Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

<ul>
<li>Bloks Group shares returned ~47% for IPO investors as of today, trailing the HSI’s 30% gain. The stock peaked at HK$190+ and fell ~55% over the following four months.</li>
<li>Shares saw pressure after lockup restrictions expired in July. Until this month, the lockup provision had prevented the majority shareholder and other early investors from selling their shares. </li>
<li>The company’s revenue grew ~28% YoY in the first half of 2025, raising potential concerns of continued slowdown in sales of assembly character toys. Expect stock underperformance to continue.</li>
</ul>


Bloks Group shares returned ~47% for IPO investors as of today, trailing the HSI’s 30% gain. The stock peaked at HK$190+ and fell ~55% over the following four months.
Shares saw pressure after lockup restrictions expired in July. Until this month, the lockup provision had prevented the majority shareholder and other early investors from selling their shares. 
The company’s revenue grew ~28% YoY in the first half of 2025, raising potential concerns of continued slowdown in sales of assembly character toys. Expect stock underperformance to continue.


Bloks Group (0325.HK): Stock Premium Is Not Justified, Growth Has Slowed, ~30% Downside

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.

<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!

<ul><li>Hasbro performed well in the first quarter of 2025, driven primarily by the success of its Wizards of the Coast and Digital Gaming segments.</li><li>The company reported a 17% increase in revenue, reaching $887 million, largely fueled by strong sales from the MAGIC: THE GATHERING franchise and robust licensing performance.</li><li>Key strategic initiatives, such as the "Play to Win" strategy, reinforced cost discipline and emphasized profitable growth, contributing to a 50% rise in adjusted operating profit, which resulted in a 70% increase in adjusted earnings per share to $1.04.</li></ul>

Hasbro performed well in the first quarter of 2025, driven primarily by the success of its Wizards of the Coast and Digital Gaming segments.The company reported a 17% increase in revenue, reaching $887 million, largely fueled by strong sales from the MAGIC: THE GATHERING franchise and robust licensing performance.Key strategic initiatives, such as the "Play to Win" strategy, reinforced cost discipline and emphasized profitable growth, contributing to a 50% rise in adjusted operating profit, which resulted in a 70% increase in adjusted earnings per share to $1.04.

Hasbro Inc.: Supply Chain Optimization & Diversification & 4 Pivotal Factors Driving Growth!

<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!

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/bloks-group" target="_blank" data-smartkarma-citation="entities:43648:1" rel="noopener">Bloks Group (1850960D CH)</a> is looking to raise US$187m in its Hong Kong IPO.</li>
<li>Bloks Groups (Bloks) operates in the toy segment where it primarily assembles character and brick-based toys.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Bloks Group (1850960D CH) is looking to raise US$187m in its Hong Kong IPO.
Bloks Groups (Bloks) operates in the toy segment where it primarily assembles character and brick-based toys.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Bloks Group IPO Trading - Strongest HK IPO Demand in Recent Years

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)

Bloks Group (0325.HK): Stock Premium Is Not Justified, Growth Has Slowed, ~30% Downside

Bloks Group shares significantly underperformed over the last four months as IPO lockup expired and growth slowed in 2025. However, the stock...

Andrei Zakharov

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

Hasbro Inc.: Supply Chain Optimization & Diversification & 4 Pivotal Factors Driving Growth!

Hasbro performed well in the first quarter of 2025, driven primarily by the success of its Wizards of the Coast and Digital Gaming segments. The...

Baptista Research

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

Bloks Group IPO Trading - Strongest HK IPO Demand in Recent Years

Bloks Group (1850960D CH) is looking to raise US$187m in its Hong Kong IPO. In this note, we will talk about the demand and trading dynamics.

Clarence Chu

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Bloks Group (0325.HK): Stock Premium Is Not Justified, Growth Has Slowed, ~30% Downside

​Bloks Group shares significantly underperformed over the last four months as IPO lockup expired and growth slowed in 2025. However, the stock...

Andrei Zakharov

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

Hasbro Inc.: Supply Chain Optimization & Diversification & 4 Pivotal Factors Driving Growth!

Hasbro performed well in the first quarter of 2025, driven primarily by the success of its Wizards of the Coast and Digital Gaming segments. The...

Baptista Research

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

Bloks Group IPO Trading - Strongest HK IPO Demand in Recent Years

Bloks Group (1850960D CH) is looking to raise US$187m in its Hong Kong IPO. In this note, we will talk about the demand and trading dynamics.

Clarence Chu

Bloks Group shares significantly underperformed over the last four months as IPO lockup expired and growth slowed in 2025. However, the stock...