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>HCA Healthcare, one of the largest U.S. health systems, has shown robust quarterly results backed by sustained fundamentals in their business.</li><li>The momentum primarily results from broad-based volume growth, improved payer mix, and healthy operating margins.</li><li>While HCA Healthcare generally presents a promising outlook for the rest of the year, the management underscores uncertainties that diverse risks may pose.</li></ul>

HCA Healthcare, one of the largest U.S. health systems, has shown robust quarterly results backed by sustained fundamentals in their business.The momentum primarily results from broad-based volume growth, improved payer mix, and healthy operating margins.While HCA Healthcare generally presents a promising outlook for the rest of the year, the management underscores uncertainties that diverse risks may pose.

HCA Healthcare: How Long Is The Continued Strength In Demand for Healthcare Services Expected To Last? - Major Drivers

<ul><li>HCA Healthcare Inc.</li><li>had a robust fourth quarter in 2023, which exceeded expectations across most business dimensions.</li><li>Demand for services remained high across the company's diverse portfolio.</li></ul>

HCA Healthcare Inc.had a robust fourth quarter in 2023, which exceeded expectations across most business dimensions.Demand for services remained high across the company's diverse portfolio.

HCA Healthcare: Strong Demand Indicators Could Be A Major Driving Force! - Key Drivers

<ul><li>This is our first report on healthcare giant, HCA Healthcare.</li><li>HCA delivered an all-around beat in the previous quarter, underpinned by sustained service demand and healthy operating margins.</li><li>In the quarter, HCA Healthcare continued to invest in its workforce, improving key labor metrics.</li></ul>

This is our first report on healthcare giant, HCA Healthcare.HCA delivered an all-around beat in the previous quarter, underpinned by sustained service demand and healthy operating margins.In the quarter, HCA Healthcare continued to invest in its workforce, improving key labor metrics.

HCA Healthcare: Initiation of Coverage – Business Strategy

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

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>Breadth continues to improve and Russell 2000 (IWM) small-caps and the Dow remain bullish, all while the S&amp;P 500 and Nasdaq 100 (QQQ) are going through a pullback/consolidation phase.</li>
<li>Considering the Russell 2000 vs. S&amp;P 500 ratio is reversing a 3.5-year downtrend, we expect this trend of small-cap outperformance to continue for months or longer.</li>
<li>With new risk-off signals emerging, potential pullback zones we would look for include 5100-5191 on the S&amp;P 500 and $443-$449 on the QQQ, expecting a low near the election.</li>
</ul>


Breadth continues to improve and Russell 2000 (IWM) small-caps and the Dow remain bullish, all while the S&amp;P 500 and Nasdaq 100 (QQQ) are going through a pullback/consolidation phase.
Considering the Russell 2000 vs. S&amp;P 500 ratio is reversing a 3.5-year downtrend, we expect this trend of small-cap outperformance to continue for months or longer.
With new risk-off signals emerging, potential pullback zones we would look for include 5100-5191 on the S&amp;P 500 and $443-$449 on the QQQ, expecting a low near the election.


Upgrading Health Care to Market Weight; Risk-Off Signals Suggest SPX and QQQ Pullback to Continue

United States

HCA Healthcare, Inc.  operates hospitals.  The Company operates acute care hospitals, outpatient facilities, clinics and other patient care delivery settings.  HCA operates hospitals in the United States and the United Kingdom.

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HCA Healthcare, Inc. (HCA US)

HCA Healthcare: How Long Is The Continued Strength In Demand for Healthcare Services Expected To Last? - Major Drivers

HCA Healthcare, one of the largest U.S. health systems, has shown robust quarterly results backed by sustained fundamentals in their business. The...

Baptista Research

HCA Healthcare: Strong Demand Indicators Could Be A Major Driving Force! - Key Drivers

HCA Healthcare Inc. had a robust fourth quarter in 2023, which exceeded expectations across most business dimensions. Demand for services remained...

Baptista Research

HCA Healthcare: Initiation of Coverage – Business Strategy

This is our first report on healthcare giant, HCA Healthcare. HCA delivered an all-around beat in the previous quarter, underpinned by sustained...

Baptista Research

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

Upgrading Health Care to Market Weight; Risk-Off Signals Suggest SPX and QQQ Pullback to Continue

Upgrading Health Care $XLV to Market Weight; New Risk-Off Signals Suggest Pullback in $SPX and $QQQ to Continue, looking for pullbacks to 5100-5191...

Vermilion Research

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