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 delivered an outstanding second quarter and generated 10% operational revenue growth compared to the same quarter of 2020.</li><li>The company is awaiting FDA approval after submitting the late-stage trial data on the Covid-19 vaccine for children between 5-11 years of age so this is expected to continue being a driver for revenue growth.</li><li>Pfizer’s global biosimilars business has also been a major growth driver and it saw revenues increase by 88% to $559 million.</li></ul>

Pfizer delivered an outstanding second quarter and generated 10% operational revenue growth compared to the same quarter of 2020.The company is awaiting FDA approval after submitting the late-stage trial data on the Covid-19 vaccine for children between 5-11 years of age so this is expected to continue being a driver for revenue growth.Pfizer’s global biosimilars business has also been a major growth driver and it saw revenues increase by 88% to $559 million.

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<p>Crowds at the workplace have started to come back, and vaccination centers are empty, both indicating that the vaccination drive has reached its peak and while outbreak cases are springing up, the Multi Ministry Task Force of the Singapore government has not issued a cautious note for a lockdown again or preference to work-from-home. </p>
<p>At SGD 1.6/share, Comfortdelgro's share price is still 20% away from the lows in 2018 and 37% away from the pre-COVID-19 level. The recent earnings indicated that it has reached slightly more than 50% of the pre-COVID-19 level and with the reopening on scheduled, it is almost certain that the company's net earnings can go back to the pre-COVID-19 level. The bigger question is when- will it be another quarter or another half year?</p>
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<p>For the long term, bargain hunters long-term investors, and at the risk of sounding like a broken record, <a href="https://www.smartkarma.com/entities/comfortdelgro-corp-ltd" target="_blank" data-smartkarma-citation="entities:497:1" rel="noopener">Comfortdelgro Corp (CD SP)</a> provides the best exposure for ground transport reopening theme especially when Singapore's vaccination rate is one of the highest globally. </p>
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Crowds at the workplace have started to come back, and vaccination centers are empty, both indicating that the vaccination drive has reached its peak and while outbreak cases are springing up, the Multi Ministry Task Force of the Singapore government has not issued a cautious note for a lockdown again or preference to work-from-home. 
At SGD 1.6/share, Comfortdelgro's share price is still 20% away from the lows in 2018 and 37% away from the pre-COVID-19 level. The recent earnings indicated that it has reached slightly more than 50% of the pre-COVID-19 level and with the reopening on scheduled, it is almost certain that the company's net earnings can go back to the pre-COVID-19 level. The bigger question is when- will it be another quarter or another half year?

For the long term, bargain hunters long-term investors, and at the risk of sounding like a broken record, Comfortdelgro Corp (CD SP) provides the best exposure for ground transport reopening theme especially when Singapore's vaccination rate is one of the highest globally. 


<ul><li>Pfizer is one of the largest pharmaceutical companies in the world by market capitalization and has gained a lot of steam over the past few quarters given its success on the Covid-19 vaccine front.</li><li>The company should continue to have a positive 2021 on account of the success of these drugs coupled with the robust demand for its Covid-19 vaccine which is expected to be sustainable in the long term.</li><li>The company has a strong pipeline in oncology as well as Covid-19 and deserves a 'Hold' rating.</li></ul>

Pfizer is one of the largest pharmaceutical companies in the world by market capitalization and has gained a lot of steam over the past few quarters given its success on the Covid-19 vaccine front.The company should continue to have a positive 2021 on account of the success of these drugs coupled with the robust demand for its Covid-19 vaccine which is expected to be sustainable in the long term.The company has a strong pipeline in oncology as well as Covid-19 and deserves a 'Hold' rating.

