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>The Ensign Group, Inc. reported notable financial results for the first quarter of fiscal year 2024, demonstrating continued strong performance and growth across its portfolio.</li>
<li>The company is well-known for operating a diverse array of subsidiaries that offer an array of health care services, including skilled nursing, rehabilitative care, and more, utilizing a unique business model of decentralized operations.</li>
<li>On a positive note, the Ensign Group reported an increase in both revenue and earnings, attributing success to strong same-store occupancy and skilled mix.</li>
</ul>


The Ensign Group, Inc. reported notable financial results for the first quarter of fiscal year 2024, demonstrating continued strong performance and growth across its portfolio.
The company is well-known for operating a diverse array of subsidiaries that offer an array of health care services, including skilled nursing, rehabilitative care, and more, utilizing a unique business model of decentralized operations.
On a positive note, the Ensign Group reported an increase in both revenue and earnings, attributing success to strong same-store occupancy and skilled mix.


The Ensign Group Inc.: Is Their Approach Of Strategic Expansion Through Acquisitions Working?

<ul>
<li>The Ensign Group offers a variety of services, including skilled nursing, rehabilitative care services, home health care, hospice care, and physical, occupational and speech therapies, among others.</li>
<li>In their most recent earnings presentation, the company reported impressive clinical and financial results backed by the commitment and efforts of its employees.</li>
<li>Ensign reported a same-store occupancy of 79.9%, a 240 basis point increase over the last year, and also noticed improvements in their occupancy on a sequential basis of 40 basis points over the third quarter.</li>
</ul>


The Ensign Group offers a variety of services, including skilled nursing, rehabilitative care services, home health care, hospice care, and physical, occupational and speech therapies, among others.
In their most recent earnings presentation, the company reported impressive clinical and financial results backed by the commitment and efforts of its employees.
Ensign reported a same-store occupancy of 79.9%, a 240 basis point increase over the last year, and also noticed improvements in their occupancy on a sequential basis of 40 basis points over the third quarter.


The Ensign Group: Strengthening Relationships with Managed Care Partners & Quality Outcomes!

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Over the past two weeks we've discussed the possibility that further downside was limited (4/23/24 Compass) and mounting evidence that suggests the pullback lows may be in (4/30/24 Compass).</li>
<li>Major risk-on developments for the broad equity market have continued to roll in over the past week, which we discuss below.</li>
<li>We continue to believe the lows are in, and we see the pullback to the 100-day MA on the S&amp;P 500 as healthy/normal within the ongoing bull market.</li>
</ul>


Over the past two weeks we've discussed the possibility that further downside was limited (4/23/24 Compass) and mounting evidence that suggests the pullback lows may be in (4/30/24 Compass).
Major risk-on developments for the broad equity market have continued to roll in over the past week, which we discuss below.
We continue to believe the lows are in, and we see the pullback to the 100-day MA on the S&amp;P 500 as healthy/normal within the ongoing bull market.


Major Risk-On Developments; Bullish Outlook Intact; Downgrading Health Care $XLV to Underweight

<ul>
<li>While we are not yet out of the woods, we continue to see evidence that suggests the lows may be "in" for this pullback.</li>
<li>Last week (4/23/24 Compass) we discussed the possibility that further downside was limited on the S&amp;P 500 due to a multitude of reasons</li>
<li>We view the latest pullback to 100-day MA on SPX as healthy/normal within the ongoing bull market. Pullbacks to the 100-day provided ideal entry points throughout the 2021 bull market</li>
</ul>


While we are not yet out of the woods, we continue to see evidence that suggests the lows may be "in" for this pullback.
Last week (4/23/24 Compass) we discussed the possibility that further downside was limited on the S&amp;P 500 due to a multitude of reasons
We view the latest pullback to 100-day MA on SPX as healthy/normal within the ongoing bull market. Pullbacks to the 100-day provided ideal entry points throughout the 2021 bull market


Are the Lows "In" For This Pullback?; Market Dynamics Remain Bullish; Key Supports Holding

<ul>
<li>In spite of last week's hotter-than-expected inflation reports, the Russell 2000 (IWM) outperformed relative to the SPX and QQQ, and ended the week at YTD weekly closing highs.</li>
<li>The fact that small- and mid-caps outperformed during a week with two hot inflation reports is a sign we could see more outperformance in the weeks/months ahead.</li>
<li>Adding to the risk-on theme, the DXY displays a false breakout at $104.60-$104.70. Our bullish outlook that we have had since early November 2023 remains intact. </li>
</ul>


In spite of last week's hotter-than-expected inflation reports, the Russell 2000 (IWM) outperformed relative to the SPX and QQQ, and ended the week at YTD weekly closing highs.
The fact that small- and mid-caps outperformed during a week with two hot inflation reports is a sign we could see more outperformance in the weeks/months ahead.
Adding to the risk-on theme, the DXY displays a false breakout at $104.60-$104.70. Our bullish outlook that we have had since early November 2023 remains intact. 


