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

Abbott Laboratories discovers, develops, manufactures, and sells a broad and diversified line of health care products and services. The Company's products include pharmaceuticals, nutritional, diagnostics, and vascular products. Abbott markets its products worldwide through affiliates and distributors.

<ul><li>Abbott has demonstrated robust performance in its third quarter of 2024 with an organic sales growth of over 8%, excluding COVID testing sales, and adjusted earnings per share of $1.21.</li><li>These results underscore the company's capacity to execute its multifaceted strategy effectively, despite varying performance across different sectors.</li><li>Notably, the U.S. Pediatric Nutrition segment showed remarkable growth, leading with a 12% increase due to gains in the infant formula business.</li></ul>

Abbott has demonstrated robust performance in its third quarter of 2024 with an organic sales growth of over 8%, excluding COVID testing sales, and adjusted earnings per share of $1.21.These results underscore the company's capacity to execute its multifaceted strategy effectively, despite varying performance across different sectors.Notably, the U.S. Pediatric Nutrition segment showed remarkable growth, leading with a 12% increase due to gains in the infant formula business.

Abbott Laboratories: A Tale Of Pipeline Productivity and Innovation! - Major Drivers

Boston Scientific Corporation develops, manufactures, and markets minimally invasive medical devices. The Company's products are used in interventional cardiology, cardiac rhythm management, peripheral interventions, electrophysiology, neurovascular intervention, endoscopy, urology, gynecology and neuromodulation.

<ul><li>Boston Scientific Corporation presented its third quarter of 2024 financial results, reflecting a strong performance that exceeded company forecasts and investor expectations.</li><li>The corporation reported a significant growth in operational sales by 19% and organic sales by 18%, surpassing the anticipated guidance range of 13% to 15%.</li><li>Adjusted earnings per share (EPS) grew by 27% to $0.63, also exceeding the projections of $0.57 to $0.59.</li></ul>

Boston Scientific Corporation presented its third quarter of 2024 financial results, reflecting a strong performance that exceeded company forecasts and investor expectations.The corporation reported a significant growth in operational sales by 19% and organic sales by 18%, surpassing the anticipated guidance range of 13% to 15%.Adjusted earnings per share (EPS) grew by 27% to $0.63, also exceeding the projections of $0.57 to $0.59.

Boston Scientific's Game-Changing Farapulse Tech: How It's Revolutionizing Atrial Fibrillation Treatment!: - Major Drivers

Edwards Lifesciences Corporation designs, develops, manufactures, and markets products and services to treat late-stage cardiovascular disease.  The Company's products include tissue replacement heart valves, heart valve repair products, hemodynamic monitoring devices, angioscopy equipment, oxygenators, and pharmaceuticals.  Edwards supplies its products to customers located worldwide.

<ul><li>Edwards Lifesciences reported third-quarter 2024 results, showcasing notable achievements with financial metrics and strategic advancements across various product lines.</li><li>The company, specialized in structural heart disease innovations, marked a revenue of $1.4 billion, a rise of 10% on a constant currency basis compared to the year prior, subtly surpassing expectations.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Edwards Lifesciences reported third-quarter 2024 results, showcasing notable achievements with financial metrics and strategic advancements across various product lines.The company, specialized in structural heart disease innovations, marked a revenue of $1.4 billion, a rise of 10% on a constant currency basis compared to the year prior, subtly surpassing expectations.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Edwards Lifesciences Corporation: Will The Expansion and Growth of Transcatheter Aortic Valve Replacement (TAVR) Catalyze Its Revenue Growth? - Major Drivers

Global Healthcare Analyst

Tina Banerjee

Bangkok Dusit Medical Services / Equity Bottom-Up

Bangkok Dusit Medical Services Public Company Limited operates Bangkok General Hospital. The Hospital specializes in cardiovascular, lung, neurological, eye and genitourinary cancer, as well as physical therapy and medical imaging.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bangkok-dusit-medical-services-pcl" target="_blank" data-smartkarma-citation="entities:875:1" rel="noopener">Bangkok Dusit Medical Services (BDMS TB)</a> posted 6% rise in revenue from hospital operations in 3Q24 as both International and Thai patients revenue reported growth of 8% and 6%, respectively.</li>
<li>EBITDA grew at 8% YoY to THB7.1B, due to cost control while net profit also rose 9% YoY to THB4.2B on lower interest cost.</li>
<li>BDMS opened Phuket Cancer Center in October 2024 which will help expand cancer patient coverage in Southern part of Thailand.</li>
</ul>



Bangkok Dusit Medical Services (BDMS TB) posted 6% rise in revenue from hospital operations in 3Q24 as both International and Thai patients revenue reported growth of 8% and 6%, respectively.
EBITDA grew at 8% YoY to THB7.1B, due to cost control while net profit also rose 9% YoY to THB4.2B on lower interest cost.
BDMS opened Phuket Cancer Center in October 2024 which will help expand cancer patient coverage in Southern part of Thailand.


