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 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

Senior Technology Analyst, Japanese Equities, LightStream Research

Scott Foster

Senior Technology Analyst, Japanese Equities

ja research

ja research is an independent research platform focused exclusively on Japanese equities. Leveraging data and graphic analysis provided by Japan Analytics, we provide insights on small and medium-sized companies that have been ignored by the sell-side as well as challenging conventional wisdom on larger companies. We also offer analyst and corporate access, the latter with translation if required. 

Equity Bottom-Up

Shimadzu had a good 2Q, with operating profit rising 14.6% year-on-year on 8.7% growth in sales in the three months to September, but most of those gains were made in Japan, where customers accelerated purchases ahead of the increase in the consumption tax in October. Sales were down 9.8% in the U.S. and down 11.1% in China. In the six months to September, sales were up only 2.0% and operating profit up 2.5%. Looking ahead, what the increase in the sales tax provided in 2Q, it is likely to take away in 2H. We expect EPS to be flat this fiscal year, falling short of management's guidance, and rise by 7% - 8% in FY Mar-21. But the share price has risen by 40% from its August low and valuations are on the high side of their 5-year ranges. In the long run, worldwide sales of analytical instruments for medical, pharmaceutical, food, industrial, environmental and other applications should continue to grow at moderate single-digit rates, providing most of the company's operating profit, while medical, aircraft and industrial equipment make smaller contributions. In the short run, this appears to be largely discounted. This note is bearish on a short-term view. Long-term investors should be able to buy at more attractive valuations.

Shimadzu had a good 2Q, with operating profit rising 14.6% year-on-year on 8.7% growth in sales in the three months to September, but most of those gains were made in Japan, where customers accelerated purchases ahead of the increase in the consumption tax in October. Sales were down 9.8% in the U.S. and down 11.1% in China. In the six months to September, sales were up only 2.0% and operating profit up 2.5%. Looking ahead, what the increase in the sales tax provided in 2Q, it is likely to take away in 2H. We expect EPS to be flat this fiscal year, falling short of management's guidance, and rise by 7% - 8% in FY Mar-21. But the share price has risen by 40% from its August low and valuations are on the high side of their 5-year ranges. In the long run, worldwide sales of analytical instruments for medical, pharmaceutical, food, industrial, environmental and other applications should continue to grow at moderate single-digit rates, providing most of the company's operating profit, while medical, aircraft and industrial equipment make smaller contributions. In the short run, this appears to be largely discounted. This note is bearish on a short-term view. Long-term investors should be able to buy at more attractive valuations.

Shimadzu (7701 JP):  Sales Jump Before Consumption Tax Increase.

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

Thematic (Sector/Industry)

While the US consumer health industry will remain a strong centre for investment, development and technology innovation in 2017 and is expected to reach US$77 billion by 2021, the election of Donald Trump has created uncertainty among the industry, government agencies and consumers, especially around regulations, local production incentives, and changes to the Affordable Care Act.

While the US consumer health industry will remain a strong centre for investment, development and technology innovation in 2017 and is expected to reach US$77 billion by 2021, the election of Donald Trump has created uncertainty among the industry, government agencies and consumers, especially around regulations, local production incentives, and changes to the Affordable Care Act.

Trump Health Effect: What Is Next for the Consumer Health Industry Under Trump's Leadership?

Asia Healthcare Analyst, Pathology Associates Limited

Dion Stéfan Büchner M.D., FCAP

Asia Healthcare Analyst

Pathology Associates Limited

AML represents one of the largest hematologic cancer populations with one of the worst survival rates. Global prevalence is expected to increase at 2015-20 CAGR of ~12% to 434,214 in 2020.The current standard of care for newly diagnosed patients is a combination of daunorubicin and cytarabine, commonly known as 7+3. However, durable remissions occur only in a minority of adult patients. Hence r/r AML remains a disease of high unmet need, especially for “elderly” patients. Treatment landscape…

AML represents one of the largest hematologic cancer populations with one of the worst survival rates. Global prevalence is expected to increase at 2015-20 CAGR of ~12% to 434,214 in 2020.The current standard of care for newly diagnosed patients is a combination of daunorubicin and cytarabine, commonly known as 7+3. However, durable remissions occur only in a minority of adult patients. Hence r/r AML remains a disease of high unmet need, especially for “elderly” patients. Treatment landscape…

Relapsed/Refractory Acute Myeloid Leukemia (R/R AML)

We reviewed data presented at the American Society of Hematology (ASH) conference in San Diego last week with a focus on the evolving treatment landscape for non-Hodgkin's lymphoma (NHL), multiple myeloma (MM), myeloadysplastic syndrome (MDS) and acute myeloid leukemia (AML).Data on several novel programs were presented; we review select companies based on our standard abstract assessment methodology. We use our proprietary ranking methodology (PRM) to rank concerned abstracts on seven criteria…

We reviewed data presented at the American Society of Hematology (ASH) conference in San Diego last week with a focus on the evolving treatment landscape for non-Hodgkin's lymphoma (NHL), multiple myeloma (MM), myeloadysplastic syndrome (MDS) and acute myeloid leukemia (AML).Data on several novel programs were presented; we review select companies based on our standard abstract assessment methodology. We use our proprietary ranking methodology (PRM) to rank concerned abstracts on seven criteria…

American Society of Hematology- (ASH) Annual Conference (2016) Review

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)

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

Shimadzu (7701 JP): Sales Jump Before Consumption Tax Increase.

Shimadzu had a good 2Q, with operating profit rising 14.6% year-on-year on 8.7% growth in sales in the three months to September, but most of those...

Scott Foster

Trump Health Effect: What Is Next for the Consumer Health Industry Under Trump's Leadership?

While the US consumer health industry will remain a strong centre for investment, development and technology innovation in 2017 and is expected to...

Euromonitor International Ltd.

Relapsed/Refractory Acute Myeloid Leukemia (R/R AML)

AML represents one of the largest hematologic cancer populations with one of the worst survival rates. Global prevalence is expected to increase at...

Dion Stéfan Büchner M.D., FCAP

American Society of Hematology- (ASH) Annual Conference (2016) Review

We reviewed data presented at the American Society of Hematology (ASH) conference in San Diego last week with a focus on the evolving treatment...

Dion Stéfan Büchner M.D., FCAP

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