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>This is our first report on an IQVIA Holdings, an international player providing services to the clinical research and health information technology sectors.</li><li>IQVIA expanded access to clinical research.</li><li>We initiate coverage on the stock of IQVIA Holdings Inc. with a 'Buy' rating.</li></ul>

This is our first report on an IQVIA Holdings, an international player providing services to the clinical research and health information technology sectors.IQVIA expanded access to clinical research.We initiate coverage on the stock of IQVIA Holdings Inc. with a 'Buy' rating.

IQVIA Holdings Inc.: Initiation of Coverage – Recent Acquisitions & Key Drivers

Credit

<ul><li>IQVIA Holdings is an global healthcare-tech major providing services to the clinical research and health information technology sectors.</li><li>In partnership with Tasso, they have launched the first self-collection safety lab panel for clinical trial participants in the United States, enhancing their decentralized clinical trial capabilities.</li><li>Our focus is on analyzing the financial strength and the debt servicing capability of the company and the analysis does not differentiate among debt instruments.</li></ul>

IQVIA Holdings is an global healthcare-tech major providing services to the clinical research and health information technology sectors.In partnership with Tasso, they have launched the first self-collection safety lab panel for clinical trial participants in the United States, enhancing their decentralized clinical trial capabilities.Our focus is on analyzing the financial strength and the debt servicing capability of the company and the analysis does not differentiate among debt instruments.

IQVIA Holdings Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

Global Healthcare Analyst

Tina Banerjee

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

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Novotech Holdings / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/novotech-health-holdings-ltd" target="_blank" data-smartkarma-citation="entities:33411:1" rel="noopener">Novotech Holdings (NVT HK)</a> is an Asia-Pacific biotech-focused CRO that provides clinical research services for customers from Phase I to Phase IV trials across multiple countries in the Asia-Pacific region including Greater China, South Korea and Australia/New Zealand. In our previous insight on Novotech Health’s IPO, we examined the company’s business model, revenue, margins and the outlook for the company.</p><p>In this insight, we provide our forecasts for the company’s financials and what could be a potential valuation for Novotech.</p>

Novotech Holdings (NVT HK) is an Asia-Pacific biotech-focused CRO that provides clinical research services for customers from Phase I to Phase IV trials across multiple countries in the Asia-Pacific region including Greater China, South Korea and Australia/New Zealand. In our previous insight on Novotech Health’s IPO, we examined the company’s business model, revenue, margins and the outlook for the company.In this insight, we provide our forecasts for the company’s financials and what could be a potential valuation for Novotech.

Novotech Health IPO: Forecasts, Peer Comparison and Thoughts on Valuation

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.

<div><p><a href="https://www.smartkarma.com/entities/novotech-health-holdings-ltd" target="_blank" data-smartkarma-citation="entities:33411:1" rel="noopener">Novotech Holdings (NVT HK)</a> is a global contract research organisation (CRO). Novotech is the third-largest Asia-Pacific-based CRO and the largest biotech-specialist CRO in the Asia-Pacific region, both in terms of revenue in 2020, according to Frost &amp; Sullivan. The controlling shareholder is TPG and the other shareholders include GIC, Kaiser Foundation Hospitals and Sequoia Capital. Novotech has started pre-marketing an HKEx IPO to raise $0.5-1.0 billion, according to press reports.</p></div><div>
<div><p>In <a href="https://www.smartkarma.com/insights/novotech-health-ipo-initiation-on-demand-science" target="_blank" data-smartkarma-citation="insights:57198" rel="noopener">Novotech Health IPO Initiation: On-Demand Science</a>, we noted that, unlike other H-listed CRO peers, Novotech gives investors an avenue to gain exposure to the broader Asia-Pacific CRO industry. We concluded that Novotech’s fundamentals are solid and the IPO is worth a look for investors willing to brave the current weak sentiment on HKEx IPOs. </p></div>
<div><div><p>In <a href="https://www.smartkarma.com/insights/novotech-health-ipo-a-solid-start-to-2021" target="_blank" data-smartkarma-citation="insights:57255" rel="noopener">Novotech Health IPO: A Solid Start to 2021</a>, we examined the PHIP which discloses the 1Q21 results along with additional disclosures and recent developments. Overall, we maintained our view that the fundamentals look attractive. </p></div></div>
</div><div><div><div class="content-highlight"><p>In this note, we present our forecasts and take the first look at Novotech's potential valuation range. </p></div></div></div>

Novotech Holdings (NVT HK) is a global contract research organisation (CRO). Novotech is the third-largest Asia-Pacific-based CRO and the largest biotech-specialist CRO in the Asia-Pacific region, both in terms of revenue in 2020, according to Frost &amp; Sullivan. The controlling shareholder is TPG and the other shareholders include GIC, Kaiser Foundation Hospitals and Sequoia Capital. Novotech has started pre-marketing an HKEx IPO to raise $0.5-1.0 billion, according to press reports.
In Novotech Health IPO Initiation: On-Demand Science, we noted that, unlike other H-listed CRO peers, Novotech gives investors an avenue to gain exposure to the broader Asia-Pacific CRO industry. We concluded that Novotech’s fundamentals are solid and the IPO is worth a look for investors willing to brave the current weak sentiment on HKEx IPOs. 
In Novotech Health IPO: A Solid Start to 2021, we examined the PHIP which discloses the 1Q21 results along with additional disclosures and recent developments. Overall, we maintained our view that the fundamentals look attractive. 
In this note, we present our forecasts and take the first look at Novotech's potential valuation range. 

Novotech Health IPO: Valuation First-Look

United States

IQVIA Holdings Inc. focuses on technology solutions and contract research services. The Company offers a broad range of solutions which includes clinical development strategies, therapeutic expertise, predictive and prescriptive analytics, and patient retention services. IQVIA Holdings serves consumer health, biopharma, and medical technology industries globally.

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Iqvia Holdings (IQV US)

IQVIA Holdings Inc.: Initiation of Coverage – Recent Acquisitions & Key Drivers

This is our first report on an IQVIA Holdings, an international player providing services to the clinical research and health information...

Baptista Research

IQVIA Holdings Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

IQVIA Holdings is an global healthcare-tech major providing services to the clinical research and health information technology sectors. In...

Baptista Research

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

Novotech Health IPO: Forecasts, Peer Comparison and Thoughts on Valuation

Novotech Health is an Asia-Pacific biotech-focused CRO and in this insight, we provide our forecasts for the company’s financials and what could be...

Shifara Samsudeen, ACMA, CGMA

Novotech Health IPO: Valuation First-Look

Novotech is pre-marketing an HKEx IPO to raise $0.5-1.0 billion. In this note, we present our forecasts and take the first look at Novotech's...

Arun George

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