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>Merck & Co delivered a decent financial performace surpassing the Wall Street expectations in terms of revenues as well as earnings, with sustained momentum across its key growth drivers and steady progress in its pipeline.</li><li>They collaborated with Ginkgo Bioworks, an American biotech company, to engineer four enzymes for the biocatalysts in Merck's active pharmaceutical manufacturing efforts.</li><li>It continues to advance its programs across its wide cardiovascular pipeline, which includes its Factor XI inhibitor.</li></ul>

Merck & Co delivered a decent financial performace surpassing the Wall Street expectations in terms of revenues as well as earnings, with sustained momentum across its key growth drivers and steady progress in its pipeline.They collaborated with Ginkgo Bioworks, an American biotech company, to engineer four enzymes for the biocatalysts in Merck's active pharmaceutical manufacturing efforts.It continues to advance its programs across its wide cardiovascular pipeline, which includes its Factor XI inhibitor.

Merck & Co: Biocatalysis Update & The Ginkgo Bioworks Collaboration

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/moderna-inc" target="_blank" data-smartkarma-citation="entities:28744:1" rel="noopener">Moderna Inc (MRNA US)</a> reported Q3 revenue of $3.36 billion, below expectation, representing y/y decline of 35% and q/q decrease of 31%, due to lower sales volume of COVID-19 vaccine.</li>
<li>Management now expects 2022 vaccine revenue of $18–19 billion, down earlier expectation of $21 billion, following delay of certain deliveries into 2023 due to short-term supply constraints.  </li>
<li>With the continued higher medical burden of COVID relative to flu, Moderna expects the endemic COVID vaccine market could be as large or larger than flu market volumes over time.</li>
</ul>



Moderna Inc (MRNA US) reported Q3 revenue of $3.36 billion, below expectation, representing y/y decline of 35% and q/q decrease of 31%, due to lower sales volume of COVID-19 vaccine.
Management now expects 2022 vaccine revenue of $18–19 billion, down earlier expectation of $21 billion, following delay of certain deliveries into 2023 due to short-term supply constraints.  
With the continued higher medical burden of COVID relative to flu, Moderna expects the endemic COVID vaccine market could be as large or larger than flu market volumes over time.


Moderna (MRNA US): Q3 Result Misses Expectations; Guidance Slashed As COVID Vax Shipment Deferred

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>We compare how a portfolio composed of our top five picks in each of our thematic reports based on datamining technical publications would have performed versus Indices</li>
<li>The size of outperformance for various periods suggests that incorporating innovation quality index that we use to rank companies can be a solid tool to generate alpha.   </li>
<li>We understand that much of the outperformance is generated by positive skew but even backing out the largest two contributors we see solid outperformance.</li>
</ul>


We compare how a portfolio composed of our top five picks in each of our thematic reports based on datamining technical publications would have performed versus Indices
The size of outperformance for various periods suggests that incorporating innovation quality index that we use to rank companies can be a solid tool to generate alpha.   
We understand that much of the outperformance is generated by positive skew but even backing out the largest two contributors we see solid outperformance.


A Look at How a Portfolio Composed of Our Top Five Innovators in Each Report Would Have Performed

<ul><li>Merck continues to perform pretty well in the last quarter and delivered another all-around beat while continuing to bid on long-term growth.</li><li>During the quarter, it achieved robust bottom and top-line growth and has made some additional vital clinical advancements in its pipelines.</li><li>The animal health business of Merck also delivered strong performances as sales increased, driven by growth in both companion animal products and livestock.</li></ul>

Merck continues to perform pretty well in the last quarter and delivered another all-around beat while continuing to bid on long-term growth.During the quarter, it achieved robust bottom and top-line growth and has made some additional vital clinical advancements in its pipelines.The animal health business of Merck also delivered strong performances as sales increased, driven by growth in both companion animal products and livestock.

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>Next, domestic policy may shift from easing the pressure on medical insurance to focusing on the concerns about people's livelihood, the pressure of public opinion, people's demands, and old-age care.</li>
<li>The endogenous demand will be stepped downward based on current economic situation. The performance/valuation of HPV vaccine/growth hormones/eye care companies will gradually decline if just based on domestic markets.</li>
<li>The second half of 2022 to 2023 will gradually enter the outbreak period of medical equipment procurement for newly built hospitals. Related companies will usher in a "honeymoon period".</li>
</ul>


Next, domestic policy may shift from easing the pressure on medical insurance to focusing on the concerns about people's livelihood, the pressure of public opinion, people's demands, and old-age care.
The endogenous demand will be stepped downward based on current economic situation. The performance/valuation of HPV vaccine/growth hormones/eye care companies will gradually decline if just based on domestic markets.
The second half of 2022 to 2023 will gradually enter the outbreak period of medical equipment procurement for newly built hospitals. Related companies will usher in a "honeymoon period".


China Healthcare Weekly (Aug.26) - Policy Trend, Aier Eye Hospital, Hospital Project Construction

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: Biocatalysis Update & The Ginkgo Bioworks Collaboration

Merck & Co delivered a decent financial performace surpassing the Wall Street expectations in terms of revenues as well as earnings, with...

Baptista Research

Moderna (MRNA US): Q3 Result Misses Expectations; Guidance Slashed As COVID Vax Shipment Deferred

Moderna’s Q3 result missed expectations. The company has cut 2022 vaccine revenue guidance. Multiple data readouts for respiratory and cancer...

Tina Banerjee

A Look at How a Portfolio Composed of Our Top Five Innovators in Each Report Would Have Performed

Our datamining reports ranks companies within thematic based on innovation quality. We see strong outperformance in a portfolio built using the top...

Pyari Menon

Merck Inc.: Keytruda & Other Drivers

Merck continues to perform pretty well in the last quarter and delivered another all-around beat while continuing to bid on long-term...

Baptista Research

China Healthcare Weekly (Aug.26) - Policy Trend, Aier Eye Hospital, Hospital Project Construction

Policy may shift from easing medical insurance pressure to improving people's livelihood. Low endogenous demand will affect company's valuation....

Xinyao (Criss) Wang

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