Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>The three companies we write about this week are <a href="https://www.smartkarma.com/entities/tata-consultancy-svcs-ltd" target="_blank" data-smartkarma-citation="entities:18708:1" rel="noopener">Tata Consultancy Svcs (TCS IN)</a> , <a href="https://www.smartkarma.com/entities/lg-chem-ltd" target="_blank" data-smartkarma-citation="entities:3583:1" rel="noopener">LG Chem Ltd (051910 KS)</a> and <a href="https://www.smartkarma.com/entities/cj-cheiljedang-corp" target="_blank" data-smartkarma-citation="entities:1970:1" rel="noopener">CJ Cheiljedang (097950 KS)</a>   </li>
<li>For the nineteen weeks since inception ended 31 March the combined innovation portfolio was +2.4%, versus DJIA -1.4%, S&amp;P500 +3.6%, Nasdaq +9.7%, Russell2000 -2.6%, MSCI-ACWI-ETF +4.9%, all in US$ terms</li>
<li>For the nineteen since inception ended 31 March the small cap portfolio was up 8.0%, the mid cap portfolio was up 3.2% and the large cap portfolio was up 2.1%</li>
</ul>


The three companies we write about this week are Tata Consultancy Svcs (TCS IN) , LG Chem Ltd (051910 KS) and CJ Cheiljedang (097950 KS)   
For the nineteen weeks since inception ended 31 March the combined innovation portfolio was +2.4%, versus DJIA -1.4%, S&amp;P500 +3.6%, Nasdaq +9.7%, Russell2000 -2.6%, MSCI-ACWI-ETF +4.9%, all in US$ terms
For the nineteen since inception ended 31 March the small cap portfolio was up 8.0%, the mid cap portfolio was up 3.2% and the large cap portfolio was up 2.1%


The Innovations Portfolios - Week Nineteen

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

Vertex Pharmaceuticals / Equity Capital Markets

<ul><li>Vertex Pharmaceuticals ended the year on a strong note, with full-year global CF product revenue rising 18% from 2021.</li><li>Their mid- and late-stage clinical pipeline holds the opportunity to provide patients across 8 disease areas with potentially transformative impact.</li><li>The management forecast for product revenue for the entire 2023 fiscal year is $9.55 billion to $9.7 billion, which, after factoring in an estimated 1.5% FX headwind, represents 7% to 9% growth year over year.</li></ul>

Vertex Pharmaceuticals ended the year on a strong note, with full-year global CF product revenue rising 18% from 2021.Their mid- and late-stage clinical pipeline holds the opportunity to provide patients across 8 disease areas with potentially transformative impact.The management forecast for product revenue for the entire 2023 fiscal year is $9.55 billion to $9.7 billion, which, after factoring in an estimated 1.5% FX headwind, represents 7% to 9% growth year over year.

Vertex Pharmaceuticals: Launch Of First CRISPR Gene Editing Therapy & Other Developments

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Vertex Pharmaceuticals / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vertex-pharmaceuticals-inc" target="_blank" data-smartkarma-citation="entities:4864:1" rel="noopener">Vertex Pharmaceuticals (VRTX US)</a> reported mixed 4Q22 results. Revenue grew 11% YoY to $2.30B, in-line with expectations. Adjusted EPS surged 25% YoY to $3.76, 7% ahead of consensus.</li>
<li>Revenue was driven by the strong uptake of Trikafta/Kaftrio in multiple countries internationally and continued performance of Trikafta in the U.S. Trikafta/Kaftrio revenue grew 19% YoY to $2.02B.</li>
<li>Vertex guided for 2023 revenue of $9.55–9.70B (+7–9%), with the low end matching current consensus. The company aims to launch five new products over the next five years.</li>
</ul>



Vertex Pharmaceuticals (VRTX US) reported mixed 4Q22 results. Revenue grew 11% YoY to $2.30B, in-line with expectations. Adjusted EPS surged 25% YoY to $3.76, 7% ahead of consensus.
Revenue was driven by the strong uptake of Trikafta/Kaftrio in multiple countries internationally and continued performance of Trikafta in the U.S. Trikafta/Kaftrio revenue grew 19% YoY to $2.02B.
Vertex guided for 2023 revenue of $9.55–9.70B (+7–9%), with the low end matching current consensus. The company aims to launch five new products over the next five years.


