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 Capital Markets

<ul><li>Pfizer had a phenomenal 2021 given the upside of the Covid-19 vaccine and medication.</li><li>An estimated 1.4 billion patients have been reached by the company with its vaccines and medicines.</li><li>The company is increasing its investments in Covid-19 medication, Paxlovid and widening its distribution.</li></ul>

Pfizer had a phenomenal 2021 given the upside of the Covid-19 vaccine and medication.An estimated 1.4 billion patients have been reached by the company with its vaccines and medicines.The company is increasing its investments in Covid-19 medication, Paxlovid and widening its distribution.

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Genor Biopharma Holdings  / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jhbp-cy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29201:1" rel="noopener">JHBP (Genor) (6998 HK)</a> received approval in China for its first commercial drug, GB242, a biosimilar to Remicade (infliximab). Approved indications have an addressable patient population of 10 million.</li>
<li>The company is also expected to obtain marketing approval for its drug candidate for the treatment of relapsed and refractory peripheral T-cell lymphoma (PTCL) in China this year.</li>
<li>In-Licensed GB491 (lerociclib) has entered in two phase 3 clinical trials for first and second-line treatments of breast cancer. NDA for GB491 is expected to be filed in 2023.</li>
</ul>



JHBP (Genor) (6998 HK) received approval in China for its first commercial drug, GB242, a biosimilar to Remicade (infliximab). Approved indications have an addressable patient population of 10 million.
The company is also expected to obtain marketing approval for its drug candidate for the treatment of relapsed and refractory peripheral T-cell lymphoma (PTCL) in China this year.
In-Licensed GB491 (lerociclib) has entered in two phase 3 clinical trials for first and second-line treatments of breast cancer. NDA for GB491 is expected to be filed in 2023.


Genor Biopharma (6998 HK): First Product Approved in China; Late-Stage Pipeline Entails Visibility

Thematic (Sector/Industry)

<ul>
<li>Over the last one month, the U.S. healthcare sector remained mostly resilient to the inflation risk and gained 7.1% outperforming S&amp;P 500 index’s gain of 5%.  </li>
<li>Sound financials, high revenue visibility, low or no debt, and cash rich position are some of the reasons for the outperformance.</li>
<li>In this insight, we have handpicked top-quality healthcare sector bets from the S&amp;P 500 index and discussed about their growth stories.</li>
</ul>


Over the last one month, the U.S. healthcare sector remained mostly resilient to the inflation risk and gained 7.1% outperforming S&amp;P 500 index’s gain of 5%.  
Sound financials, high revenue visibility, low or no debt, and cash rich position are some of the reasons for the outperformance.
In this insight, we have handpicked top-quality healthcare sector bets from the S&amp;P 500 index and discussed about their growth stories.


U.S. Healthcare Sector: Ride Out Market Turmoil with High-Quality Large-Cap Ideas

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

US Treasury (10 Yr Generic) / Technical Analysis

<ul>
<li>We have discussed our expectations for rising rates for quite some time, but the 10-year yield is now testing 40-year downtrend resistance which comes in at 2.80-2.82%.</li>
<li>If there was ever a time for interest rates to move lower, this is where it needs to happen -- and it would be fitting, considering extremely bearish bond sentiment.</li>
<li>On the other hand, if the 10-year Treasury is above 2.82% we see a secular reversal where rising rates would be the new normal</li>
</ul>


We have discussed our expectations for rising rates for quite some time, but the 10-year yield is now testing 40-year downtrend resistance which comes in at 2.80-2.82%.
If there was ever a time for interest rates to move lower, this is where it needs to happen -- and it would be fitting, considering extremely bearish bond sentiment.
On the other hand, if the 10-year Treasury is above 2.82% we see a secular reversal where rising rates would be the new normal


10-Year Treasury Yield Testing 40-Year Resistance; Upgrading Health Care to Overweight

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bnc-korea-co-ltd" target="_blank" data-smartkarma-citation="entities:34785:1" rel="noopener">BNC Korea (256840 KS),</a> with its partnered COVID-19 pill will be a late entrant in the space, as two more COVID-19 pills are already approved in South Korea.</li>
<li>The company reported operating loss of KRW11 billion in 2021 and 99% of its export comes from Russia and CIS countries.</li>
<li>Since my bearish note published on the company in October 2021, shares have declined 50%. I am still not upbeat on the growth prospect of the company.</li>
</ul>



BNC Korea (256840 KS), with its partnered COVID-19 pill will be a late entrant in the space, as two more COVID-19 pills are already approved in South Korea.
The company reported operating loss of KRW11 billion in 2021 and 99% of its export comes from Russia and CIS countries.
Since my bearish note published on the company in October 2021, shares have declined 50%. I am still not upbeat on the growth prospect of the company.


BNC Korea (256840 KS): Late Mover in COVID Pill; 2021 Operating Loss and Russia Exposure Add to Woe

United States

Pfizer Inc. operates as a pharmaceutical company. The Company offers medicines, vaccines, medical devices, and consumer healthcare products for oncology, inflammation, cardiovascular, and other therapeutic areas. Pfizer serves customers worldwide.

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Pfizer (PFE UN)

Pfizer Inc.: The Biohaven Acquisition

Pfizer had a phenomenal 2021 given the upside of the Covid-19 vaccine and medication. An estimated 1.4 billion patients have been reached by the...

Baptista Research

Genor Biopharma (6998 HK): First Product Approved in China; Late-Stage Pipeline Entails Visibility

Genor obtained marketing approval for its first product in China, one more is expected this year. Commercial execution remains the key near-term...

Tina Banerjee

U.S. Healthcare Sector: Ride Out Market Turmoil with High-Quality Large-Cap Ideas

Healthcare sector is expected to remain resilient to the inflation worry and outperform broader market in near-term. This insight highlights top...

Tina Banerjee

10-Year Treasury Yield Testing 40-Year Resistance; Upgrading Health Care to Overweight

10-year Treas yield $TNX is now testing 40-year downtrend resistance at 2.8-2.82%. If interest rates are to move lower, now would be the time,...

Vermilion Research

BNC Korea (256840 KS): Late Mover in COVID Pill; 2021 Operating Loss and Russia Exposure Add to Woe

I am still bearish on the company as its partnered COVID-19 pill will be a late entrant in the market. Moreover, its huge dependence on Russia for...

Tina Banerjee

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