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. reported solid results for the second quarter of 2026, supported by broad growth across its key franchises and business segments.</li><li>Consolidated net revenue rose 16% year-over-year to $1.14 billion, driven primarily by the Wizards of the Coast segment and ongoing momentum in Consumer Products.</li><li>Adjusted operating profit increased 14% to $282 million, with an adjusted margin slightly down by 40 basis points, partly due to a $56 million noncash impairment related to a strategic narrowing of its digital gaming portfolio.</li></ul>

Hasbro Inc. reported solid results for the second quarter of 2026, supported by broad growth across its key franchises and business segments.Consolidated net revenue rose 16% year-over-year to $1.14 billion, driven primarily by the Wizards of the Coast segment and ongoing momentum in Consumer Products.Adjusted operating profit increased 14% to $282 million, with an adjusted margin slightly down by 40 basis points, partly due to a $56 million noncash impairment related to a strategic narrowing of its digital gaming portfolio.

Hasbro Inc.’s Magic Powerhouse Fuels 16% Growth And A Raised Outlook!

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

<ul><li>Hasbro is no longer just asking consumers to buy toys, cards, board games, or movie-linked merchandise.</li><li>It is now preparing for a world where its characters can talk back, react in real time, and potentially live inside theme parks, games, audiobooks, robots, and interactive stories.</li><li>The company’s new AI studio, Sixth Wall, is designed to bring familiar names like Mr. Potato Head, Cobra Commander, Optimus Prime, Megatron, and Clue-style characters into AI-powered experiences while trying to protect their voices, personalities, canon, and safety boundaries.</li></ul>

Hasbro is no longer just asking consumers to buy toys, cards, board games, or movie-linked merchandise.It is now preparing for a world where its characters can talk back, react in real time, and potentially live inside theme parks, games, audiobooks, robots, and interactive stories.The company’s new AI studio, Sixth Wall, is designed to bring familiar names like Mr. Potato Head, Cobra Commander, Optimus Prime, Megatron, and Clue-style characters into AI-powered experiences while trying to protect their voices, personalities, canon, and safety boundaries.

Hasbro Just Made Your Childhood Toys AI-Powered — Exciting Or Creepy?

<ul><li>Hasbro’s results show a company moving from restructuring into measured growth, supported by strong momentum in Wizards of the Coast, improved profitability, cost discipline, and a broader partnership pipeline.</li><li>Revenue grew 31% in the fourth quarter to $1.5 billion, while adjusted operating profit rose 180% to $315 million.</li><li>For the full year, revenue increased 14% to $4.7 billion, adjusted operating profit rose 36% to $1.1 billion, and adjusted operating margin reached 24.2%, reflecting favorable mix, productivity savings, and the increasing weight of higher-margin gaming revenue.</li></ul>

Hasbro’s results show a company moving from restructuring into measured growth, supported by strong momentum in Wizards of the Coast, improved profitability, cost discipline, and a broader partnership pipeline.Revenue grew 31% in the fourth quarter to $1.5 billion, while adjusted operating profit rose 180% to $315 million.For the full year, revenue increased 14% to $4.7 billion, adjusted operating profit rose 36% to $1.1 billion, and adjusted operating margin reached 24.2%, reflecting favorable mix, productivity savings, and the increasing weight of higher-margin gaming revenue.

Hasbro: Wizards Of The Coast Faces Mid-Single-Digit Growth After An 86% Quarter!

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.’s Magic Powerhouse Fuels 16% Growth And A Raised Outlook!

Hasbro Inc. reported solid results for the second quarter of 2026, supported by broad growth across its key franchises and business...

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

Hasbro Just Made Your Childhood Toys AI-Powered — Exciting Or Creepy?

Hasbro is no longer just asking consumers to buy toys, cards, board games, or movie-linked merchandise. It is now preparing for a world where its...

Baptista Research

Hasbro: Wizards Of The Coast Faces Mid-Single-Digit Growth After An 86% Quarter!

Hasbro’s results show a company moving from restructuring into measured growth, supported by strong momentum in Wizards of the Coast, improved...

Baptista Research

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