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>ResMed, a global leader in connected health technology primarily focused on sleep and respiratory care, reported its fourth quarter and full fiscal year 2026 results, highlighting 9% and 10% headline revenue growth respectively, with 8% growth on a constant currency basis.</li><li>Non-GAAP earnings per share increased 16% in the quarter and 17% for the year, driven by operational efficiencies and margin expansion despite inflationary pressures.</li><li>The company generated $1.6 billion in free cash flow for fiscal 2026, supporting substantial shareholder returns through over $1 billion in combined share repurchases and dividends, with a notable 72% year-over-year increase in capital returned.</li></ul>

ResMed, a global leader in connected health technology primarily focused on sleep and respiratory care, reported its fourth quarter and full fiscal year 2026 results, highlighting 9% and 10% headline revenue growth respectively, with 8% growth on a constant currency basis.Non-GAAP earnings per share increased 16% in the quarter and 17% for the year, driven by operational efficiencies and margin expansion despite inflationary pressures.The company generated $1.6 billion in free cash flow for fiscal 2026, supporting substantial shareholder returns through over $1 billion in combined share repurchases and dividends, with a notable 72% year-over-year increase in capital returned.

ResMed Unlocks A Bigger Sleep-Health Ecosystem With OURA And Noctrix!

Derivatives and Quantitative Strategist

Gaudenz Schneider

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Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
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Highlights: In Australia, currently four pair trade opportunities persist across three sectors.</li>
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Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: In Australia, currently four pair trade opportunities persist across three sectors.

Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Australia: Relative Value Opportunities and Pair Trades (21 July 2026)

Financial News, Analysis and Data, FNArena

FNArena

Financial News, Analysis and Data

Online financial media company focused on Australian equities, with a global perspective

<ul><li>While one broker has turned more cautious on ResMed due to a one-off cost and risk of rising competition, analysts broadly welcome the MatrixCare sale as a strategic refocus backed by a sizeable shareholder return.</li><li> ResMed&rsquo;s remediation program clouds near-term earnings Citi has relegated the company to its lower-growth Healthcare basket MatrixCare sale sharpens strategic focus Share buybacks seen neutralising dilution from MatrixCare sale and Noctrix acquisition</li></ul>

While one broker has turned more cautious on ResMed due to a one-off cost and risk of rising competition, analysts broadly welcome the MatrixCare sale as a strategic refocus backed by a sizeable shareholder return. ResMed&rsquo;s remediation program clouds near-term earnings Citi has relegated the company to its lower-growth Healthcare basket MatrixCare sale sharpens strategic focus Share buybacks seen neutralising dilution from MatrixCare sale and Noctrix acquisition

Are Headwinds Building For ResMed In FY27?

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlight: Currently eight pair trade opportunities across three markets and four sectors persist.</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs. </li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlight: Currently eight pair trade opportunities across three markets and four sectors persist.

Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs. 


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (25 Aug)

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlights: Currently 17 pair trade opportunities persist across six markets and nine sectors.
</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: Currently 17 pair trade opportunities persist across six markets and nine sectors.


Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (29 June 2026)

United States

ResMed Inc. develops, manufactures, and markets medical equipment for the treatment of sleep disordered breathing.  The Company sells diagnostic and treatment devices in various countries through its subsidiaries and independent distributors.

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Resmed Inc (RMD US)

ResMed Unlocks A Bigger Sleep-Health Ecosystem With OURA And Noctrix!

ResMed, a global leader in connected health technology primarily focused on sleep and respiratory care, reported its fourth quarter and full...

Baptista Research

Australia: Relative Value Opportunities and Pair Trades (21 July 2026)

Discover four pair trade opportunities across three sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Are Headwinds Building For ResMed In FY27?

While one broker has turned more cautious on ResMed due to a one-off cost and risk of rising competition, analysts broadly welcome the MatrixCare...

FNArena

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (25 Aug)

Quantitative analysis identifies eight pair trade opportunities across three markets and four sectors, offering unique insights into relative value.

Gaudenz Schneider

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (29 June 2026)

Discover 17 pair trade opportunities across six markets and nine sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ResMed Unlocks A Bigger Sleep-Health Ecosystem With OURA And Noctrix!

ResMed, a global leader in connected health technology primarily focused on sleep and respiratory care, reported its fourth quarter and full...

Baptista Research

Australia: Relative Value Opportunities and Pair Trades (21 July 2026)

​Discover four pair trade opportunities across three sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Are Headwinds Building For ResMed In FY27?

While one broker has turned more cautious on ResMed due to a one-off cost and risk of rising competition, analysts broadly welcome the MatrixCare...

FNArena

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (25 Aug)

​Quantitative analysis identifies eight pair trade opportunities across three markets and four sectors, offering unique insights into relative value.

Gaudenz Schneider

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (29 June 2026)

​Discover 17 pair trade opportunities across six markets and nine sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Discover four pair trade opportunities across three sectors using statistical mean-reversion methodology for actionable insights.

Quantitative analysis identifies eight pair trade opportunities across three markets and four sectors, offering unique insights into relative value.

Discover 17 pair trade opportunities across six markets and nine sectors using statistical mean-reversion methodology for actionable insights.