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>In the first quarter of 2024, Merck & Co. demonstrated a strong start with robust growth across its business.</li><li>This was mainly led by the oncology and vaccines segments, where sales of KEYTRUDA and GARDASIL respectively saw significant increases.</li><li>Merck's first quarter results reflect the robust demand for its innovative portfolio, which has led to the company updating their full year guidance.</li></ul>

In the first quarter of 2024, Merck & Co. demonstrated a strong start with robust growth across its business.This was mainly led by the oncology and vaccines segments, where sales of KEYTRUDA and GARDASIL respectively saw significant increases.Merck's first quarter results reflect the robust demand for its innovative portfolio, which has led to the company updating their full year guidance.

Merck & Co.: Progress in Personalized Cancer Vaccine Collaborated with Moderna & Other Major Drivers

<ul><li>In the Q4 earnings, Merck & Co.</li><li>reported a strong financial performance, underpinned by a robust demand for their innovative portfolio, including Keytruda, Welireg, and Gardasil, among others.</li><li>The company has embarked on various collaborations further bolstering its product pipeline with a promising line of innovations.</li></ul>

In the Q4 earnings, Merck & Co.reported a strong financial performance, underpinned by a robust demand for their innovative portfolio, including Keytruda, Welireg, and Gardasil, among others.The company has embarked on various collaborations further bolstering its product pipeline with a promising line of innovations.

Merck & Co: A Story Of Significant Progress & Execution Across Therapeutic Areas! - Major Drivers

<ul><li>Merck delivered an all-around beat in the quarter, making excellent strides in advancing compelling science that will contribute to meeting the world's most critical unmet medical needs.</li><li>Concerning their research organization, Merck's encouraging late-stage pipeline keeps proving beneficial for patients with a wide spectrum of ailments.</li><li>In oncology, Merck highlighted information from ASCO's extensive pipeline, including evidence for KEYTRUDA in lung cancer that is in an earlier stage.</li></ul>

Merck delivered an all-around beat in the quarter, making excellent strides in advancing compelling science that will contribute to meeting the world's most critical unmet medical needs.Concerning their research organization, Merck's encouraging late-stage pipeline keeps proving beneficial for patients with a wide spectrum of ailments.In oncology, Merck highlighted information from ASCO's extensive pipeline, including evidence for KEYTRUDA in lung cancer that is in an earlier stage.

Merck & Co. Inc.: Setting New Standards in Oncology & Pneumococcal Immunization! - Major Drivers

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Five weeks ago, JIC announced a delay in the commencement of the Tender Offer to buy <a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a>, originally scheduled to start by end-December 2023. </li>
<li>In the <a href="https://www.j-ic.co.jp/en/news/pdf/E_20231219_JIC_JICC_PressRelease.pdf" target="_blank" rel="noopener">announcement</a>, they said they expected the deal to start by end-February. In the press conference afterwards, JIC CEO Yokoo <a href="https://www.reuters.com/world/asia-pacific/jic-chief-says-no-issues-with-chinese-antitrust-regulator-over-jsr-buyout-2023-12-20/" target="_blank" rel="noopener">said</a> "no particular issues with the Chinese regulator." </li>
<li>He then added he expected the deal to be done by March-end. Language is vague. I expect that means to start by then, but even then, annualised is now 30%.</li>
</ul>


Five weeks ago, JIC announced a delay in the commencement of the Tender Offer to buy JSR Corp (4185 JP), originally scheduled to start by end-December 2023. 
In the announcement, they said they expected the deal to start by end-February. In the press conference afterwards, JIC CEO Yokoo said "no particular issues with the Chinese regulator." 
He then added he expected the deal to be done by March-end. Language is vague. I expect that means to start by then, but even then, annualised is now 30%.


JSR (4185) - Very Juicy Arb Return At Expected Timeline

Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

Quantitative Analysis

<ul>
<li>Short duration US factor strategies outperformed in September as markets came under pressure (value and dividend yield).</li>
<li>Despite keeping rates unchanged on the 20th of September at 5.5% (upper bound), Fed Chair Powell indicated that rates would be kept higher for longer than initially anticipated.</li>
<li>In this note we explore the <em><strong>relative performance</strong></em> of US factor strategies through different interest rate cycles, to inform timing around factor/style rotation.</li>
</ul>


Short duration US factor strategies outperformed in September as markets came under pressure (value and dividend yield).
Despite keeping rates unchanged on the 20th of September at 5.5% (upper bound), Fed Chair Powell indicated that rates would be kept higher for longer than initially anticipated.
In this note we explore the relative performance of US factor strategies through different interest rate cycles, to inform timing around factor/style rotation.


US Factor Strategies: Value and Dividend Yield Outperform in September, Higher for Longer Narrative

United States

Merck & Co., Inc.  is a global health care company that delivers health solutions through its prescription medicines, vaccines, biologic therapies, animal health, and consumer care products, which it markets directly and through its joint ventures. The Company has operations in pharmaceutical, animal health, and consumer care.

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Merck & Co (MRK US)

Merck & Co.: Progress in Personalized Cancer Vaccine Collaborated with Moderna & Other Major Drivers

In the first quarter of 2024, Merck & Co. demonstrated a strong start with robust growth across its business. This was mainly led by the...

Baptista Research

Merck & Co: A Story Of Significant Progress & Execution Across Therapeutic Areas! - Major Drivers

In the Q4 earnings, Merck & Co. reported a strong financial performance, underpinned by a robust demand for their innovative portfolio,...

Baptista Research

Merck & Co. Inc.: Setting New Standards in Oncology & Pneumococcal Immunization! - Major Drivers

Merck delivered an all-around beat in the quarter, making excellent strides in advancing compelling science that will contribute to meeting the...

Baptista Research

JSR (4185) - Very Juicy Arb Return At Expected Timeline

JSR was a long-dated risk arb. People got tired of FUD and Flows, and sold. Now time is shorter and it offers a 24% yield to mid-May cashout of...

Travis Lundy

US Factor Strategies: Value and Dividend Yield Outperform in September, Higher for Longer Narrative

US rates and factor strategies: higher for longer likely to drive outperformance of short duration factor strategies, long US value short US growth.

DMA

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