Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/takara-bio-inc" target="_blank" data-smartkarma-citation="entities:10766:1" rel="noopener">Takara Bio Inc (4974 JP)</a> is anticipating 32% YoY decline in revenue to ¥53B in FY24. Both operating and net profits are expected to decline more than 60% YoY in FY24.</li>
<li>The company has formulated the medium-term management plan 2026 for the three-year period ending in FY26, with the final-year quantitative targets being operating profit of ¥15 billion and ROE 8%.</li>
<li>Considering Takara Bio’s FY24 operating profit guidance of ¥8B, FY26 target seems to be aggressive and difficult to achieve.</li>
</ul>



Takara Bio Inc (4974 JP) is anticipating 32% YoY decline in revenue to ¥53B in FY24. Both operating and net profits are expected to decline more than 60% YoY in FY24.
The company has formulated the medium-term management plan 2026 for the three-year period ending in FY26, with the final-year quantitative targets being operating profit of ¥15 billion and ROE 8%.
Considering Takara Bio’s FY24 operating profit guidance of ¥8B, FY26 target seems to be aggressive and difficult to achieve.


Takara Bio (4974 JP): Corona Cliff Set to Jeopardize FY24 Financial; Formulated FY26 Management Plan

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>Waters Corporation delivered a disappointing set of results as the company was unable to meet the revenue expectations as well as earnings expectations of Wall Street.</li><li>Waters Corporation continues to invest in high-growth adjacencies and has a pending acquisition of Wyatt.</li><li>Waters Corporation is focused on managing the challenges and maintaining its growth trajectory, emphasizing customer needs and market opportunities.</li></ul>

Waters Corporation delivered a disappointing set of results as the company was unable to meet the revenue expectations as well as earnings expectations of Wall Street.Waters Corporation continues to invest in high-growth adjacencies and has a pending acquisition of Wyatt.Waters Corporation is focused on managing the challenges and maintaining its growth trajectory, emphasizing customer needs and market opportunities.

Waters Corporation: Can It Weather the Storm in China? – Key Drivers

Esco Lifesciences Group / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/esco-lifesciences-group" target="_blank" data-smartkarma-citation="entities:36570:1" rel="noopener">Esco Lifesciences Group (1891571D SP)</a>, a profitable lifesciences tool provider with a global presence, is looking to raise $300M in its upcoming HK IPO.  </li>
<li>The company clocked revenue of S$117M in 2019, which steadily rose to S$155M in 2020 and S$172M in 2021, representing CAGR of 21%, outpacing lifesciences equipment market growth of 10%.</li>
<li>In May 2021, Esco raised $200M through series-A fund raising with investors holding nearly 24% of the shares. This puts its valuation at around $840M.</li>
</ul>



Esco Lifesciences Group (1891571D SP), a profitable lifesciences tool provider with a global presence, is looking to raise $300M in its upcoming HK IPO.  
The company clocked revenue of S$117M in 2019, which steadily rose to S$155M in 2020 and S$172M in 2021, representing CAGR of 21%, outpacing lifesciences equipment market growth of 10%.
In May 2021, Esco raised $200M through series-A fund raising with investors holding nearly 24% of the shares. This puts its valuation at around $840M.


Esco Lifesciences (1891571D SP) Pre-IPO: A Profitable Revenue Growth Saga

Credit

<ul><li>This is our first report on major lab equipment manufacturer, Waters Corporation.</li><li>Its Pharma has also had decent growth, driven by both large and small molecule applications which has been led by the European markets.</li><li>Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.</li></ul>

This is our first report on major lab equipment manufacturer, Waters Corporation.Its Pharma has also had decent growth, driven by both large and small molecule applications which has been led by the European markets.Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.

Waters Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report

<ul><li>This is our first report on major lab equipment manufacturer, Waters Corporation.</li><li>Waters' growth has also been aided by its reinvigorated portfolio and this trend is expected to continue.</li><li>We initiate coverage on the stock of Waters Corporation with a 'Hold' rating.</li></ul>

This is our first report on major lab equipment manufacturer, Waters Corporation.Waters' growth has also been aided by its reinvigorated portfolio and this trend is expected to continue.We initiate coverage on the stock of Waters Corporation with a 'Hold' rating.

Waters Corporation: Initiation of Coverage – The Wyatt Technology Acquisition & Other Drivers

United States

Waters Corporation provides high-performance liquid chromatography products and services. The Company distributes its products worldwide to a wide range of industries such as pharmaceuticals, chemicals, and environmental testing. Waters also designs, manufactures, sells, and services thermal analysis, rheometry, calorimetry instruments, and related software products.

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Waters (WAT UN)

Takara Bio (4974 JP): Corona Cliff Set to Jeopardize FY24 Financial; Formulated FY26 Management Plan

Takara Bio is anticipating 32% decline in revenue in FY24. Both operating and net profits are expected to decline 60%+ in FY24. The company aims to...

Tina Banerjee

Waters Corporation: Can It Weather the Storm in China? – Key Drivers

Waters Corporation delivered a disappointing set of results as the company was unable to meet the revenue expectations as well as earnings...

Baptista Research

Esco Lifesciences (1891571D SP) Pre-IPO: A Profitable Revenue Growth Saga

Esco Lifesciences is looking to raise $300M through HK IPO. During 2019–2021, by leveraging on demand for its products, the company recorded...

Tina Banerjee

Waters Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report

This is our first report on major lab equipment manufacturer, Waters Corporation. Its Pharma has also had decent growth, driven by both large and...

Baptista Research

Waters Corporation: Initiation of Coverage – The Wyatt Technology Acquisition & Other Drivers

This is our first report on major lab equipment manufacturer, Waters Corporation. Waters' growth has also been aided by its reinvigorated...

Baptista Research

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