External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

Thermo Fisher Scientific Inc / Equity Bottom-Up

<ul><li>Thermo Fisher (TMO) reported its 1Q25 results, with revenue rising 0.2% YoY to US$10.4bn and adjusted EPS up 0.8% YoY to US$5.15.</li><li>Revenue and adjusted EPS exceeded Bloomberg consensus by 1.3% and 0.8%, respectively.</li><li>Note that 1Q25 had two fewer selling days compared to 1Q24, negatively impacting growth across all segments by ~1-2%. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Thermo Fisher (TMO) reported its 1Q25 results, with revenue rising 0.2% YoY to US$10.4bn and adjusted EPS up 0.8% YoY to US$5.15.Revenue and adjusted EPS exceeded Bloomberg consensus by 1.3% and 0.8%, respectively.Note that 1Q25 had two fewer selling days compared to 1Q24, negatively impacting growth across all segments by ~1-2%. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Thermo Fisher (TMO US) - Taking Measures to Counteract Macro Headwinds

<ul><li>Thermo Fisher (TMO) delivered a strong performance in 4Q24, with revenue up by 4.7% YoY and adjusted EPS up by 7.6%, beating consensus by 1.0%/2.7%, respectively.</li><li>This marks an acceleration in earnings growth, with sequential improvements across all business segments.</li><li>Mgmt's 2025 guidance projects revenue growth of 1.4-2.6% YoY and adjusted EPS growth of 5.7-7.5% YoY.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Thermo Fisher (TMO) delivered a strong performance in 4Q24, with revenue up by 4.7% YoY and adjusted EPS up by 7.6%, beating consensus by 1.0%/2.7%, respectively.This marks an acceleration in earnings growth, with sequential improvements across all business segments.Mgmt's 2025 guidance projects revenue growth of 1.4-2.6% YoY and adjusted EPS growth of 5.7-7.5% YoY.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Thermo Fisher (TMO US) - A promising year ahead

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.

<ul><li>For the fourth quarter of 2024, Thermo Fisher Scientific reported a 5% year-over-year growth in revenue, reaching $11.4 billion, alongside a 7% increase in adjusted operating income, which totaled $2.72 billion.</li><li>This resulted in an adjusted operating margin expansion by 50 basis points to 23.9%.</li><li>Moreover, adjusted earnings per share (EPS) grew by 8% to $6.10.</li></ul>

For the fourth quarter of 2024, Thermo Fisher Scientific reported a 5% year-over-year growth in revenue, reaching $11.4 billion, alongside a 7% increase in adjusted operating income, which totaled $2.72 billion.This resulted in an adjusted operating margin expansion by 50 basis points to 23.9%.Moreover, adjusted earnings per share (EPS) grew by 8% to $6.10.

Thermo Fisher Scientific: Will Its Shift Toward Contract Research and Manufacturing Pay Off? - Major Drivers

<ul><li>Thermo Fisher Scientific's third-quarter results of 2024 demonstrated robust financial performance amid a challenging environment, driven by a mix of solid core business operations and strategic initiatives.</li><li>The company reported quarterly revenue of $10.6 billion with an adjusted operating income amounting to $2.36 billion, reflecting an adjusted operating margin of 22.3%.</li><li>The adjusted earnings per share (EPS) was reported at $5.28, underscoring their capacity to generate consistent shareholder value.</li></ul>

Thermo Fisher Scientific's third-quarter results of 2024 demonstrated robust financial performance amid a challenging environment, driven by a mix of solid core business operations and strategic initiatives.The company reported quarterly revenue of $10.6 billion with an adjusted operating income amounting to $2.36 billion, reflecting an adjusted operating margin of 22.3%.The adjusted earnings per share (EPS) was reported at $5.28, underscoring their capacity to generate consistent shareholder value.

