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>IDEXX Laboratories surpassed Wall Street's revenue and earnings expectations, showcasing strong growth and financial performance.</li><li>The company achieved a 10% organic increase in overall revenues, driven by remarkable growth in CAG Diagnostics' recurring payments.</li><li>IDEXX's solid performance was particularly evident in the significant placements of premium instruments, sustained new business gains, and strong growth in recurring veterinary software revenues.</li></ul>

IDEXX Laboratories surpassed Wall Street's revenue and earnings expectations, showcasing strong growth and financial performance.The company achieved a 10% organic increase in overall revenues, driven by remarkable growth in CAG Diagnostics' recurring payments.IDEXX's solid performance was particularly evident in the significant placements of premium instruments, sustained new business gains, and strong growth in recurring veterinary software revenues.

IDEXX Laboratories Inc.: Expansion Of The Renal Testing Portfolio & Other Major Drivers

<ul><li>IDEXX Laboratories had a strong Q1 2023 performance and delivered an all-around beat.</li><li>The company's strategic focus on execution, organic growth, and product portfolio expansion resulted in significant new business gains and sustained growth in recurring veterinary software revenues.</li><li>The company's performance was reflected in its key metrics, such as high first-quarter premium instrument placements, steady new business gains, and continual growth in recurring veterinary software revenues.</li></ul>

IDEXX Laboratories had a strong Q1 2023 performance and delivered an all-around beat.The company's strategic focus on execution, organic growth, and product portfolio expansion resulted in significant new business gains and sustained growth in recurring veterinary software revenues.The company's performance was reflected in its key metrics, such as high first-quarter premium instrument placements, steady new business gains, and continual growth in recurring veterinary software revenues.

IDEXX Laboratories Inc.: Recurring Veterinary Software Revenues Continue to Grow – Key Drivers

Global Healthcare Analyst

Tina Banerjee

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dechra-pharmaceuticals-plc" target="_blank" data-smartkarma-citation="entities:21908:1" rel="noopener">Dechra Pharmaceuticals (DPH LN)</a> received an offer from the Swedish private equity firm EQT regarding a possible all-cash deal, where Dechra shareholders would receive £40.70 per ordinary share in cash.</li>
<li>Right after the announcement, Dechra shares surged 33%. The shares are currently trading at £37.66, implying 10% upside potential.</li>
<li>Without EQT offer, based on current financial performance, Dechra has a bleak outlook. Currently, Dechra has average target price of £39.39, implying a spread of just ~5%.</li>
</ul>



Dechra Pharmaceuticals (DPH LN) received an offer from the Swedish private equity firm EQT regarding a possible all-cash deal, where Dechra shareholders would receive £40.70 per ordinary share in cash.
Right after the announcement, Dechra shares surged 33%. The shares are currently trading at £37.66, implying 10% upside potential.
Without EQT offer, based on current financial performance, Dechra has a bleak outlook. Currently, Dechra has average target price of £39.39, implying a spread of just ~5%.


Dechra Pharmaceuticals (DPH LN): Best Case Scenario Offers 10% Upside Potential

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bionote-inc" target="_blank" data-smartkarma-citation="entities:36446:1" rel="noopener">Bionote (377740 KS)</a> was listed on 22nd Dec 2023, when it raised US$73m in its downsized Korean IPO. Its three-month lockup will expire on 21st Mar 23.</li>
<li>Bionote is an integrated producer of diagnostics test products and biocontent products. Based on its unique recombinant antigen and antibody manufacturing technology, the firm researches and develops diagnostic reagent products.</li>
<li>Coming up for three-month lockup expiry are the firm’s three pre-IPO investors, together with Gunwoo Ha (ex-CEO). The three pre-IPO investors had earlier trimmed their respective stakes in the IPO.</li>
</ul>



Bionote (377740 KS) was listed on 22nd Dec 2023, when it raised US$73m in its downsized Korean IPO. Its three-month lockup will expire on 21st Mar 23.
Bionote is an integrated producer of diagnostics test products and biocontent products. Based on its unique recombinant antigen and antibody manufacturing technology, the firm researches and develops diagnostic reagent products.
Coming up for three-month lockup expiry are the firm’s three pre-IPO investors, together with Gunwoo Ha (ex-CEO). The three pre-IPO investors had earlier trimmed their respective stakes in the IPO.


Bionote Lock-Up - Uncertainty on the Horizon, Likely to See Some Selling Pressure

<ul><li>IDEXX had a strong finish to the year, reflected in the company's all-around beat in the last quarter.</li><li>Its revenues increased organically, driven by organic gains in CAG Diagnostic and strong growth in its water and software businesses.</li><li>Organic revenue growth in the quarter was supported by solid organic growth across its major business segments and growth in diagnostic imaging and veterinary software revenues.</li></ul>

IDEXX had a strong finish to the year, reflected in the company's all-around beat in the last quarter.Its revenues increased organically, driven by organic gains in CAG Diagnostic and strong growth in its water and software businesses.Organic revenue growth in the quarter was supported by solid organic growth across its major business segments and growth in diagnostic imaging and veterinary software revenues.

IDEXX Laboratories Inc.: Initiation of Coverage – Business Strategy & Other Drivers

United States

IDEXX Laboratories, Inc. provides diagnostic, detection, and information systems for veterinary, food, and water testing applications. The Company also operates an international network of veterinary reference laboratories. IDEXX offers its products to customers worldwide.

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IDEXX Laboratories (IDXX US)

IDEXX Laboratories Inc.: Expansion Of The Renal Testing Portfolio & Other Major Drivers

IDEXX Laboratories surpassed Wall Street's revenue and earnings expectations, showcasing strong growth and financial performance. The company...

Baptista Research

IDEXX Laboratories Inc.: Recurring Veterinary Software Revenues Continue to Grow – Key Drivers

IDEXX Laboratories had a strong Q1 2023 performance and delivered an all-around beat. The company's strategic focus on execution, organic growth,...

Baptista Research

Dechra Pharmaceuticals (DPH LN): Best Case Scenario Offers 10% Upside Potential

Dechra received takeover offer from private equity firm EQT for £40.70 per share all-cash deal. Current price implies ~10% spread. EQT has until 11...

Tina Banerjee

Bionote Lock-Up - Uncertainty on the Horizon, Likely to See Some Selling Pressure

Bionote (377740 KS) was listed on 22nd Dec 2023, when it raised US$73m in its downsized Korean IPO. Its three-month lockup will expire on 21st Mar 23.

Clarence Chu

IDEXX Laboratories Inc.: Initiation of Coverage – Business Strategy & Other Drivers

IDEXX had a strong finish to the year, reflected in the company's all-around beat in the last quarter. Its revenues increased organically, driven...

Baptista Research

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