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

Quest Diagnostics / Equity Capital Markets

<ul><li>This is our first report on leading diagnostic service provider, Quest Diagnostics Incorporated.</li><li>The company produced significant double-digit growth in prenatal genetics and pharmaceutical services for sophisticated diagnostics.</li><li>Agilent Technologies further signed an agreement with Quest to make the Agilent Resolution ctDx FIRST liquid biopsy next-generation sequencing (NGS) test available to providers and patients across the U.S.</li></ul>

This is our first report on leading diagnostic service provider, Quest Diagnostics Incorporated.The company produced significant double-digit growth in prenatal genetics and pharmaceutical services for sophisticated diagnostics.Agilent Technologies further signed an agreement with Quest to make the Agilent Resolution ctDx FIRST liquid biopsy next-generation sequencing (NGS) test available to providers and patients across the U.S.

Quest Diagnostics Incorporated: Initiation of Coverage – Business Strategy & Key Drivers

Credit

<ul><li>Quest Diagnostics Incorporated is a well-known provider of diagnostic information services.</li><li>The company produced significant double-digit growth in prenatal genetics and pharmaceutical services for sophisticated diagnostics.</li><li>Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.</li></ul>

Quest Diagnostics Incorporated is a well-known provider of diagnostic information services.The company produced significant double-digit growth in prenatal genetics and pharmaceutical services for sophisticated diagnostics.Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.

Quest Diagnostics Incorporated: Detailed Credit Analysis & Financial Strength Evaluation Report

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/access-bio-inc-kdr" target="_blank" data-smartkarma-citation="entities:5729:1" rel="noopener">Access Bio Inc (950130 KS)</a> has been reporting triple-digit revenue growth since 2020, thanks to massive demand for the COVID-19 tests. The performance continued in this year too.</li>
<li>Going forward, the stellar revenue growth is not expected to be replicated as demand for COVID-19 tests looks uncertain beyond 2022. Revenue from the company’s malaria test is declining.</li>
<li>Access Bio has developed monkeypox tests. However, monkeypox does not seem be a large and attractive market opportunity, which can compensate for the revenue loss from COVID-19 tests.</li>
</ul>



Access Bio Inc (950130 KS) has been reporting triple-digit revenue growth since 2020, thanks to massive demand for the COVID-19 tests. The performance continued in this year too.
Going forward, the stellar revenue growth is not expected to be replicated as demand for COVID-19 tests looks uncertain beyond 2022. Revenue from the company’s malaria test is declining.
Access Bio has developed monkeypox tests. However, monkeypox does not seem be a large and attractive market opportunity, which can compensate for the revenue loss from COVID-19 tests.


Access Bio (950130 KS): COVID-19 Rapid Tests Demand Lose Sheen Sending Share Prices Down to Lows

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Kindstar Globalgene Technology / Equity Capital Markets

<p>Kindstar is a leading esoteric test service provider in China. The company has a dominant market in the independent hematological test segment and is looking to raise up to USD 200m in  H-share listing in Hong Kong. </p><p>In our previous note, we discussed Kindstar's business segment. The company has a strong footprint in the hematology test segment with the majority of its revenue is derived from the hematological tests, particularly for lymphoma and myeloma related diseases. The company is relatively weak in other areas such as oncology and maternity related businesses. We think the company can continue to grow the existing pie of hematological tests for which the public hospitals do not want to invest in the test equipment and processes but it will be challenging for the company to expand the business into the area where public hospitals are willing to invest in. We think the company has a decent line-up of investors but there is still a lack of international healthcare investors. The management's experience is also decent.</p><p>In this note, we compare the company's key financial metrics with other leading listed ICL. We also discuss the company's pre-IPO valuation in the context of its growth potential and concerns we raised in our previous note.</p><h2>Our previous coverage on Kindstar</h2><ul><li><a href="https://www.smartkarma.com/insights/kindstar-pre-ipo-issues-with-scalability" target="_blank" rel="noopener">Kindstar (康圣环球) Pre-IPO: Issues with Scalability</a></li></ul>

