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 Bottom-Up

<ul><li>This is our first report on animal health pharma major, Zoetis.</li><li>Despite the world's volatile external environment and economic unpredictability, Zoetis has performed well from a financial standpoint given to its varied durable portfolio and global reach.</li><li>It delivered a 5% operating revenue increase in Q3, which reflected a decent yet below-par performance across its range of innovation-driven companion animal products, particularly in its overseas markets.</li></ul>

This is our first report on animal health pharma major, Zoetis.Despite the world's volatile external environment and economic unpredictability, Zoetis has performed well from a financial standpoint given to its varied durable portfolio and global reach.It delivered a 5% operating revenue increase in Q3, which reflected a decent yet below-par performance across its range of innovation-driven companion animal products, particularly in its overseas markets.

Zoetis Inc.: Initiation of Coverage – The Jurox Acquisition & Key Drivers

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bionote-inc" target="_blank" data-smartkarma-citation="entities:36446:1" rel="noopener">Bionote (377740 KS)</a> raised US$72.2m in its Korean IPO. The IPO had consisted of both a primary and secondary selldown.</li>
<li>Bionote is an integrated producer of diagnostics test products and biocontent products. </li>
<li>In this note, we will talk about the demand for the deal and other trading dynamics.</li>
</ul>



Bionote (377740 KS) raised US$72.2m in its Korean IPO. The IPO had consisted of both a primary and secondary selldown.
Bionote is an integrated producer of diagnostics test products and biocontent products. 
In this note, we will talk about the demand for the deal and other trading dynamics.


Bionote IPO Trading - Weakest Demand Even After Cutting Price and Size

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<li>
<a href="https://www.smartkarma.com/entities/bionote-inc" target="_blank" data-smartkarma-citation="entities:36446:1" rel="noopener">Bionote (377740 KS)</a> is looking to raise approximately US$200m in its Korean IPO. The IPO would consist of both a primary and secondary selldown.</li>
<li>Bionote is an integrated producer of diagnostics test products and biocontent products. Based on its unique recombinant antigen and antibody manufacturing technology, the firm researches and develops diagnostic reagent products. </li>
<li>In this note, we look at peers and undertake a peer comparison.</li>
</ul>



Bionote (377740 KS) is looking to raise approximately US$200m in its Korean IPO. The IPO would consist of both a primary and secondary selldown.
Bionote is an integrated producer of diagnostics test products and biocontent products. Based on its unique recombinant antigen and antibody manufacturing technology, the firm researches and develops diagnostic reagent products. 
In this note, we look at peers and undertake a peer comparison.


Bionote Pre-IPO Peer Comp - Larger Segment Leads in Margins, but Trend Could Be Reversing

Global Healthcare Analyst

Tina Banerjee

Dechra Pharmaceuticals / Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/dechra-pharmaceuticals-plc" target="_blank" data-smartkarma-citation="entities:21908:1" rel="noopener">Dechra Pharmaceuticals (DPH LN)</a> shares corrected around 25% from its recent peak of GBX5,150 in late December, due to general market apathy toward high multiple stocks.</li>
<li>Despite the extraordinary levels experienced in the prior year, Dechra maintained its double-digit revenue growth and reported constant currency revenue growth of 15% y/y for H1FY22.</li>
<li>Long-Term fundamental growth story remains intact for Dechra. The company has also forayed into a new and niche therapy area through acquisition of one drug this year.</li>
</ul>



Dechra Pharmaceuticals (DPH LN) shares corrected around 25% from its recent peak of GBX5,150 in late December, due to general market apathy toward high multiple stocks.
Despite the extraordinary levels experienced in the prior year, Dechra maintained its double-digit revenue growth and reported constant currency revenue growth of 15% y/y for H1FY22.
Long-Term fundamental growth story remains intact for Dechra. The company has also forayed into a new and niche therapy area through acquisition of one drug this year.


Dechra Pharmaceuticals (DPH LN): Recent Sell-Off Is a Buying Opportunity; Fundamentals Remain Intact

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<li>
<a href="https://www.smartkarma.com/entities/dechra-pharmaceuticals-plc" target="_blank" data-smartkarma-citation="entities:21908:1" rel="noopener">Dechra Pharmaceuticals (DPH LN)</a> is a leading global specialty veterinary pharmaceuticals company, with the primary focus on companion animals (dogs and cats).</li>
<li>On October 21, the company released strong Q1 trading update, as Dechra continued to outperform the sector and benefit from secular growth in the companion animal market.</li>
<li>Dechra, with the highest revenue exposure to companion animals, will continue to benefit from the favorable pet market dynamics including continued increased spending on pets and growing pet ownership.</li>
</ul>



Dechra Pharmaceuticals (DPH LN) is a leading global specialty veterinary pharmaceuticals company, with the primary focus on companion animals (dogs and cats).
On October 21, the company released strong Q1 trading update, as Dechra continued to outperform the sector and benefit from secular growth in the companion animal market.
Dechra, with the highest revenue exposure to companion animals, will continue to benefit from the favorable pet market dynamics including continued increased spending on pets and growing pet ownership.


Dechra Pharmaceuticals (DPH LN): A High-Quality Idea in Companion Animal Healthcare Space

United States

Zoetis Inc. discovers, develops, manufactures, and commercializes animal health medicines and vaccines, with a focus on both livestock and companion animals. The Company markets its products in North America, Europe, Africa, Asia, Australia, and Latin America.

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Zoetis (ZTS UN)

Zoetis Inc.: Initiation of Coverage – The Jurox Acquisition & Key Drivers

This is our first report on animal health pharma major, Zoetis. Despite the world's volatile external environment and economic unpredictability,...

Baptista Research

Bionote IPO Trading - Weakest Demand Even After Cutting Price and Size

Bionote (377740 KS) raised US$72.2m in its Korean IPO. In this note, we will talk about the demand for the deal and other trading dynamics.

Clarence Chu

Bionote Pre-IPO Peer Comp - Larger Segment Leads in Margins, but Trend Could Be Reversing

Bionote is looking to raise approximately US$200m in its Korean IPO. The IPO would consist of both a primary and secondary selldown. In this note,...

Clarence Chu

Dechra Pharmaceuticals (DPH LN): Recent Sell-Off Is a Buying Opportunity; Fundamentals Remain Intact

Dechra continued to report mid-teens revenue growth, albeit on a higher base. The company has forayed into a new therapeutic area through the...

Tina Banerjee

Dechra Pharmaceuticals (DPH LN): A High-Quality Idea in Companion Animal Healthcare Space

Dechra Pharmaceuticals is a leading global specialty veterinary pharmaceuticals company. The company should continue to benefit from the favorable...

Tina Banerjee

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