Thermo Fisher Scientific: Expansion of Clinical Research & Pharma Services Integration Driving Our Bullishness!  - Major Drivers

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>Innovation data suggests that <a href="https://www.smartkarma.com/entities/bayer-ag" target="_blank" data-smartkarma-citation="entities:26881:1" rel="noopener">Bayer AG (BAYN GY)</a> has an almost monopoly stake in agriculture-related microbial, followed by <a href="https://www.smartkarma.com/entities/dupont-de-nemours-inc" target="_blank" data-smartkarma-citation="entities:9239:1" rel="noopener">DuPont (DD US)</a> </li>
<li>In non-ag microbial space <a href="https://www.smartkarma.com/entities/moderna-inc" target="_blank" data-smartkarma-citation="entities:28744:1" rel="noopener">Moderna Inc (MRNA US)</a>,  <a href="https://www.smartkarma.com/entities/codexis-inc" target="_blank" data-smartkarma-citation="entities:26400:1" rel="noopener">Codexis Inc (CDXS US)</a>,  <a href="https://www.smartkarma.com/entities/regeneron-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:9167:1" rel="noopener">Regeneron Pharmaceuticals (REGN US),</a><a href="https://www.smartkarma.com/entities/immatics-nv" target="_blank" data-smartkarma-citation="entities:33092:1" rel="noopener">Immatics NV (IMTX US)</a> lead the field</li>
<li>In the nascent area of bacteriophages which could be a game-changer to fight against antibiotic-resistant bacteria BOEHRINGER INGELHEIM, <a href="https://www.smartkarma.com/entities/johnson-johnson" target="_blank" data-smartkarma-citation="entities:1132:1" rel="noopener">Johnson &amp; Johnson (JNJ US)</a>, and <a href="https://www.smartkarma.com/entities/pfizer-inc" target="_blank" data-smartkarma-citation="entities:1131:1" rel="noopener">Pfizer Inc (PFE US) </a>lead</li>
</ul>


Innovation data suggests that Bayer AG (BAYN GY) has an almost monopoly stake in agriculture-related microbial, followed by DuPont (DD US) 
In non-ag microbial space Moderna Inc (MRNA US),  Codexis Inc (CDXS US),  Regeneron Pharmaceuticals (REGN US),Immatics NV (IMTX US) lead the field
In the nascent area of bacteriophages which could be a game-changer to fight against antibiotic-resistant bacteria BOEHRINGER INGELHEIM, Johnson &amp; Johnson (JNJ US), and Pfizer Inc (PFE US) lead


Insights from Data Mining Technical Publications - Microbes - Bacteriophages

United States

Thermo Fisher Scientific, Inc. manufactures scientific instruments, consumables, and chemicals.  The Company offers analytical instruments, laboratory equipment, software, services, consumables, reagents, chemicals, and supplies to pharmaceutical and biotech companies, hospitals and clinical diagnostic labs, universities, research institutions, and government agencies.

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Thermo Fisher Scientific Inc (TMO US)

Thermo Fisher (TMO US) - Taking Measures to Counteract Macro Headwinds

Thermo Fisher (TMO) reported its 1Q25 results, with revenue rising 0.2% YoY to US$10.4bn and adjusted EPS up 0.8% YoY to US$5.15.

CMB International

Thermo Fisher (TMO US) - A promising year ahead

Thermo Fisher (TMO) delivered a strong performance in 4Q24, with revenue up by 4.7% YoY and adjusted EPS up by 7.6%, beating consensus by 1.0%...

CMB International

Thermo Fisher Scientific: Will Its Shift Toward Contract Research and Manufacturing Pay Off? - Major Drivers

For the fourth quarter of 2024, Thermo Fisher Scientific reported a 5% year-over-year growth in revenue, reaching $11.4 billion, alongside a 7%...

Baptista Research

Thermo Fisher Scientific: Expansion of Clinical Research & Pharma Services Integration Driving Our Bullishness! - Major Drivers

Thermo Fisher Scientific's third-quarter results of 2024 demonstrated robust financial performance amid a challenging environment, driven by a mix...

Baptista Research

Insights from Data Mining Technical Publications - Microbes - Bacteriophages

Innovations are modifying and harnessing microbes for new uses in agriculture, industry, and as potential new therapeutics to replace or...

Pyari Menon

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