Kindstar is a leading esoteric test service provider in China. The company has a dominant market in the independent hematological test segment and is looking to raise up to USD 200m in  H-share listing in Hong Kong. In our previous note, we discussed Kindstar's business segment. The company has a strong footprint in the hematology test segment with the majority of its revenue is derived from the hematological tests, particularly for lymphoma and myeloma related diseases. The company is relatively weak in other areas such as oncology and maternity related businesses. We think the company can continue to grow the existing pie of hematological tests for which the public hospitals do not want to invest in the test equipment and processes but it will be challenging for the company to expand the business into the area where public hospitals are willing to invest in. We think the company has a decent line-up of investors but there is still a lack of international healthcare investors. The management's experience is also decent.In this note, we compare the company's key financial metrics with other leading listed ICL. We also discuss the company's pre-IPO valuation in the context of its growth potential and concerns we raised in our previous note.Our previous coverage on KindstarKindstar (康圣环球) Pre-IPO: Issues with Scalability

Kindstar (康圣环球) Pre-IPO: Is It Worth the Premium?

Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

New Horizon Health  / Equity Capital Markets

<p>New Horizon Health is a China-based cancer diagnostics company that has filed an Application Proof to list on the HKEX. The company has innovative screening technologies for colorectal, gastric, and potentially cervical cancer. The management team is accomplished and the pre-IPO investors are experienced healthcare funds. We view the company favorably and will provide a definitive view in a future Insight closer to the actual offering.</p>

New Horizon Health is a China-based cancer diagnostics company that has filed an Application Proof to list on the HKEX. The company has innovative screening technologies for colorectal, gastric, and potentially cervical cancer. The management team is accomplished and the pre-IPO investors are experienced healthcare funds. We view the company favorably and will provide a definitive view in a future Insight closer to the actual offering.

United States

Quest Diagnostics Incorporated provides diagnostic testing, information, and services.  The Company operates a national network of full-service laboratories, rapid response laboratories, and patient service centers.  Quest Diagnostics provides esoteric testing, routine medical testing, drugs of abuse testing, and non-hospital-based anatomicpathology testing.

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Quest Diagnostics (DGX US)

Quest Diagnostics Incorporated: Initiation of Coverage – Business Strategy & Key Drivers

This is our first report on leading diagnostic service provider, Quest Diagnostics Incorporated. The company produced significant double-digit...

Baptista Research

Quest Diagnostics Incorporated: Detailed Credit Analysis & Financial Strength Evaluation Report

Quest Diagnostics Incorporated is a well-known provider of diagnostic information services. The company produced significant double-digit growth...

Baptista Research

Kindstar (康圣环球) Pre-IPO: Is It Worth the Premium?

We compare the company's key financial metrics with other leading listed ICL. We also discuss the company's pre-IPO valuation in the context of its...

Ke Yan, CFA, FRM

New Horizon IPO: Leaning Positive

New Horizon Health is a cancer diagnostics company that plans to list on the HKEX. The company has innovative tests for CRC, gastric, and...

Kemp Dolliver, CFA

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52-week Range

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Quest Diagnostics Incorporated: Initiation of Coverage – Business Strategy & Key Drivers

This is our first report on leading diagnostic service provider, Quest Diagnostics Incorporated. The company produced significant double-digit...

Baptista Research

Quest Diagnostics Incorporated: Detailed Credit Analysis & Financial Strength Evaluation Report

Quest Diagnostics Incorporated is a well-known provider of diagnostic information services. The company produced significant double-digit growth...

Baptista Research

Access Bio (950130 KS): COVID-19 Rapid Tests Demand Lose Sheen Sending Share Prices Down to Lows

Overdependence on COVID-19 test products sours the revenue outlook for Access Bio. With the declining number of new infections globally, the demand...

Tina Banerjee

Kindstar (康圣环球) Pre-IPO: Is It Worth the Premium?

We compare the company's key financial metrics with other leading listed ICL. We also discuss the company's pre-IPO valuation in the context of its...

Ke Yan, CFA, FRM

New Horizon IPO: Leaning Positive

New Horizon Health is a cancer diagnostics company that plans to list on the HKEX. The company has innovative tests for CRC, gastric, and...

Kemp Dolliver, CFA