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>Centene Corporation has provided an encouraging financial performance in its first quarter of the year, as echoed in their latest review of modified earnings and strategic developments across various business units.</li><li>Notably, the company exceeded their expected adjusted earnings per share (EPS) at $2.26, prompting an upward revision in their full-year 2024 forecast to over $6.80 per share.</li><li>While these results show solid progress and operational efficiency, they frame a nuanced picture—detailing areas of strength alongside ongoing challenges.</li></ul>

Centene Corporation has provided an encouraging financial performance in its first quarter of the year, as echoed in their latest review of modified earnings and strategic developments across various business units.Notably, the company exceeded their expected adjusted earnings per share (EPS) at $2.26, prompting an upward revision in their full-year 2024 forecast to over $6.80 per share.While these results show solid progress and operational efficiency, they frame a nuanced picture—detailing areas of strength alongside ongoing challenges.

Centene Corporation: Medicaid Managed Care Expansion and Optimization! - Major Drivers

<ul><li>Centene Corporation reported its first quarter 2024 results, highlighting several positive developments and strategic maneuvers aimed at sustaining and enhancing its business operations.</li><li>The company achieved a higher-than-expected adjusted EPS of $2.26, prompting an upward revision in its full-year 2024 EPS guidance to over $6.80.</li><li>This performance signals a robust start to the year, attributed partly to significant operational improvements and strategic realignments.</li></ul>

Centene Corporation reported its first quarter 2024 results, highlighting several positive developments and strategic maneuvers aimed at sustaining and enhancing its business operations.The company achieved a higher-than-expected adjusted EPS of $2.26, prompting an upward revision in its full-year 2024 EPS guidance to over $6.80.This performance signals a robust start to the year, attributed partly to significant operational improvements and strategic realignments.

Centene Corporation: Leveraging Dual Eligibles in Medicare and Medicaid & Other Major Drivers

<ul><li>Centene Corporation managed to exceed analyst expectations in terms of revenue as well as earnings.</li><li>For the quarter, they increased their expectation for 2023 premium and service revenue by an additional $1.8 billion.</li><li>The commercial HBR met the company's expectations, considering the quarter's 200,000 new members and the marketplace's ongoing robust growth.</li></ul>

Centene Corporation managed to exceed analyst expectations in terms of revenue as well as earnings.For the quarter, they increased their expectation for 2023 premium and service revenue by an additional $1.8 billion.The commercial HBR met the company's expectations, considering the quarter's 200,000 new members and the marketplace's ongoing robust growth.

Centene Corporation: Does It Have A Sustainable Competitive Advantage? - Key Drivers

Equity Capital Markets

<ul><li>Centene had a successful first quarter, showing continued positive momentum operationally which was demonstrated by its all-around beat.</li><li>The company raised its premium and service revenue forecast by $3.7 billion, with full-year 2023 adjusted EPS guidance at $6.40.</li><li>We give Centene Corporation a 'Buy' rating with a revised target price.</li></ul>

Centene had a successful first quarter, showing continued positive momentum operationally which was demonstrated by its all-around beat.The company raised its premium and service revenue forecast by $3.7 billion, with full-year 2023 adjusted EPS guidance at $6.40.We give Centene Corporation a 'Buy' rating with a revised target price.

Centene Corporation: Improving Market Position In Medicare Advantage – Key Drivers

<ul><li>This is our first report on Centene Corporation, one of the largest health insurance players in the U.S.</li><li>Centene had a successful year in 2022 and ended it on a positive note with an all-around beat.</li><li>Total revenue grew by $3 billion, driven by strong organic growth in Medicaid, strong growth in Medicare membership, and the acquisition of Magellan.</li></ul>

This is our first report on Centene Corporation, one of the largest health insurance players in the U.S.Centene had a successful year in 2022 and ended it on a positive note with an all-around beat.Total revenue grew by $3 billion, driven by strong organic growth in Medicaid, strong growth in Medicare membership, and the acquisition of Magellan.

Centene Corporation: Initiation of Coverage – Recent Restructuring & Other Drivers

United States

Molina Healthcare Inc. is a managed care organization.  The Company arranges for the delivery of health care services to persons eligible for Medicaid and other programs for low-income families and individuals.  Molina Healthcare has health plans in California, Washington, Utah, and Michigan, as well as primary care clinics located in Northern and Southern California.

Cardinal Health, Inc. provides complementary products and services to healthcare providers and manufacturers.  The Company's services include pharmaceutical distribution, health-care product manufacturing, distribution and consulting services, drug delivery systems development, pharmaceutical packaging, automated dispensing systems manufacturing, and retail pharmacy franchising.

Humana Inc. is a managed health care company with medical members located in the United States and Puerto Rico.  The Company offers coordinated health care through health maintenance organizations, preferred provider organizations, point-of-service plans, and administrative services products.  Humana offers its products to employer groups, government-sponsored plans, and individuals.

Cencora, Inc. operates as a pharmaceutical company. The Company offers end-to-end pharmaceutical commercialization solutions, over-the-counter healthcare products, home healthcare supplies and equipment, and related services to healthcare providers. Cencora distributes its products internationally.

