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>In a year marked by record-breaking quarterly performance and aggressive digital health expansion, RadNet is reportedly exploring the acquisition of CIMAR UK — a cloud-native medical imaging platform specializing in vendor-neutral archive (VNA) and image exchange technologies.</li><li>This move follows RadNet's recent integration of iCAD and See-Mode, and builds upon a rapidly expanding portfolio that blends traditional imaging services with artificial intelligence (AI) and cloudbased solutions.</li><li>With over 12 million imaging procedures expected in 2026 and Digital Health revenues up more than 50% year-over-year, RadNet is actively reshaping its operating model.</li></ul>

In a year marked by record-breaking quarterly performance and aggressive digital health expansion, RadNet is reportedly exploring the acquisition of CIMAR UK — a cloud-native medical imaging platform specializing in vendor-neutral archive (VNA) and image exchange technologies.This move follows RadNet's recent integration of iCAD and See-Mode, and builds upon a rapidly expanding portfolio that blends traditional imaging services with artificial intelligence (AI) and cloudbased solutions.With over 12 million imaging procedures expected in 2026 and Digital Health revenues up more than 50% year-over-year, RadNet is actively reshaping its operating model.

RadNet Is Not Just an Imaging Company Anymore—Here’s Why CIMAR UK Matters!

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>Saint Bella, a leading family care group in Asia, announced first interim results for the six months ended 30 June 2025 as a public company.</li>
<li>Premium postpartum care service provider successfully completed an initial public offering in Hong Kong at HK$6.58 per share, raising ~HK$709m of net proceeds.</li>
<li>I was impressed with 40%+ YoY revenue growth in the home care services business segment, gross profit margin expansion across the board and net profit of ~RMB327m.</li>
</ul>


Saint Bella, a leading family care group in Asia, announced first interim results for the six months ended 30 June 2025 as a public company.
Premium postpartum care service provider successfully completed an initial public offering in Hong Kong at HK$6.58 per share, raising ~HK$709m of net proceeds.
I was impressed with 40%+ YoY revenue growth in the home care services business segment, gross profit margin expansion across the board and net profit of ~RMB327m.


Saint Bella: H1’25 Earnings Review - Clear Visibility on Strong Growth and Improving Profitability

Equity Capital Markets

<ul>
<li>Saint Bella, a luxury maternity and baby care brand, has announced the fixed offer price of HK$6.58 per share for its IPO in Hong Kong.  </li>
<li>The company is expected to IPO next week and initial fixed offer price implies a market cap of ~HK$3.9B. Saint Bella is set to start trading on June 26, 2025.</li>
<li>Cornerstone investors have agreed to invest ~$42M in this offering. China Asset Management, JKKB and SS Morgan are among the cornerstone investors.  </li>
</ul>


Saint Bella, a luxury maternity and baby care brand, has announced the fixed offer price of HK$6.58 per share for its IPO in Hong Kong.  
The company is expected to IPO next week and initial fixed offer price implies a market cap of ~HK$3.9B. Saint Bella is set to start trading on June 26, 2025.
Cornerstone investors have agreed to invest ~$42M in this offering. China Asset Management, JKKB and SS Morgan are among the cornerstone investors.  


Saint Bella IPO (2508.HK): Cornerstone Investors Have Agreed To Take ~52% of the Offer Shares

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

Volpara Health Technologies / Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/volpara-health-technologies" target="_blank" data-smartkarma-citation="entities:26129:1" rel="noopener">Volpara Health Technologies (VHT AU)</a> IE considers <a href="https://www.smartkarma.com/entities/lunit-inc" target="_blank" data-smartkarma-citation="entities:36033:1" rel="noopener">Lunit (328130 KS)</a>'s A$1.15 offer fair and reasonable as it is above its A$0.67-0.82 per share valuation range. </li>
<li>NZ OIO approval has been received. The scheme is conditional on shareholders' approval by more than 75% of votes cast and more than 50% of shareholders.</li>
<li>The scheme vote will get up as the offer is attractive vs. historical trading ranges. At the last close and for the 21 May payment, the gross/annualised spread was 2.2%/13.0%.</li>
</ul>


The Volpara Health Technologies (VHT AU) IE considers Lunit (328130 KS)'s A$1.15 offer fair and reasonable as it is above its A$0.67-0.82 per share valuation range. 
NZ OIO approval has been received. The scheme is conditional on shareholders' approval by more than 75% of votes cast and more than 50% of shareholders.
The scheme vote will get up as the offer is attractive vs. historical trading ranges. At the last close and for the 21 May payment, the gross/annualised spread was 2.2%/13.0%.