Vertex Pharmaceuticals (VRTX US): Mixed 4Q22 Results; Upbeat 2023 Guidance

<ul>
<li>The three companies we write about this week are ASML Holding NV (ASML US) , Bayer AG (BAYN GY)  and Gentex Corp (GNTX US)</li>
<li>We included ChatGPT's innovation assessment for the three companies in the report. The qualitative commentary of ChatGPT though fluffy does somewhat reflect our quantitative assessment from technical literature.</li>
<li>For the nine weeks since inception ended 20 Jan the combined innovation portfolio was +3.5%, versus DJIA -1.1%, S&amp;P500 +0.2%, Nasdaq -0.1%, Russell2000 +1.0%, MSCI-ACWI-ETF +3.1%, all in US$ terms</li>
</ul>


The three companies we write about this week are ASML Holding NV (ASML US) , Bayer AG (BAYN GY)  and Gentex Corp (GNTX US)
We included ChatGPT's innovation assessment for the three companies in the report. The qualitative commentary of ChatGPT though fluffy does somewhat reflect our quantitative assessment from technical literature.
For the nine weeks since inception ended 20 Jan the combined innovation portfolio was +3.5%, versus DJIA -1.1%, S&amp;P500 +0.2%, Nasdaq -0.1%, Russell2000 +1.0%, MSCI-ACWI-ETF +3.1%, all in US$ terms


<ul>
<li>We again write about one stock each from the large, mid and small cap portfolios, briefly giving the reasons behind their inclusion.</li>
<li>The three companies we write about this week are <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a> , <a href="https://www.smartkarma.com/entities/schlumberger-ltd" target="_blank" data-smartkarma-citation="entities:20625:1" rel="noopener">Schlumberger Ltd (SLB US)</a> and <a href="https://www.smartkarma.com/entities/whirlpool-corp" target="_blank" data-smartkarma-citation="entities:1538:1" rel="noopener">Whirlpool Corp (WHR US)</a> 
</li>
<li>For the six weeks ended 30 Dec the combined innovation portfolio was -1.7, versus DJIA -1.8%, S&amp;P500 -3.2%, Nasdaq -6.1% &amp; MSCI-ACWI-ETF -2.4%, all in US$ terms</li>
</ul>


We again write about one stock each from the large, mid and small cap portfolios, briefly giving the reasons behind their inclusion.
The three companies we write about this week are Samsung Electronics (005930 KS) , Schlumberger Ltd (SLB US) and Whirlpool Corp (WHR US) 

For the six weeks ended 30 Dec the combined innovation portfolio was -1.7, versus DJIA -1.8%, S&amp;P500 -3.2%, Nasdaq -6.1% &amp; MSCI-ACWI-ETF -2.4%, all in US$ terms


United States

Vertex Pharmaceuticals Incorporated discovers, develops, and commercializes novel, small molecule pharmaceuticals for the treatment of diseases for which there are currently limited or no effective treatments.  The Company develops drugs for the treatment of cystic fibrosis, autoimmune diseases, cancer, inflammatory bowel disease, and neurological disorders.

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Vertex Pharmaceuticals (VRTX US)

The Innovations Portfolios - Week Nineteen

For the nineteen since inception ended 31 March the innovation small cap portfolio was up 8.0%, the innovation mid cap portfolio was up 3.2% and...

Pyari Menon

Vertex Pharmaceuticals: Launch Of First CRISPR Gene Editing Therapy & Other Developments

Vertex Pharmaceuticals ended the year on a strong note, with full-year global CF product revenue rising 18% from 2021. Their mid- and late-stage...

Baptista Research