Pfizer Inc. - Financial & Price Forecasts

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Betta Pharmaceuticals   / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/betta-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:25883:1" rel="noopener">Betta Pharmaceuticals (300558 CH)</a> is a biopharma company in China focused on the development, manufacture and commercialization of innovative therapies. Betta’s drug pipeline consists of two marketed therapies, five late clinical-stage or NDA-stage candidates, and more than twenty early clinical- and preclinical-stage candidates that address critical therapeutic targets. </p><p>Betta listed its A Shares on the Shenzhen Stock Exchange in 2016 raising net proceeds of RMB657.35 million. In December 2020, Betta raised RMB995.4 million through a placing of 10.1 million A Shares. Betta is pre-marketing an H Share listing to raise $800 million, according to press reports. </p><div class="content-highlight"><p>Despite efforts at diversification, Betta is highly dependent on a single product, <em>icotinib</em>, which was launched in 2011. The recent commercial launch of <em>ensartinib</em> will provide revenue diversification and a new growth engine. However, <em>icotinib</em> continues to face challenges and it will take some time for <em>ensartinib</em> to post meaningful market share gains (post-NRDL inclusion at the end of 2021). In combination with the weak underlying margin and cash generation, we are inclined to give this listing a pass.  </p></div>

Betta Pharmaceuticals (300558 CH) is a biopharma company in China focused on the development, manufacture and commercialization of innovative therapies. Betta’s drug pipeline consists of two marketed therapies, five late clinical-stage or NDA-stage candidates, and more than twenty early clinical- and preclinical-stage candidates that address critical therapeutic targets. Betta listed its A Shares on the Shenzhen Stock Exchange in 2016 raising net proceeds of RMB657.35 million. In December 2020, Betta raised RMB995.4 million through a placing of 10.1 million A Shares. Betta is pre-marketing an H Share listing to raise $800 million, according to press reports. Despite efforts at diversification, Betta is highly dependent on a single product, icotinib, which was launched in 2011. The recent commercial launch of ensartinib will provide revenue diversification and a new growth engine. However, icotinib continues to face challenges and it will take some time for ensartinib to post meaningful market share gains (post-NRDL inclusion at the end of 2021). In combination with the weak underlying margin and cash generation, we are inclined to give this listing a pass.  

Betta Pharmaceuticals IPO Initiation: One Step Forward, One Step Back

<p>Due to the worsening COVID-19 conditions in Thailand, investors may sell off Airport of Thailand's share in the coming months although the long-term prospect remains solid; global inoculation is on the way and governments around the world keep tinkering with the travel bubble that helps to provide more ideas on how to restart travel, mainly in safe entry and quarantine protocols. </p>
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<p><strong>Therefore, investors should take advantage of the potential sell-off in <a href="https://www.smartkarma.com/entities/airports-of-thailand-pcl" target="_blank" data-smartkarma-citation="entities:239:1" rel="noopener">Airports of Thailand (AOT TB)</a> to add and should benefit later when travel recovers. Third Wave is a Charm.</strong></p>
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Due to the worsening COVID-19 conditions in Thailand, investors may sell off Airport of Thailand's share in the coming months although the long-term prospect remains solid; global inoculation is on the way and governments around the world keep tinkering with the travel bubble that helps to provide more ideas on how to restart travel, mainly in safe entry and quarantine protocols. 

Therefore, investors should take advantage of the potential sell-off in Airports of Thailand (AOT TB) to add and should benefit later when travel recovers. Third Wave is a Charm.


Airport of Thailand (AOT): 3rd Wave Is a Charm

United States

Pfizer Inc. is a research-based, global pharmaceutical company that discovers, develops, manufactures, and markets medicines for humans and animals.  The Company's products include prescription pharmaceuticals, non-prescription self-medications, and animal health products such as anti-infective medicines and vaccines.

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Pfizer Inc (PFE US)

Pfizer Inc. - Investment Thesis

Pfizer delivered an outstanding second quarter and generated 10% operational revenue growth compared to the same quarter of 2020. The company is...

Baptista Research

Comfortdelgro (CD): On-The-Ground Survey

it is almost certain that the company's net earnings can go back to pre-COVID-19 level; the question is when? Will it take another quarter or...

Henry Soediarko

Pfizer Inc. - Financial & Price Forecasts

Pfizer is one of the largest pharmaceutical companies in the world by market capitalization and has gained a lot of steam over the past few...

Baptista Research

Betta Pharmaceuticals IPO Initiation: One Step Forward, One Step Back

Betta is pre-marketing an H Share listing to raise $800 million, according to press reports. Overall, we think that Betta faces several challenges...

Arun George

Airport of Thailand (AOT): 3rd Wave Is a Charm

The sell off AOT soon due to worsening conditions in the third wave of the COVID-19 outbreak.Investors should take advantage of the sell-off in...

Henry Soediarko

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