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>Hasbro's third-quarter 2025 financial performance indicates a mixed but generally positive trajectory for the company.</li><li>Net revenue and operating profit increased year-over-year, driven by key brands such as Magic: The Gathering and various collaborations.</li><li>The company reported an 8% rise in net revenue, reaching $1.4 billion, and a similarly robust increase in operating profit of 8%, resulting in an adjusted operating profit margin of 25.6%.</li></ul>

Hasbro's third-quarter 2025 financial performance indicates a mixed but generally positive trajectory for the company.Net revenue and operating profit increased year-over-year, driven by key brands such as Magic: The Gathering and various collaborations.The company reported an 8% rise in net revenue, reaching $1.4 billion, and a similarly robust increase in operating profit of 8%, resulting in an adjusted operating profit margin of 25.6%.

How Hasbro Is Using Marvel, Star Trek, & The Hobbit to Supercharge Magic: The Gathering!

<ul><li>Retailers’ delayed ordering patterns and recent rush to restock in anticipation of strong year-end toy demand have placed Hasbro in a strategic position to regain lost momentum in Q4 2025.</li><li>Toy sellers had initially postponed purchases amid tariff uncertainty and uneven consumer demand, opting instead for domestic shipping and just-in-time inventory strategies.</li><li>As trade conditions stabilized and consumer appetite for toys remained solid, retailers have placed accelerated orders for holiday delivery.</li></ul>

Retailers’ delayed ordering patterns and recent rush to restock in anticipation of strong year-end toy demand have placed Hasbro in a strategic position to regain lost momentum in Q4 2025.Toy sellers had initially postponed purchases amid tariff uncertainty and uneven consumer demand, opting instead for domestic shipping and just-in-time inventory strategies.As trade conditions stabilized and consumer appetite for toys remained solid, retailers have placed accelerated orders for holiday delivery.

Hasbro Set To Crush Holiday Season With Magic: The Gathering Surge!

<ul><li>Hasbro's Q2 2025 earnings report highlighted several key areas of strength but also raised certain concerns.</li><li>The company demonstrated resilience and strategic foresight, addressing both opportunities and challenges.</li><li>On the positive side, Hasbro showed impressive performance through its Wizards of the Coast division, which includes brands like MAGIC: THE GATHERING.</li></ul>

Hasbro's Q2 2025 earnings report highlighted several key areas of strength but also raised certain concerns.The company demonstrated resilience and strategic foresight, addressing both opportunities and challenges.On the positive side, Hasbro showed impressive performance through its Wizards of the Coast division, which includes brands like MAGIC: THE GATHERING.

Hasbro’s Secret Playbook: How Strategic Partnerships Can Drive Its Near-Term Performance!

Equity Research Focusing on the Consumer Sector, Small Cap Consumer Research

Small Cap Consumer Research

Equity Research Focusing on the Consumer Sector

Small Cap Consumer Research, LLC is a leading company-sponsored equity research provider focusing on the consumer sector (apparel, brand licensing and specialty retailing segments).

<ul><li>We are reiterating our projections, Buy rating and $30 price target for JAKKS Pacific after recently meeting with company management.</li><li>With China tariff rates remaining steady, JAKKS management has been able to focus on the key drivers of their business and plan more effectively.</li><li>The company has remained active in renewing/expanding key licenses, partnering with new licensors (Hershey) and focusing on key expansion opportunities, especially internationally.</li></ul>

We are reiterating our projections, Buy rating and $30 price target for JAKKS Pacific after recently meeting with company management.With China tariff rates remaining steady, JAKKS management has been able to focus on the key drivers of their business and plan more effectively.The company has remained active in renewing/expanding key licenses, partnering with new licensors (Hershey) and focusing on key expansion opportunities, especially internationally.

JAKK: Management Meetings: Moving to the "New Normal;" Reiterate Buy, $30 PT

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

<ul>
<li>Peak IP momentum risk: Labubu (~23% of revenue) shows fading hype, with resale prices and ex-China search interest normalizing, raising risk of faster-than-expected growth deceleration in 2026.</li>
<li>IP concentration and gap: No other IP has demonstrated Labubu-like scaling, increasing risk of an IP digestion period. Overseas expansion matures and supply normalization caps incremental demand.</li>
<li>Valuation/Expectations mismatch: At 14x 2026E P/E, valuation assumes durable IP growth; TP at HKD 100 to 105 with downgrade risk in 2H26.</li>
</ul>


Peak IP momentum risk: Labubu (~23% of revenue) shows fading hype, with resale prices and ex-China search interest normalizing, raising risk of faster-than-expected growth deceleration in 2026.
IP concentration and gap: No other IP has demonstrated Labubu-like scaling, increasing risk of an IP digestion period. Overseas expansion matures and supply normalization caps incremental demand.
Valuation/Expectations mismatch: At 14x 2026E P/E, valuation assumes durable IP growth; TP at HKD 100 to 105 with downgrade risk in 2H26.


2026 High Conviction: Sell Pop Mart Intl (9992 HK)

United States

Hasbro, Inc. designs, manufactures, and markets toys, games, interactive software, puzzles, and infant products in the United States and internationally. The Company's products include a variety of games, including traditional board, card, hand-held electronic, trading card, role-playing and DVD games, as well as electronic learning aids and puzzles as well as dolls and action figures.

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Hasbro Inc (HAS US)

How Hasbro Is Using Marvel, Star Trek, & The Hobbit to Supercharge Magic: The Gathering!

Hasbro's third-quarter 2025 financial performance indicates a mixed but generally positive trajectory for the company. Net revenue and operating...

Baptista Research

Hasbro Set To Crush Holiday Season With Magic: The Gathering Surge!

Retailers’ delayed ordering patterns and recent rush to restock in anticipation of strong year-end toy demand have placed Hasbro in a strategic...

Baptista Research

Hasbro’s Secret Playbook: How Strategic Partnerships Can Drive Its Near-Term Performance!

Hasbro's Q2 2025 earnings report highlighted several key areas of strength but also raised certain concerns. The company demonstrated resilience...

Baptista Research

JAKK: Management Meetings: Moving to the "New Normal;" Reiterate Buy, $30 PT

We are reiterating our projections, Buy rating and $30 price target for JAKKS Pacific after recently meeting with company management. With China...

Small Cap Consumer Research

2026 High Conviction: Sell Pop Mart Intl (9992 HK)

Pop Mart’s valuation assumes enduring super-IP momentum. With Labubu hype fading and no clear second growth engine, earnings risk skews to the...

Ke Yan, CFA, FRM

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