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 Inc. recently concluded its fourth-quarter and full-year 2024 earnings presentation, reporting on both achievements and challenges faced by the company.</li><li>Notably, Hasbro's diversified revenue streams, led by its Wizards of the Coast and Digital Games segment, underscore key factors in the company’s operational dynamics.</li><li>While Hasbro achieved some significant financial milestones, certain segments faced headwinds, leading to mixed outcomes overall.</li></ul>

Hasbro Inc. recently concluded its fourth-quarter and full-year 2024 earnings presentation, reporting on both achievements and challenges faced by the company.Notably, Hasbro's diversified revenue streams, led by its Wizards of the Coast and Digital Games segment, underscore key factors in the company’s operational dynamics.While Hasbro achieved some significant financial milestones, certain segments faced headwinds, leading to mixed outcomes overall.

Hasbro Inc.: Expansion in Self-Published Video Games to Drive Sustainable Long-Term Profitability!

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

<ul>
<li>We met with the management of <a href="https://www.smartkarma.com/entities/dream-international-ltd" target="_blank" data-smartkarma-citation="entities:15783:1" rel="noopener">Dream International (1126 HK)</a> in Hong Kong. The company is riding a hectic phase with its Vietnam operations running at full capacity.</li>
<li>Management is evaluating capacity expansion in Indonesia and Vietnam for plastic and plush toy production serving China, targeting an aggregate capacity increase of approximately 20–30% to meet demand.</li>
<li>The stock has pulled back and trades at 8.9x PE, 5.1 EV-EBITDA, with a 6.2% dividend yield and 21% of the market capitalization in cash, and 10 Yr-Avg ROCE ~20%. </li>
</ul>


We met with the management of Dream International (1126 HK) in Hong Kong. The company is riding a hectic phase with its Vietnam operations running at full capacity.
Management is evaluating capacity expansion in Indonesia and Vietnam for plastic and plush toy production serving China, targeting an aggregate capacity increase of approximately 20–30% to meet demand.
The stock has pulled back and trades at 8.9x PE, 5.1 EV-EBITDA, with a 6.2% dividend yield and 21% of the market capitalization in cash, and 10 Yr-Avg ROCE ~20%. 


Dream International (1126 HK): Postcard From Hong Kong, October 2025

<ul>
<li>We believe that toymakers are experiencing a bubble like rally led by <a href="https://www.smartkarma.com/entities/pop-mart-international-group-l" target="_blank" data-smartkarma-citation="entities:29016:1" rel="noopener">Pop Mart International Group L (9992 HK) </a>and <a href="https://www.smartkarma.com/entities/hasbro-inc" target="_blank" data-smartkarma-citation="entities:18204:1" rel="noopener">Hasbro Inc (HAS US)</a> which raised forecasts recently. </li>
<li>
<a href="https://www.smartkarma.com/entities/dream-international-ltd" target="_blank" data-smartkarma-citation="entities:15783:1" rel="noopener">Dream International (1126 HK)</a> has returned &gt;200% since liberation day tariffs were declared on April 2nd 2025 and now trades at 12.7x trailing earnings (vs 3.7x when we initiated). </li>
<li>
<strong> "Never look a gift horse in the mouth" !</strong> .We would take some money off the table here as toy stocks go through periods of cyclicality due restocking/destocking.</li>
</ul>


We believe that toymakers are experiencing a bubble like rally led by Pop Mart International Group L (9992 HK) and Hasbro Inc (HAS US) which raised forecasts recently. 

Dream International (1126 HK) has returned &gt;200% since liberation day tariffs were declared on April 2nd 2025 and now trades at 12.7x trailing earnings (vs 3.7x when we initiated). 

 "Never look a gift horse in the mouth" ! .We would take some money off the table here as toy stocks go through periods of cyclicality due restocking/destocking.


Dream International (1126 HK): Riding the Popmart Bubble

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 Buy rating, projections and $75 price target for Build-A-Bear Workshop with the company announcing 3QFY25 (October) results before the open on Thursday, December 4th.</li><li>We believe the company remains poised for strong 3Q results, and we believe Build-A-Bear remain one of the best situated retail plays for the Holiday season, with multiple potential upside drivers.</li><li>As such, and with BBW now down over 35% from its 52-week-high, we view the risk/reward in BBW, trading at 11.3X our FY26 EPS, as compelling and reiterate our Buy rating and $75 price target.</li></ul>

We are reiterating our Buy rating, projections and $75 price target for Build-A-Bear Workshop with the company announcing 3QFY25 (October) results before the open on Thursday, December 4th.We believe the company remains poised for strong 3Q results, and we believe Build-A-Bear remain one of the best situated retail plays for the Holiday season, with multiple potential upside drivers.As such, and with BBW now down over 35% from its 52-week-high, we view the risk/reward in BBW, trading at 11.3X our FY26 EPS, as compelling and reiterate our Buy rating and $75 price target.

BBW; 3Q Preview: Showing Why They Are Different; Reiterate Buy, $75 PT

<ul><li>We are reiterating our Buy rating, projections and $75 price target for Build-A-Bear Workshop after visiting stores in Long Island and Connecticut.</li><li>After a strong Halloween, the company has fully pivoted to the Holiday season, with an increased emphasis on Giant "furry friends," the launch of Holiday-specific Sanrio characters, a new 10th anniversary limited edition Glisten and more costumes, Mini Beans and "furry friends" (including axolotls and Giant dogs) to satisfy whatever gifting needs you have for the Holiday season.</li><li>Further, the company is also expanding what is still a relatively small Black Friday season offering.</li></ul>

We are reiterating our Buy rating, projections and $75 price target for Build-A-Bear Workshop after visiting stores in Long Island and Connecticut.After a strong Halloween, the company has fully pivoted to the Holiday season, with an increased emphasis on Giant "furry friends," the launch of Holiday-specific Sanrio characters, a new 10th anniversary limited edition Glisten and more costumes, Mini Beans and "furry friends" (including axolotls and Giant dogs) to satisfy whatever gifting needs you have for the Holiday season.Further, the company is also expanding what is still a relatively small Black Friday season offering.

BBW: Snapping the Store: Glisten's 10th, Holiday Shines; Reiterate Buy, $75 PT

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)

Hasbro Inc.: Expansion in Self-Published Video Games to Drive Sustainable Long-Term Profitability!

Hasbro Inc. recently concluded its fourth-quarter and full-year 2024 earnings presentation, reporting on both achievements and challenges faced by...

Baptista Research

Dream International (1126 HK): Postcard From Hong Kong, October 2025

Meeting summary with the Dream International (1126 HK) management in Hong Kong. Recent share pullback values stock at ~8.9x P/E with a ~6.2%...

Sameer Taneja

Dream International (1126 HK): Riding the Popmart Bubble

We try to make sense of the recent rally in Dream International (1126 HK). The stock has been on a tear and is up over 200% since liberation day...

Sameer Taneja

BBW; 3Q Preview: Showing Why They Are Different; Reiterate Buy, $75 PT

We are reiterating our Buy rating, projections and $75 price target for Build-A-Bear Workshop with the company announcing 3QFY25 (October) results...

Small Cap Consumer Research

BBW: Snapping the Store: Glisten's 10th, Holiday Shines; Reiterate Buy, $75 PT

We are reiterating our Buy rating, projections and $75 price target for Build-A-Bear Workshop after visiting stores in Long Island and...

Small Cap Consumer Research

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