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 first quarter of 2024 appeared to be promising, with a noticeable shift in operations.</li><li>Hasbro's CEO, Chris Cocks, emphasized the company's refocused approach, with initiatives aimed toward improving licensing, innovation, and operational efficiency.</li><li>The company's Q1 results showed a healthier balance sheet, a leaner cost structure, and an improved inventory position.</li></ul>

Hasbro's first quarter of 2024 appeared to be promising, with a noticeable shift in operations.Hasbro's CEO, Chris Cocks, emphasized the company's refocused approach, with initiatives aimed toward improving licensing, innovation, and operational efficiency.The company's Q1 results showed a healthier balance sheet, a leaner cost structure, and an improved inventory position.

Hasbro Inc.: A Story Of Operational Excellence Benefits and Modern Marketing Strategies! - Major Drivers

<ul><li>Hasbro Inc.</li><li>concluded its fourth quarter and 2023 full-year earnings report with a focus on the positive effects of the company's refocusing strategy and a cautious outlook for 2024.</li><li>Chris Cocks, the CEO, outlined the recent strategies of Hasbro, which centered on their philosophy of fewer, bigger, better, leading to a reduction in SKUs and an emphasis on high-impact products.</li></ul>

Hasbro Inc.concluded its fourth quarter and 2023 full-year earnings report with a focus on the positive effects of the company's refocusing strategy and a cautious outlook for 2024.Chris Cocks, the CEO, outlined the recent strategies of Hasbro, which centered on their philosophy of fewer, bigger, better, leading to a reduction in SKUs and an emphasis on high-impact products.

Hasbro Inc: Increased Utility of Tabletop & Expansion Into Video Games Space & 5 Other Major Drivers! - Financial Forecasts

<ul><li>This is our first report on Hasbro, one of the most valuable brands in the toy and gaming industry.</li><li>Hasbro mentioned notable growth in Wizards and Digital, direct-to-consumer momentum, and share gains in key categories, cementing that the company is far-reaching in implementing its objectives.</li><li>Elsewhere, it aims to return consumer products to growth by hitting its 2025 goal of gross savings between $250million and $300million earlier than anticipated.</li></ul>

This is our first report on Hasbro, one of the most valuable brands in the toy and gaming industry.Hasbro mentioned notable growth in Wizards and Digital, direct-to-consumer momentum, and share gains in key categories, cementing that the company is far-reaching in implementing its objectives.Elsewhere, it aims to return consumer products to growth by hitting its 2025 goal of gross savings between $250million and $300million earlier than anticipated.

Hasbro Inc: Initiation of Coverage - Digital Domination: How Its Game-Changing Strategies Are Setting the Stage for Growth! - Major Drivers

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>Based in Hong Kong, Dream International is one of the largest toy manufacturers in the world. It specializes on plush stuffed toys and plastic figures. </li>
<li>Despite the global toys markets going into destocking cycle, the company has generated significant growth in operating profit in the past year driven by strong demand for plush stuffed toys.</li>
<li>If we assume a moderate 20% YoY increase in dividends in 2023, this would imply DPS of HKD 0.48 and this would suggest a dividend yield of 12.7% current prices. </li>
</ul>


Based in Hong Kong, Dream International is one of the largest toy manufacturers in the world. It specializes on plush stuffed toys and plastic figures. 
Despite the global toys markets going into destocking cycle, the company has generated significant growth in operating profit in the past year driven by strong demand for plush stuffed toys.
If we assume a moderate 20% YoY increase in dividends in 2023, this would imply DPS of HKD 0.48 and this would suggest a dividend yield of 12.7% current prices. 


IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/pop-mart-international-group-limited" target="_blank" data-smartkarma-citation="entities:29016:1" rel="noopener">POP MART (POP HK)</a> is the largest and fastest-growing pop toy company in China, as measured by revenue in 2019 and revenue growth from 2017 to 2019, respectively, according to Frost &amp; Sullivan. Pop Mart will commence trading on Friday, 11 December. Pop Mart priced its IPO at HK$38.50 and <a href="http://www.aastocks.com/en/stocks/news/aafn-con/NOW.1062357/ipo-news" target="_blank" rel="noopener">opened 82% higher</a> at HK$70.00 in the grey market and last stood at $70.00.</p></div><div><p>In <a href="https://www.smartkarma.com/insights/pop-mart-international-ipo-creditable-performance-in-tough-times" target="_blank" data-smartkarma-citation="insights:45653" rel="noopener">Pop Mart International IPO: Creditable Performance in Tough Times</a> we noted that the 1H20 results demonstrate that Pop Mart has navigated a tough trading environment by delivering creditable growth and margin. In <a href="https://www.smartkarma.com/insights/pop-mart-international-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:45956" rel="noopener">Pop Mart International IPO: Valuation Insights</a>, we noted that IPO price range is attractive.</p></div><div><div><div class="content-highlight"><p>Our base-case DCF derived price target of HK$43.06 per share. As DCF-based target prices are subject to a wide range of variability, we present a sensitivity table to help investors gauge where target prices could head. Our DCF sensitivity analysis shows that the IPO price continues to provide good upside potential. </p></div></div></div>

POP MART (POP HK) is the largest and fastest-growing pop toy company in China, as measured by revenue in 2019 and revenue growth from 2017 to 2019, respectively, according to Frost &amp; Sullivan. Pop Mart will commence trading on Friday, 11 December. Pop Mart priced its IPO at HK$38.50 and opened 82% higher at HK$70.00 in the grey market and last stood at $70.00.In Pop Mart International IPO: Creditable Performance in Tough Times we noted that the 1H20 results demonstrate that Pop Mart has navigated a tough trading environment by delivering creditable growth and margin. In Pop Mart International IPO: Valuation Insights, we noted that IPO price range is attractive.Our base-case DCF derived price target of HK$43.06 per share. As DCF-based target prices are subject to a wide range of variability, we present a sensitivity table to help investors gauge where target prices could head. Our DCF sensitivity analysis shows that the IPO price continues to provide good upside potential. 

Pop Mart International IPO: Trading Debut

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.: A Story Of Operational Excellence Benefits and Modern Marketing Strategies! - Major Drivers

Hasbro's first quarter of 2024 appeared to be promising, with a noticeable shift in operations. Hasbro's CEO, Chris Cocks, emphasized the...

Baptista Research

Hasbro Inc: Increased Utility of Tabletop & Expansion Into Video Games Space & 5 Other Major Drivers! - Financial Forecasts

Hasbro Inc. concluded its fourth quarter and 2023 full-year earnings report with a focus on the positive effects of the company's refocusing...

Baptista Research

Hasbro Inc: Initiation of Coverage - Digital Domination: How Its Game-Changing Strategies Are Setting the Stage for Growth! - Major Drivers

This is our first report on Hasbro, one of the most valuable brands in the toy and gaming industry. Hasbro mentioned notable growth in Wizards and...

Baptista Research

Asian Dividend Gems: Dream International

Based in Hong Kong, Dream International is one of the largest toy manufacturers in the world. It specializes on plush stuffed toys and plastic...

Douglas Kim

Pop Mart International IPO: Trading Debut

Pop Mart priced its IPO at HK$38.50 and opened 82% higher at HK$70.00 in the grey market. Our DCF sensitivity analysis shows that the IPO price...

Arun George

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