genetic variation and biological function. The Company provides a comprehensive line of products and services that currently serve the sequencing, genotyping and gene expression markets for genomic research centers, pharmaceutical companies, academic institutions and biotechnology companies.

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Illumina Inc (ILMN US)

Illumina Inc.: Tackling Global Headwinds With Strategic Market Diversification!

Illumina's first-quarter 2025 earnings present a mixed financial picture. The company showed resilience by achieving revenue and EPS at the upper...

Baptista Research

Axbio (安序源) Pre-IPO: First Take of the Deal

China's Axbio plans to raise $100 million in Hong Kong listing with CICC and SPDB as joint sponsors, but doubts remain on deal prospects after...

Ke Yan, CFA, FRM

Illumina’s Tumultuous Chapter: New Activist Investor & Board Shake-Up Amid Mounting Pressures!

Illumina, a global leader in gene-sequencing machines, is facing a wave of turbulence that has significantly dented investor confidence. The...

Baptista Research

China Bans Illumina’s Gene Sequencers Amid Escalating Trade Sanctions

China has banned Illumina, the U. S. genomics giant, from exporting gene sequencing machines to the country, escalating sanctions imposed last...

Caixin Global

GRAIL’s 4Q’FY24 Financial Results: The Company Is On Track To Complete FDA/PMA Submission In FY26

In my insight, I discuss GRAIL’s 4Q’FY24 financial results, outline key revenue growth drivers and update my financial model.

Andrei Zakharov

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Illumina Inc.: Tackling Global Headwinds With Strategic Market Diversification!

Illumina's first-quarter 2025 earnings present a mixed financial picture. The company showed resilience by achieving revenue and EPS at the upper...

Baptista Research

Axbio (安序源) Pre-IPO: First Take of the Deal

​China's Axbio plans to raise $100 million in Hong Kong listing with CICC and SPDB as joint sponsors, but doubts remain on deal prospects after...

Ke Yan, CFA, FRM

Illumina’s Tumultuous Chapter: New Activist Investor & Board Shake-Up Amid Mounting Pressures!

Illumina, a global leader in gene-sequencing machines, is facing a wave of turbulence that has significantly dented investor confidence. The...

Baptista Research

China Bans Illumina’s Gene Sequencers Amid Escalating Trade Sanctions

China has banned Illumina, the U. S. genomics giant, from exporting gene sequencing machines to the country, escalating sanctions imposed last...

Caixin Global

GRAIL’s 4Q’FY24 Financial Results: The Company Is On Track To Complete FDA/PMA Submission In FY26

In my insight, I discuss GRAIL’s 4Q’FY24 financial results, outline key revenue growth drivers and update my financial model.

Andrei Zakharov

China's Axbio plans to raise $100 million in Hong Kong listing with CICC and SPDB as joint sponsors, but doubts remain on deal prospects after...