Small Caps Outperform Despite "Hot" Inflation Reports; Equal-Weighted S&P 500 Breakout

United States

LHC Group Inc. provides post-acute healthcare services primarily to Medicare beneficiaries in rural markets in the southern United States. The company provides home-based services through home nursing agencies and hospices and facility-based services through long-term acute care hospitals and  outpatient rehabilitation clinics.

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.

HealthEquity, Inc. provides technology-enabled services platforms that allow consumers to make healthcare saving and spending decisions. Consumers can access their tax-advantaged healthcare savings, compare treatment options and pricing, evaluate and pay healthcare bills, receive personalized benefit and clinical information, and earn wellness incentives.

Chemed Corporation operates in the healthcare field through its subsidiary Vitas Healthcare Corporation.  The Company also maintains a presence in the residential and commercial repair-and-maintenance-service industry under the names Roto-Rooter and Service America Network Inc.

Acadia Healthcare Co Ltd operates a network of behavioral health centers. The Company provides psychiatric and chemical dependency services, inpatient psychiatric hospitals, residential treatment centers, outpatient clinics, and therapeutic school based programs across the United States.

Option Care Health, Inc. provides infusion and home care management solutions. The Company offers products, services, and condition-specific clinical management programs for gastrointestinal abnormalities, infectious diseases, cancer, organ and blood cell transplants, bleeding disorders, and heart failures. Option Care Health serves patients in the United States.

R1 RCM Inc. operates as a revenue cycle management company. The Company provides technology-driven solutions that transform the patient experience and financial performance of healthcare providers. R1 RCM serves customers in the United States.

RadNet, Inc. owns and operates outpatient diagnostic imaging centers.  The Company's centers are located throughout California.

Select Medical Holdings Corporation is an operator of specialty hospitals and outpatient rehabilitation clinics. The Company provides medical rehabilitation services on a contract basis at nursing homes, hospitals, assisted living and senior care centers, schools and work sites.

CorVel Corporation provides managed care services in the workers' compensation, accident and health, and auto insurance markets across the United States.  The Company provides services to employers, government entities, insurance companies, and third party administrators.  CorVel provides a network of preferred providers, as well as case management, bill review, and other services.

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.

Bumrungrad Hospital Public Company Limited, through its subsidiaries,  owns and operates the Bumrungrad Hospital. Located in Bangkok, the Hospital has capacity of international standard medical care with 554 beds for inpatients and approximately 125 clinic examination suites that can serve up to 3,000 outpatients daily.

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.

Celesio AG wholesales and retails pharmaceuticals to customers in Europe.  The Company wholesales pharmaceuticals, operates retail pharmacies, and provides logistics and transportation services for pharmaceuticals at local, national and European level.

Celltrion Healthcare Co.,Ltd develops and manufactures pharmaceutical biologics and chemically synthesized drugs. The Company specializes in the development of drugs for breast cancer, arthritis, leukemia, psoriasis, human rabies prevention, and influenza. Celltrion Healthcare markets its products to customers internationally.

WuXi Biologics (Cayman) Inc. is a leading open-access R&D capability and technology platform company serving the pharmaceutical, biotechnology, and medical device industries, with operations in China, U.S., and Iceland.  We provide a broad and integrated portfolio of laboratory and manufacturing services throughout the drug and medical device R&D process.  Our services are designed to help our global partners in shortening the cycle and lowering the cost of drug and medical device R&D through cost-effective and efficient solutions. 

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.

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Ensign Group (ENSG US)

The Ensign Group Inc.: Is Their Approach Of Strategic Expansion Through Acquisitions Working?

The Ensign Group, Inc. reported notable financial results for the first quarter of fiscal year 2024, demonstrating continued strong performance and...

Baptista Research

The Ensign Group: Strengthening Relationships with Managed Care Partners & Quality Outcomes!

The Ensign Group offers a variety of services, including skilled nursing, rehabilitative care services, home health care, hospice care, and...

Baptista Research

Major Risk-On Developments; Bullish Outlook Intact; Downgrading Health Care $XLV to Underweight

Major Risk-On Developments; Bullish Outlook Intact $SPX $QQQ $IWM; Downgrading Health Care $XLV to Underweight Despite Still Being Bullish on $XBI....

Vermilion Research

Are the Lows "In" For This Pullback?; Market Dynamics Remain Bullish; Key Supports Holding

Are the Lows "In" for this Pullback?; Market Dynamics Remain Bullish (RS for defensives $XLP, $XLU, $XLV below October 2023 lows among many other...

Vermilion Research

Small Caps Outperform Despite "Hot" Inflation Reports; Equal-Weighted S&P 500 Breakout

Small Caps $IWM $VXF Outperform Despite "Hot" Inflation Reports; Equal-Weighted S&P 500 $RSP Breakout; U.S. Dollar $DXY Failed Breakout at $104.70;...

Vermilion Research

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