Bangkok Dusit Medical Services (BDMS TB): Both Thai and Foreign Patient Drive Growth, Margins Expand

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Pacific Smiles Group Limited owns and operates dental centers. The Company's centers provide preventative care, diagnosis and treatment for patients with a broad range of dental care requirements.

<ul>
<li>MA Financial (13.43% of shares out) and Alison Hughes (9.94%) said they will reject Genesis A$1.8675/share offer for <strong><a href="https://www.smartkarma.com/entities/pacific-smiles-group-ltd" target="_blank" data-smartkarma-citation="entities:2891:1" rel="noopener">Pacific Smiles (PSQ AU)</a></strong>; therefore the 90% acceptance condition cannot be met.</li>
<li>Separately, PSQ's board also rejected terms, as Genesis Offer is below NDC's A$2.05/share Offer; plus terms are "opportunistic" as they do not account for PSQ's recent strong financial improvement. </li>
<li>What now? Genesis has the flexibility to bump. Expect that to occur. They won't fold their tent in response to this latest development.</li>
</ul>


MA Financial (13.43% of shares out) and Alison Hughes (9.94%) said they will reject Genesis A$1.8675/share offer for Pacific Smiles (PSQ AU); therefore the 90% acceptance condition cannot be met.
Separately, PSQ's board also rejected terms, as Genesis Offer is below NDC's A$2.05/share Offer; plus terms are "opportunistic" as they do not account for PSQ's recent strong financial improvement. 
What now? Genesis has the flexibility to bump. Expect that to occur. They won't fold their tent in response to this latest development.


Pacific Smiles: Key Shareholders Reject Genesis' Terms

Health Care
Several billion reasons

Abbott Laboratories: A Tale Of Pipeline Productivity and Innovation! - Major Drivers

Abbott has demonstrated robust performance in its third quarter of 2024 with an organic sales growth of over 8%, excluding COVID testing sales,...

Baptista Research

Boston Scientific's Game-Changing Farapulse Tech: How It's Revolutionizing Atrial Fibrillation Treatment!: - Major Drivers

Boston Scientific Corporation presented its third quarter of 2024 financial results, reflecting a strong performance that exceeded company...

Baptista Research

Edwards Lifesciences Corporation: Will The Expansion and Growth of Transcatheter Aortic Valve Replacement (TAVR) Catalyze Its Revenue Growth? - Major Drivers

Edwards Lifesciences reported third-quarter 2024 results, showcasing notable achievements with financial metrics and strategic advancements across...

Baptista Research

Bangkok Dusit Medical Services (BDMS TB): Both Thai and Foreign Patient Drive Growth, Margins Expand

Bangkok Dusit Medical Services sees posted 6% rise in revenue from hospital operations in 3Q24. EBITDA and net profit grew at a faster pace....

Tina Banerjee

Pacific Smiles: Key Shareholders Reject Genesis' Terms

Pacific Smiles (PSQ AU)'s board caves and now recommends shareholders accept the Offer. Genesis Bidco now holds 32.93%, which the board reckons is...

David Blennerhassett

Abbott Laboratories: A Tale Of Pipeline Productivity and Innovation! - Major Drivers

Abbott has demonstrated robust performance in its third quarter of 2024 with an organic sales growth of over 8%, excluding COVID testing sales,...

Baptista Research

Boston Scientific's Game-Changing Farapulse Tech: How It's Revolutionizing Atrial Fibrillation Treatment!: - Major Drivers

Boston Scientific Corporation presented its third quarter of 2024 financial results, reflecting a strong performance that exceeded company...

Baptista Research

Edwards Lifesciences Corporation: Will The Expansion and Growth of Transcatheter Aortic Valve Replacement (TAVR) Catalyze Its Revenue Growth? - Major Drivers

Edwards Lifesciences reported third-quarter 2024 results, showcasing notable achievements with financial metrics and strategic advancements across...

Baptista Research

Bangkok Dusit Medical Services (BDMS TB): Both Thai and Foreign Patient Drive Growth, Margins Expand

​Bangkok Dusit Medical Services sees posted 6% rise in revenue from hospital operations in 3Q24. EBITDA and net profit grew at a faster pace....

Tina Banerjee

Pacific Smiles: Key Shareholders Reject Genesis' Terms

Pacific Smiles (PSQ AU)'s board caves and now recommends shareholders accept the Offer. Genesis Bidco now holds 32.93%, which the board reckons is...

David Blennerhassett

Bangkok Dusit Medical Services sees posted 6% rise in revenue from hospital operations in 3Q24. EBITDA and net profit grew at a faster pace....