Volpara Health (VHT AU): Scheme Vote on 12 April

Jiangxi Rimag Group / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jiangxi-rimag-group-co-ltd" target="_blank" data-smartkarma-citation="entities:39800:1" rel="noopener">Jiangxi Rimag Group (JIR HK)</a>, a China-based medical imaging center operator and provider of Rimag cloud services, filed for a Hong Kong IPO.</li>
<li>
<a href="https://www.smartkarma.com/entities/jiangxi-rimag-group-co-ltd" target="_blank" data-smartkarma-citation="entities:39800:1" rel="noopener">Jiangxi Rimag Group (JIR HK)</a> was backed by Goldman Sachs, leading VC firms in Asia, Baidu Inc., JD Health, and American healthcare investment firm OrbiMed. </li>
<li>China's medical imaging industry is experiencing a remarkable transformation, driven by rapid technological advancements, evolving healthcare needs, and supportive government policies.</li>
</ul>



Jiangxi Rimag Group (JIR HK), a China-based medical imaging center operator and provider of Rimag cloud services, filed for a Hong Kong IPO.

Jiangxi Rimag Group (JIR HK) was backed by Goldman Sachs, leading VC firms in Asia, Baidu Inc., JD Health, and American healthcare investment firm OrbiMed. 
China's medical imaging industry is experiencing a remarkable transformation, driven by rapid technological advancements, evolving healthcare needs, and supportive government policies.


Jiangxi Rimag IPO Preview: Empowering The Future of Medical Imaging Services in China

United States

RadNet, Inc. owns and operates outpatient diagnostic imaging centers.  The Company's centers are located throughout California.

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Radnet Inc (RDNT US)

RadNet Is Not Just an Imaging Company Anymore—Here’s Why CIMAR UK Matters!

In a year marked by record-breaking quarterly performance and aggressive digital health expansion, RadNet is reportedly exploring the acquisition...

Baptista Research

Saint Bella: H1’25 Earnings Review - Clear Visibility on Strong Growth and Improving Profitability

Saint Bella, a leading family care group in Asia, reported strong financial results for the six months ended 30 June 2025. The company prepares to...

Andrei Zakharov

Saint Bella IPO (2508.HK): Cornerstone Investors Have Agreed To Take ~52% of the Offer Shares

Saint Bella is ready to complete its IPO in Hong Kong. In my insight, I discuss valuation scenarios, comps groups and key highlights of the Global...

Andrei Zakharov

Volpara Health (VHT AU): Scheme Vote on 12 April

The scheme vote will get up as the offer is attractive vs. historical trading ranges. At the last close and for the 21 May payment, the gross...

Arun George

Jiangxi Rimag IPO Preview: Empowering The Future of Medical Imaging Services in China

Jiangxi Rimag, a pioneer in the PRC third-party medical imaging industry, filed for an IPO in Hong Kong. I believe the offering will get intense...

Andrei Zakharov

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52-week Range

Market Cap (USDm)

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RadNet Is Not Just an Imaging Company Anymore—Here’s Why CIMAR UK Matters!

In a year marked by record-breaking quarterly performance and aggressive digital health expansion, RadNet is reportedly exploring the acquisition...

Baptista Research

Saint Bella: H1’25 Earnings Review - Clear Visibility on Strong Growth and Improving Profitability

​Saint Bella, a leading family care group in Asia, reported strong financial results for the six months ended 30 June 2025. The company prepares to...

Andrei Zakharov

Saint Bella IPO (2508.HK): Cornerstone Investors Have Agreed To Take ~52% of the Offer Shares

Saint Bella is ready to complete its IPO in Hong Kong. In my insight, I discuss valuation scenarios, comps groups and key highlights of the Global...

Andrei Zakharov

Volpara Health (VHT AU): Scheme Vote on 12 April

The scheme vote will get up as the offer is attractive vs. historical trading ranges. At the last close and for the 21 May payment, the gross...

Arun George

Jiangxi Rimag IPO Preview: Empowering The Future of Medical Imaging Services in China

Jiangxi Rimag, a pioneer in the PRC third-party medical imaging industry, filed for an IPO in Hong Kong. I believe the offering will get intense...

Andrei Zakharov

Saint Bella, a leading family care group in Asia, reported strong financial results for the six months ended 30 June 2025. The company prepares to...