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>Novo Nordisk A/S reported its financial results for the first quarter of 2025, showcasing strong growth across its operations, though facing certain challenges.</li><li>The company delivered an 18% increase in sales and a 20% growth in operating profit, reflecting robust demand for its diabetes and obesity treatments.</li><li>These positive results underscore the company's ongoing market leadership, with approximately 46 million patients currently benefiting from its treatment solutions.</li></ul>

Novo Nordisk A/S reported its financial results for the first quarter of 2025, showcasing strong growth across its operations, though facing certain challenges.The company delivered an 18% increase in sales and a 20% growth in operating profit, reflecting robust demand for its diabetes and obesity treatments.These positive results underscore the company's ongoing market leadership, with approximately 46 million patients currently benefiting from its treatment solutions.

Novo Nordisk Is Capitalizing On The Worldwide Weight Loss BOOM—Here’s What’s Coming!

Healthcare Equity Analyst - Emerging & Dev Markets, daaimon

Avien Pillay

Healthcare Equity Analyst - Emerging & Dev Markets

daaimon

daaimon is an independent research company focusing on healthcare and consumer sectors across developed and emerging markets. We produce insightful research which challenges conventional thinking. In particular, we look for new ideas by testing consensus forecasts and markets expectations.

<ul>
<li>Strong results reflect progress of existing approved drugs including key oncology drugs.</li>
<li>Mazdutide is set to be released in 2025, and the company is currently making plans for the release.</li>
<li>Innovent Biologics continues to add to its drug development portfolio.</li>
</ul>


Strong results reflect progress of existing approved drugs including key oncology drugs.
Mazdutide is set to be released in 2025, and the company is currently making plans for the release.
Innovent Biologics continues to add to its drug development portfolio.


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

<ul>
<li>PegBio is looking at raising up to USD 100m to list in Hong Kong.</li>
<li>We have previously covered the company’s fundamentals and a brief valuation.</li>
<li>We look at the difference between previous filing and current PHIP filing. We see massive delays which don’t position the company well for the listing.</li>
</ul>


PegBio is looking at raising up to USD 100m to list in Hong Kong.
We have previously covered the company’s fundamentals and a brief valuation.
We look at the difference between previous filing and current PHIP filing. We see massive delays which don’t position the company well for the listing.


PegBio 派格生物 IPO: PHIP Updates Don’t Look Good

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

<ul><li>Novo Nordisk delivered a strong financial performance in 2024, with a 26% rise in both sales and operating profit, driven by its blockbuster diabetes and obesity drugs, Ozempic and Wegovy.</li><li>The company reported a 30% year-over-year revenue increase in the fourth quarter, surpassing expectations, largely due to pricing adjustments in the U.S. The results eased investor concerns over a potential slowdown in the obesity market, particularly after rival Eli Lilly’s recent sales miss.</li><li>Novo’s stock surged 3% in European trading and 3.4% in premarket U.S. trading following the earnings report.</li></ul>

Novo Nordisk delivered a strong financial performance in 2024, with a 26% rise in both sales and operating profit, driven by its blockbuster diabetes and obesity drugs, Ozempic and Wegovy.The company reported a 30% year-over-year revenue increase in the fourth quarter, surpassing expectations, largely due to pricing adjustments in the U.S. The results eased investor concerns over a potential slowdown in the obesity market, particularly after rival Eli Lilly’s recent sales miss.Novo’s stock surged 3% in European trading and 3.4% in premarket U.S. trading following the earnings report.

Novo Nordisk: Can This $11 Billion Expansion Solve Its Wegovy and Ozempic Supply Crisis & Give It An Edge Over Eli Lilly?

Denmark

Novo Nordisk A/S develops, produces, and markets pharmaceutical products. The Company focuses on diabetes care and offers insulin delivery systems and other diabetes products. Novo Nordisk also works in areas such as haemostatis management, growth disorders, and hormone replacement therapy. The Company offers educational and training materials. Novo Nordisk markets worldwide.

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Novo Nordisk (NVO US)

Novo Nordisk Is Capitalizing On The Worldwide Weight Loss BOOM—Here’s What’s Coming!

Novo Nordisk A/S reported its financial results for the first quarter of 2025, showcasing strong growth across its operations, though facing...

Baptista Research

Update on Innovent Biologics (1801 HK)

Innovent Biologics sees strong results from existing drugs, prepares for release of Mazdutide in 2025, and expands drug development portfolio.

daaimon

PegBio 派格生物 IPO: PHIP Updates Don’t Look Good

PegBio plans to raise up to $100m for a Hong Kong listing. We compared the filings and noted massive delays and more competitors joining the race.

Ke Yan, CFA, FRM

Global Market Update: February 24, 2025

Krungthai XSpring

Novo Nordisk: Can This $11 Billion Expansion Solve Its Wegovy and Ozempic Supply Crisis & Give It An Edge Over Eli Lilly?

Novo Nordisk delivered a strong financial performance in 2024, with a 26% rise in both sales and operating profit, driven by its blockbuster...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Novo Nordisk Is Capitalizing On The Worldwide Weight Loss BOOM—Here’s What’s Coming!

Novo Nordisk A/S reported its financial results for the first quarter of 2025, showcasing strong growth across its operations, though facing...

Baptista Research

Update on Innovent Biologics (1801 HK)

​Innovent Biologics sees strong results from existing drugs, prepares for release of Mazdutide in 2025, and expands drug development portfolio.

daaimon

PegBio 派格生物 IPO: PHIP Updates Don’t Look Good

​PegBio plans to raise up to $100m for a Hong Kong listing. We compared the filings and noted massive delays and more competitors joining the race.

Ke Yan, CFA, FRM

Global Market Update: February 24, 2025

Krungthai XSpring

Novo Nordisk: Can This $11 Billion Expansion Solve Its Wegovy and Ozempic Supply Crisis & Give It An Edge Over Eli Lilly?

Novo Nordisk delivered a strong financial performance in 2024, with a 26% rise in both sales and operating profit, driven by its blockbuster...

Baptista Research

Innovent Biologics sees strong results from existing drugs, prepares for release of Mazdutide in 2025, and expands drug development portfolio.

PegBio plans to raise up to $100m for a Hong Kong listing. We compared the filings and noted massive delays and more competitors joining the race.