Quest Diagnostics Incorporated provides diagnostic testing, information, and services.  The Company operates a national network of full-service laboratories, rapid response laboratories, and patient service centers.  Quest Diagnostics provides esoteric testing, routine medical testing, drugs of abuse testing, and non-hospital-based anatomicpathology testing.

Laboratory Corporation of America Holdings is a clinical laboratory company that offers clinical laboratory tests used by the medical profession in routine testing, patient diagnosis, and in the monitoring and treatment of disease. The Company develops specialty testing operations, such as oncology testing, HIV genotyping and phenotyping, diagnostic genetics and clinical trials.

Laboratory Corporation of America Holdings (LH US)

Laboratory Corporation of America Holdings

Tenet Healthcare Corporation, through its subsidiaries, owns or operates general hospitals and related health care facilities serving communities in the United States.  The Company operates rehabilitation hospitals, specialty hospitals, long-term care facilities, psychiatric facilities, and medical office buildings near its general hospitals, as well as ancillary health care businesses.

Universal Health Services, Inc. is a healthcare management company. The Company operates acute care hospitals, behavioral health centers, and surgery centers. Universal provides services such as general surgery, internal medicine, radiology, and pediatric services throughout the United States and Puerto Rico.

Ensign Group, Inc. operates facilities offering nursing and rehabilitative care services in multiple states. The Company provides a broad spectrum of nursing and assisted living services, physical, occupational and speech therapies, and other rehabilitative and healthcare services, for both long-term residents and short-stay rehabilitation patients.

Encompass Health Corporation provides inpatient rehabilitative healthcare services.  The Company operates inpatient rehabilitation hospitals, outpatient and rehabilitation satellites, and home health agencies. Encompass Health provides treatment on both an inpatient and outpatient basis.

Aier Eye Hospital Group Co., Ltd provides ophthalmological services.  The Company's services include ophthalmological diagnosis and treatments.

Fresenius SE & Co KGaA is a global health care group with products and services for dialysis, the hospital and the medical care of patients at home. The Company sells dialysis, infusion, transfusion, and diagnostics equipment and systems, blood separators, plasma, hemofilters, nutritional liquids, and solid and liquid pharmaceuticals.

Sinopharm Group Co Ltd is a pharmacy distribution company. The Company also owns several pharmacy enterprise groups in different industries such as logistics, retail stores, pharmaceutical manufacturing, and chemical testing.

Shanghai Pharmaceuticals Holding Co., Ltd. manufactures, retails, and wholesales a variety of pharmaceuticals including biopharmaceuticals, chemical and Chinese traditional medicines, and healthcare products. The Company also invests in new medicine development and provides related services.

Shanghai Pharmaceuticals Holding (2607 HK)

Ramsay Health Care Ltd. provides health care services. The Company offers private hospital services, including, rehabilitation, psychiatric care, day, and complex surgery. Ramsay Health Care owns, operates, and manages health care facilities throughout Australia, Indonesia, and Europe.

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.

Apollo Hospitals Enterprise Limited owns and operates hospitals in India.  The Company also runs a 24-hour pharmacy network via over 120 outlets across India. Apollo Hospitals also runs clinics and offer managed care and family health plans. The Company has a variety of locations in Chennai, Hyderabad, Delhi, Dubai, Vizag, Bilaspur and Chengannur.

Sonic Healthcare Limited is a medical diagnostics company with operations in Australia, New Zealand, and Europe.  The Company provides a comprehensive range of pathology and diagnostic imaging services to medical practitioners, hospitals and their patients along with providing administrative services and facilities to medical practitioners.

Huadong Medicine Co., Ltd. wholesales and retails medicines, pharmaceutical preparations, biological products, and medical instruments.  Through its subsidiaries, the Company also manufactures antibiotic medicines and biochemical products.

Amplifon S.p.A. retails and fits hearing aids and supplies correlated services aimed at the solution of problems related to the loss of hearing.  The Group operates in Italy, France, Spain, Portugal, Switzerland, Austria, Holland, the United States, Hungary, and Egypt.  Amplifon operates through a network of distribution centers and licensee network affiliates.

Centene Corporation is a multi-line managed care organization that provides Medicaid and Medicaid-related programs.  The Company has health plans in several states. The Company also provides specialty services, including behavioral health, nurse triage, and treatment compliance.

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Centene Corp (CNC US)

Centene Corporation: Medicaid Managed Care Expansion and Optimization! - Major Drivers

Centene Corporation has provided an encouraging financial performance in its first quarter of the year, as echoed in their latest review of...

Baptista Research

Centene Corporation: Leveraging Dual Eligibles in Medicare and Medicaid & Other Major Drivers

Centene Corporation reported its first quarter 2024 results, highlighting several positive developments and strategic maneuvers aimed at...

Baptista Research

Centene Corporation: Does It Have A Sustainable Competitive Advantage? - Key Drivers

Centene Corporation managed to exceed analyst expectations in terms of revenue as well as earnings. For the quarter, they increased their...

Baptista Research

Centene Corporation: Improving Market Position In Medicare Advantage – Key Drivers

Centene had a successful first quarter, showing continued positive momentum operationally which was demonstrated by its all-around beat. The...

Baptista Research

Centene Corporation: Initiation of Coverage – Recent Restructuring & Other Drivers

This is our first report on Centene Corporation, one of the largest health insurance players in the U.S. Centene had a successful year in 2022 and...

Baptista Research

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