Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

Esco Lifesciences Group / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/esco-lifesciences-group" target="_blank" data-smartkarma-citation="entities:36570:1" rel="noopener">Esco Lifesciences Group (1891571D SP)</a>, a profitable lifesciences tool provider with a global presence, is looking to raise $300M in its upcoming HK IPO.  </li>
<li>The company clocked revenue of S$117M in 2019, which steadily rose to S$155M in 2020 and S$172M in 2021, representing CAGR of 21%, outpacing lifesciences equipment market growth of 10%.</li>
<li>In May 2021, Esco raised $200M through series-A fund raising with investors holding nearly 24% of the shares. This puts its valuation at around $840M.</li>
</ul>



Esco Lifesciences Group (1891571D SP), a profitable lifesciences tool provider with a global presence, is looking to raise $300M in its upcoming HK IPO.  
The company clocked revenue of S$117M in 2019, which steadily rose to S$155M in 2020 and S$172M in 2021, representing CAGR of 21%, outpacing lifesciences equipment market growth of 10%.
In May 2021, Esco raised $200M through series-A fund raising with investors holding nearly 24% of the shares. This puts its valuation at around $840M.


Esco Lifesciences (1891571D SP) Pre-IPO: A Profitable Revenue Growth Saga

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.

Credit

<ul><li>This is our first report on major lab equipment manufacturer, Waters Corporation.</li><li>Its Pharma has also had decent growth, driven by both large and small molecule applications which has been led by the European markets.</li><li>Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.</li></ul>

This is our first report on major lab equipment manufacturer, Waters Corporation.Its Pharma has also had decent growth, driven by both large and small molecule applications which has been led by the European markets.Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.

Waters Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report

Equity Bottom-Up

<ul><li>This is our first report on major lab equipment manufacturer, Waters Corporation.</li><li>Waters' growth has also been aided by its reinvigorated portfolio and this trend is expected to continue.</li><li>We initiate coverage on the stock of Waters Corporation with a 'Hold' rating.</li></ul>

This is our first report on major lab equipment manufacturer, Waters Corporation.Waters' growth has also been aided by its reinvigorated portfolio and this trend is expected to continue.We initiate coverage on the stock of Waters Corporation with a 'Hold' rating.

Waters Corporation: Initiation of Coverage – The Wyatt Technology Acquisition & Other Drivers

Independent Insight Provider, Japanese equities, LightStream Research

Scott Foster

Independent Insight Provider, Japanese equities

ja research

ja research is an independent research platform focused exclusively on Japanese equities. Leveraging data and graphic analysis provided by Japan Analytics, we provide insights on small and medium-sized companies that have been ignored by the sell-side as well as challenging conventional wisdom on larger companies. We also offer analyst and corporate access, the latter with translation if required. 

Shimadzu had a good 2Q, with operating profit rising 14.6% year-on-year on 8.7% growth in sales in the three months to September, but most of those gains were made in Japan, where customers accelerated purchases ahead of the increase in the consumption tax in October. Sales were down 9.8% in the U.S. and down 11.1% in China. In the six months to September, sales were up only 2.0% and operating profit up 2.5%. Looking ahead, what the increase in the sales tax provided in 2Q, it is likely to take away in 2H. We expect EPS to be flat this fiscal year, falling short of management's guidance, and rise by 7% - 8% in FY Mar-21. But the share price has risen by 40% from its August low and valuations are on the high side of their 5-year ranges. In the long run, worldwide sales of analytical instruments for medical, pharmaceutical, food, industrial, environmental and other applications should continue to grow at moderate single-digit rates, providing most of the company's operating profit, while medical, aircraft and industrial equipment make smaller contributions. In the short run, this appears to be largely discounted. This note is bearish on a short-term view. Long-term investors should be able to buy at more attractive valuations.

Shimadzu had a good 2Q, with operating profit rising 14.6% year-on-year on 8.7% growth in sales in the three months to September, but most of those gains were made in Japan, where customers accelerated purchases ahead of the increase in the consumption tax in October. Sales were down 9.8% in the U.S. and down 11.1% in China. In the six months to September, sales were up only 2.0% and operating profit up 2.5%. Looking ahead, what the increase in the sales tax provided in 2Q, it is likely to take away in 2H. We expect EPS to be flat this fiscal year, falling short of management's guidance, and rise by 7% - 8% in FY Mar-21. But the share price has risen by 40% from its August low and valuations are on the high side of their 5-year ranges. In the long run, worldwide sales of analytical instruments for medical, pharmaceutical, food, industrial, environmental and other applications should continue to grow at moderate single-digit rates, providing most of the company's operating profit, while medical, aircraft and industrial equipment make smaller contributions. In the short run, this appears to be largely discounted. This note is bearish on a short-term view. Long-term investors should be able to buy at more attractive valuations.

Shimadzu (7701 JP):  Sales Jump Before Consumption Tax Increase.

United States

Waters Corporation provides high-performance liquid chromatography products and services.  The Company distributes its products worldwide to a wide range of industries such as pharmaceuticals, chemicals, and environmental testing. Waters also designs, manufactures, sells and services thermal analysis, rheometry and calorimetry instruments and related software products.

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Waters Corp (WAT US)

Esco Lifesciences (1891571D SP) Pre-IPO: A Profitable Revenue Growth Saga

Esco Lifesciences is looking to raise $300M through HK IPO. During 2019–2021, by leveraging on demand for its products, the company recorded...

Tina Banerjee

Waters Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report

This is our first report on major lab equipment manufacturer, Waters Corporation. Its Pharma has also had decent growth, driven by both large and...

Baptista Research

Waters Corporation: Initiation of Coverage – The Wyatt Technology Acquisition & Other Drivers

This is our first report on major lab equipment manufacturer, Waters Corporation. Waters' growth has also been aided by its reinvigorated...

Baptista Research

Waters Corporation: Initiation of Coverage – The Wyatt Technology Acquisition & Other Drivers

This is our first report on major lab equipment manufacturer, Waters Corporation. Waters' growth has also been aided by its reinvigorated...

Baptista Research

Shimadzu (7701 JP): Sales Jump Before Consumption Tax Increase.

Shimadzu had a good 2Q, with operating profit rising 14.6% year-on-year on 8.7% growth in sales in the three months to September, but most of those...

Scott Foster

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