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>TAL Education Group's recent fiscal 2026 second-quarter earnings report presents a nuanced picture of the company's financial and strategic performance, marked by significant achievements and persistent challenges.</li><li>The company reported a strong increase in net revenues, which reached USD 861.4 million, indicating a 39.1% year-over-year growth in U.S. dollar terms.</li><li>This growth was driven by the expansion of both offline Peiyou programs and online enrichment offerings, demonstrating TAL’s efforts to enhance its learning services.</li></ul>

TAL Education Group's recent fiscal 2026 second-quarter earnings report presents a nuanced picture of the company's financial and strategic performance, marked by significant achievements and persistent challenges.The company reported a strong increase in net revenues, which reached USD 861.4 million, indicating a 39.1% year-over-year growth in U.S. dollar terms.This growth was driven by the expansion of both offline Peiyou programs and online enrichment offerings, demonstrating TAL’s efforts to enhance its learning services.

TAL Education: Expansion of Offline Learning Centers For A Competitive Edge!

<ul><li>TAL Education Group reported robust financial performance for the first quarter of fiscal year 2026, showcasing significant revenue growth while managing to improve operational efficiency.</li><li>The company recorded net revenues of $575 million, marking a 38.8% increase year-over-year, with a notable rise in gross margin from 51.7% to 54.9%.</li><li>Operating income improved significantly with TAL turning a previous operating loss into a profit of $14.3 million, demonstrating enhanced operational leverage and cost management.</li></ul>

TAL Education Group reported robust financial performance for the first quarter of fiscal year 2026, showcasing significant revenue growth while managing to improve operational efficiency.The company recorded net revenues of $575 million, marking a 38.8% increase year-over-year, with a notable rise in gross margin from 51.7% to 54.9%.Operating income improved significantly with TAL turning a previous operating loss into a profit of $14.3 million, demonstrating enhanced operational leverage and cost management.

TAL Education Group: What Is The Expected Impact Of AI-Powered Content & Learning Tools?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

Event-Driven

<ul>
<li>PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.</li>
<li>The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.</li>
<li>In this note, we'll talk about the latest developments, possible outcomes and implications.</li>
</ul>


PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.
The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.
In this note, we'll talk about the latest developments, possible outcomes and implications.


China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

<ul><li>TAL Education Group's latest quarter and fiscal year performance presents a mixed picture, with notable expansions alongside challenges in profitability.</li><li>Key areas such as Learning Services and Content Solutions have shown significant revenue growth, demonstrating the company’s efforts to broaden its educational offerings.</li><li>In fiscal 2025, TAL Education Group recorded a considerable increase in net revenues, reaching USD 2.3 billion, a 51% rise from the previous year.</li></ul>

TAL Education Group's latest quarter and fiscal year performance presents a mixed picture, with notable expansions alongside challenges in profitability.Key areas such as Learning Services and Content Solutions have shown significant revenue growth, demonstrating the company’s efforts to broaden its educational offerings.In fiscal 2025, TAL Education Group recorded a considerable increase in net revenues, reaching USD 2.3 billion, a 51% rise from the previous year.

TAL Education Group: Innovation in Learning Devices

<ul><li>TAL Education Group reported strong financial performance for its third quarter of fiscal year 2025, showcasing a marked year-over-year revenue growth of 62.4% in USD terms to $606.4 million.</li><li>This growth is primarily attributed to its various learning services and products, including traditional in-person classes and newer digital platforms and devices.</li><li>Notably, the Peiyou Small Class Enrichment programs emerged as a significant contributor, thanks to growing customer acceptance and demand for enrichment learning.</li></ul>

TAL Education Group reported strong financial performance for its third quarter of fiscal year 2025, showcasing a marked year-over-year revenue growth of 62.4% in USD terms to $606.4 million.This growth is primarily attributed to its various learning services and products, including traditional in-person classes and newer digital platforms and devices.Notably, the Peiyou Small Class Enrichment programs emerged as a significant contributor, thanks to growing customer acceptance and demand for enrichment learning.

TAL Education Group: Expansion of Enrichment Learning Programs Driving Our Bullishness! - Major Drivers

China

TAL Education Group provides educational services. The Company offers comprehensive tutoring services to students covering core academic subjects such as mathematics, English, Chinese, physics, chemistry, political science, history, and biology. TAL Education Group serves students in China.

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TAL Education (TAL US)

TAL Education: Expansion of Offline Learning Centers For A Competitive Edge!

TAL Education Group's recent fiscal 2026 second-quarter earnings report presents a nuanced picture of the company's financial and strategic...

Baptista Research

TAL Education Group: What Is The Expected Impact Of AI-Powered Content & Learning Tools?

TAL Education Group reported robust financial performance for the first quarter of fiscal year 2026, showcasing significant revenue growth while...

Baptista Research

China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US...

Sumeet Singh

TAL Education Group: Innovation in Learning Devices

TAL Education Group's latest quarter and fiscal year performance presents a mixed picture, with notable expansions alongside challenges in...

Baptista Research

TAL Education Group: Expansion of Enrichment Learning Programs Driving Our Bullishness! - Major Drivers

TAL Education Group reported strong financial performance for its third quarter of fiscal year 2025, showcasing a marked year-over-year revenue...

Baptista Research

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