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>UnitedHealth Group reported second quarter 2026 adjusted earnings per share of $6.38, a 56% increase from $4.08 in the prior-year period, alongside total revenues of $112 billion, largely flat year-over-year.</li><li>Operating earnings grew by 55% to $8 billion, reflecting portfolio actions and more disciplined management.</li><li>The medical care ratio improved to 86.7% in the quarter, aided by $860 million of net favorable prior period medical development, compared with 89.4% in Q2 2025.</li></ul>

UnitedHealth Group reported second quarter 2026 adjusted earnings per share of $6.38, a 56% increase from $4.08 in the prior-year period, alongside total revenues of $112 billion, largely flat year-over-year.Operating earnings grew by 55% to $8 billion, reflecting portfolio actions and more disciplined management.The medical care ratio improved to 86.7% in the quarter, aided by $860 million of net favorable prior period medical development, compared with 89.4% in Q2 2025.

UnitedHealth Group’s Hidden Catalyst — Operating Cash Flow Just Hit $11 Billion!

Independent in-depth research from Finimize, Finimize

Finimize Research

Independent in-depth research from Finimize

Finimize

Finimize is the #1 information platform for modern investors. We empower people to become smarter investors with bitesize insights from world-class analysts. 1 million+ strong community, 250 partners.

Thematic (Sector/Industry)

<ul>
<li>The US economy’s resilience hasn’t come from the many – it’s come from the top 10% as the “wealth effect” from rising asset prices has boosted spending.</li>
<li>But it works in reverse too.  Since the richest make up nearly half of America’s consumer spending, that could lead to a serious economic fallout.</li>
<li>It’s worth considering protecting your portfolio. I’ve pulled together one list of companies that should do well and another that could suffer from the change in climate.</li>
</ul>


The US economy’s resilience hasn’t come from the many – it’s come from the top 10% as the “wealth effect” from rising asset prices has boosted spending.
But it works in reverse too.  Since the richest make up nearly half of America’s consumer spending, that could lead to a serious economic fallout.
It’s worth considering protecting your portfolio. I’ve pulled together one list of companies that should do well and another that could suffer from the change in climate.


A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

<ul><li>The UnitedHealth Group’s first quarter of 2026 demonstrated a generally solid operational and financial performance, supported by ongoing strategic initiatives across its primary business segments.</li><li>Total revenues grew modestly by 2% year-over-year to $111.7 billion, with adjusted earnings per share of $7.23 surpassing internal expectations.</li><li>Membership stood at 49.1 million, a slight decline from 49.8 million at the end of 2025, reflecting anticipated contraction especially in the individual ACA market.</li></ul>

The UnitedHealth Group’s first quarter of 2026 demonstrated a generally solid operational and financial performance, supported by ongoing strategic initiatives across its primary business segments.Total revenues grew modestly by 2% year-over-year to $111.7 billion, with adjusted earnings per share of $7.23 surpassing internal expectations.Membership stood at 49.1 million, a slight decline from 49.8 million at the end of 2025, reflecting anticipated contraction especially in the individual ACA market.

UnitedHealth Group’s Membership Decline: Planned Reset Or Growth Red Flag?

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

<ul><li>Markets always act erratically, but I thought I would highlight one aspect that disproportionately impacts semiconductors.</li><li>Factor investing is not new, but we are in a unique period where Momentum has quite a period of outperformance and short-term outperformance.</li><li>This matters because semiconductors are (as far as my memory holds) the most significant weight in Momentum I’ve ever witnessed. </li></ul>

Markets always act erratically, but I thought I would highlight one aspect that disproportionately impacts semiconductors.Factor investing is not new, but we are in a unique period where Momentum has quite a period of outperformance and short-term outperformance.This matters because semiconductors are (as far as my memory holds) the most significant weight in Momentum I’ve ever witnessed. 

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/asahi-intecc-co-ltd" target="_blank" data-smartkarma-citation="entities:15915:1" rel="noopener">Asahi Intecc (7747 JP)</a> is poised for multi-year growth through strong market demand for its technically superior guidewires, market leadership positioning, new product launches, and direct marketing initiatives.</li>
<li>In FY24, Asahi Intecc aims to achieve revenue of ¥100B (+11% YoY), a significant milestone. The company targets revenue of ¥110B and an operating profit margin of 23–25% in FY26.</li>
<li>Asahi Intecc is expected to be a continued beneficiary of global procedure volume recovery. The company is likely to achieve its medium-term business plan ahead of schedule.</li>
</ul>



Asahi Intecc (7747 JP) is poised for multi-year growth through strong market demand for its technically superior guidewires, market leadership positioning, new product launches, and direct marketing initiatives.
In FY24, Asahi Intecc aims to achieve revenue of ¥100B (+11% YoY), a significant milestone. The company targets revenue of ¥110B and an operating profit margin of 23–25% in FY26.
Asahi Intecc is expected to be a continued beneficiary of global procedure volume recovery. The company is likely to achieve its medium-term business plan ahead of schedule.


2024 High Conviction: Asahi Intecc (7747 JP)- Procedure Volume Recovery to Accelerate Growth

United States

UnitedHealth Group Incorporated owns and manages organized health systems. The Company provides employers products and resources to plan and administer employee benefit programs. UnitedHealth serves customers worldwide.

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UnitedHealth Group (UNH UN)

UnitedHealth Group’s Hidden Catalyst — Operating Cash Flow Just Hit $11 Billion!

UnitedHealth Group reported second quarter 2026 adjusted earnings per share of $6.38, a 56% increase from $4.08 in the prior-year period,...

Baptista Research

A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

The top 10% account for around 50% of consumer spending in the US. This insight looks at the sectors and companies that could win and lose from the...

Finimize Research

UnitedHealth Group’s Membership Decline: Planned Reset Or Growth Red Flag?

The UnitedHealth Group’s first quarter of 2026 demonstrated a generally solid operational and financial performance, supported by ongoing...

Baptista Research

Factors and Semiconductors

A friendly warning. Momentum is outperforming all factors this year, and Semiconductors are a large part of that. Markets always act erratically,...

Fabricated Knowledge

2024 High Conviction: Asahi Intecc (7747 JP)- Procedure Volume Recovery to Accelerate Growth

Asahi Intecc is poised for double-digit sales growth through FY26, driven by strong market demand for guidewires, market leadership positioning,...

Tina Banerjee

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