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>Teleflex Inc. released its third-quarter 2025 results amidst its ongoing corporate transformation strategy.</li><li>The company continues to progress with its separation into two independent entities, RemainCo and NewCo, aiming for improved focus and enhanced shareholder value.</li><li>The management is prioritizing a potential sale of NewCo, reflecting the healthy buyer interest and advanced stage in the process.</li></ul>

Teleflex Inc. released its third-quarter 2025 results amidst its ongoing corporate transformation strategy.The company continues to progress with its separation into two independent entities, RemainCo and NewCo, aiming for improved focus and enhanced shareholder value.The management is prioritizing a potential sale of NewCo, reflecting the healthy buyer interest and advanced stage in the process.

Teleflex: What’s Powering Its Explosive Vascular Intervention Expansion?

<ul><li>Teleflex Incorporated's first-quarter 2025 earnings call highlighted several key financial outcomes, strategic initiatives, and market dynamics.</li><li>The company reported a decline in revenue and earnings per share compared to the previous year, with first-quarter revenues amounting to $700.7 million, a 5% decline on a GAAP basis.</li><li>This was slightly below expectations due to softness in orders from the EMEA region, though some recovery was noted in April.</li></ul>

Teleflex Incorporated's first-quarter 2025 earnings call highlighted several key financial outcomes, strategic initiatives, and market dynamics.The company reported a decline in revenue and earnings per share compared to the previous year, with first-quarter revenues amounting to $700.7 million, a 5% decline on a GAAP basis.This was slightly below expectations due to softness in orders from the EMEA region, though some recovery was noted in April.

Teleflex Incorporated: Breaking New Ground with Strategic NewCo Spin-Off to Unlock Hidden Value But What Lies Ahead?

<ul><li>Teleflex Incorporated reported its fourth-quarter and full-year 2024 earnings, highlighting both positive performances and challenges.</li><li>The company's fourth-quarter revenues reached $795.4 million, marking a year over-year increase of 2.8% on a GAAP basis and a 3.2% increase on an adjusted constant currency basis.</li><li>This growth was largely driven by the strong performance of the Interventional and Surgical business segments, which recorded adjusted constant currency growth rates of 18.7% and 12.3%, respectively.</li></ul>

Teleflex Incorporated reported its fourth-quarter and full-year 2024 earnings, highlighting both positive performances and challenges.The company's fourth-quarter revenues reached $795.4 million, marking a year over-year increase of 2.8% on a GAAP basis and a 3.2% increase on an adjusted constant currency basis.This growth was largely driven by the strong performance of the Interventional and Surgical business segments, which recorded adjusted constant currency growth rates of 18.7% and 12.3%, respectively.

Teleflex Incorporated: Recent Developments In Urology & Bladder Management Portfolio Are Very Encouraging!

Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

Sahajanand Medical Technologies Ltd / Equity Capital Markets

<ul>
<li>Sahajanand Medical Technologies has re-filed DRHP for its Indian IPO consisting entirely an offer for sale of up to 27.6M equity shares. Key details are yet to be announced.</li>
<li>SMT is a medical device company, with focus on vascular intervention and structural heart products. The company markets its products in 76 countries, with international markets contributing ~70% of revenue.</li>
<li>SMT is well-positioned for sustainable long-term growth, driven by wide portfolio of superior products, market leadership in India and key international markets, strong commercial execution capability amid favorable industry tailwinds.</li>
</ul>


Sahajanand Medical Technologies has re-filed DRHP for its Indian IPO consisting entirely an offer for sale of up to 27.6M equity shares. Key details are yet to be announced.
SMT is a medical device company, with focus on vascular intervention and structural heart products. The company markets its products in 76 countries, with international markets contributing ~70% of revenue.
SMT is well-positioned for sustainable long-term growth, driven by wide portfolio of superior products, market leadership in India and key international markets, strong commercial execution capability amid favorable industry tailwinds.


Sahajanand Medical Pre-IPO: Superior Product Amid Favorable Industry Make the Issue Heartwarming

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>Constituent changes to the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX</a> and capping changes will result in a round-trip trade of US$15.5bn across the Select Sector indices and the S&amp;P500 Equal Weight Index.</li>
<li>The Select Sector index trackers and S&amp;P500 Equal Weight trackers will need to buy the adds to the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P500 INDEX</a> and sell the deletes, further increasing flow for the stocks.</li>
<li>The <a href="https://www.smartkarma.com/entities/vaneck-vectors-semiconductor" target="_blank" data-smartkarma-citation="entities:32807:1" rel="noopener">VanEck Vectors Semiconductor (SMH US)</a> ETF will be selling <a href="https://www.smartkarma.com/entities/broadcom-inc" target="_blank" data-smartkarma-citation="entities:998:1" rel="noopener">Broadcom (AVGO US)</a> at the same time as the Select Sector and S&amp;P500 Equal Weight Index trackers.</li>
</ul>


Constituent changes to the S&amp;P 500 INDEX and capping changes will result in a round-trip trade of US$15.5bn across the Select Sector indices and the S&amp;P500 Equal Weight Index.
The Select Sector index trackers and S&amp;P500 Equal Weight trackers will need to buy the adds to the S&amp;P500 INDEX and sell the deletes, further increasing flow for the stocks.
The VanEck Vectors Semiconductor (SMH US) ETF will be selling Broadcom (AVGO US) at the same time as the Select Sector and S&amp;P500 Equal Weight Index trackers.


Select Sector Indices and S&P Equal Weight Rebalance: US$15.5bn Flow Post Capping

United States

Teleflex Incorporated is a global provider of medical technology products. The Company primarily develops, manufactures and supplies single-use medical devices used by hospitals and healthcare providers for common diagnostic and therapeutic procedures in critical care and surgical applications.

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Teleflex Inc (TFX US)

Teleflex: What’s Powering Its Explosive Vascular Intervention Expansion?

Teleflex Inc. released its third-quarter 2025 results amidst its ongoing corporate transformation strategy. The company continues to progress with...

Baptista Research

Teleflex Incorporated: Breaking New Ground with Strategic NewCo Spin-Off to Unlock Hidden Value But What Lies Ahead?

Teleflex Incorporated's first-quarter 2025 earnings call highlighted several key financial outcomes, strategic initiatives, and market...

Baptista Research

Teleflex Incorporated: Recent Developments In Urology & Bladder Management Portfolio Are Very Encouraging!

Teleflex Incorporated reported its fourth-quarter and full-year 2024 earnings, highlighting both positive performances and challenges. The...

Baptista Research

Sahajanand Medical Pre-IPO: Superior Product Amid Favorable Industry Make the Issue Heartwarming

Sahajanand Medical has re-filed DRHP for its Indian IPO consisting entirely an offer for sale of up to 27.6M equity shares. Key details like IPO...

Tina Banerjee

Select Sector Indices and S&P Equal Weight Rebalance: US$15.5bn Flow Post Capping

Constituent changes to the S&P 500 Index and capping changes will result in a round-trip trade of US$15.45bn across the Select Sector indices and...

Brian Freitas

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