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>The third quarter financial results for Mattel, Inc. highlight several dynamics affecting the company's performance and prospective outlook.</li><li>Although the company faced challenges in the U.S. market due to industry-wide shifts in retailer ordering patterns, consumer demand for Mattel's products increased across all regions, including the U.S., leading to growth in international gross billings.</li><li>The company's gross margin remained robust, exceeding 50%, reflecting operational efficiency.</li></ul>

The third quarter financial results for Mattel, Inc. highlight several dynamics affecting the company's performance and prospective outlook.Although the company faced challenges in the U.S. market due to industry-wide shifts in retailer ordering patterns, consumer demand for Mattel's products increased across all regions, including the U.S., leading to growth in international gross billings.The company's gross margin remained robust, exceeding 50%, reflecting operational efficiency.

Mattel’s Franchise Expansion Frenzy: Can New Movie Tie-Ins Supercharge Its Brand Empire?

<ul><li>Mattel, Inc. reported its second quarter 2025 financial results, showcasing a mixed performance characterized by specific strengths and challenges.</li><li>Overall, net sales decreased by 6% as compared to the previous year, both in reported terms and constant currency.</li><li>However, the company demonstrated operational efficiency by expanding its adjusted gross margin by 200 basis points to 51.2% and maintaining its adjusted earnings per share at $0.19, consistent with the last year.</li></ul>

Mattel, Inc. reported its second quarter 2025 financial results, showcasing a mixed performance characterized by specific strengths and challenges.Overall, net sales decreased by 6% as compared to the previous year, both in reported terms and constant currency.However, the company demonstrated operational efficiency by expanding its adjusted gross margin by 200 basis points to 51.2% and maintaining its adjusted earnings per share at $0.19, consistent with the last year.

Mattel Expands Into New Categories—Could Brick Shop Be the Next Big Hit?

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)

<ul><li>Mattel, Inc.'s first-quarter financial results for 2025 presented a cautiously mixed picture, reflecting both strategic operational measures and the broader economic uncertainties impacting the toy industry.</li><li>The company achieved a 2% increase in net sales year-over-year, translating to a 4% growth in constant currency.</li><li>This rise was accompanied by a 130 basis point improvement in adjusted gross margin to 49.6%, and adjusted EBITDA growth of 7% to $57 million.</li></ul>

Mattel, Inc.'s first-quarter financial results for 2025 presented a cautiously mixed picture, reflecting both strategic operational measures and the broader economic uncertainties impacting the toy industry.The company achieved a 2% increase in net sales year-over-year, translating to a 4% growth in constant currency.This rise was accompanied by a 130 basis point improvement in adjusted gross margin to 49.6%, and adjusted EBITDA growth of 7% to $57 million.

Mattel Inc.: Expansion of Product & Entertainment Offerings Can Foster A Dynamic Product Ecosystem!

<ul><li>Mattel, Inc. reported its fourth quarter and full-year 2024 financial results, showcasing a balanced mix of achievements and challenges.</li><li>The company managed to execute its multiyear strategy effectively, focusing on profit growth, margin expansion, and cash flow generation.</li><li>For the full year, Mattel saw a minor decline in net sales by 0.5% in constant currency, but managed to increase adjusted gross margin by 340 basis points.</li></ul>

Mattel, Inc. reported its fourth quarter and full-year 2024 financial results, showcasing a balanced mix of achievements and challenges.The company managed to execute its multiyear strategy effectively, focusing on profit growth, margin expansion, and cash flow generation.For the full year, Mattel saw a minor decline in net sales by 0.5% in constant currency, but managed to increase adjusted gross margin by 340 basis points.

Mattel Inc.: Leveraging Product Portfolios & Partnerships To Fortify Market Position!

United States

Mattel, Inc. designs, manufactures, and markets a broad variety of children's toy products on a worldwide basis.  The Company sells its products to retailers and directly to consumers.  Mattel's products include branded fashion dolls, infant and preschool products, toy cars, and electrical vehicles, among others.

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Mattel Inc (MAT US)

Mattel’s Franchise Expansion Frenzy: Can New Movie Tie-Ins Supercharge Its Brand Empire?

The third quarter financial results for Mattel, Inc. highlight several dynamics affecting the company's performance and prospective...

Baptista Research

Mattel Expands Into New Categories—Could Brick Shop Be the Next Big Hit?

Mattel, Inc. reported its second quarter 2025 financial results, showcasing a mixed performance characterized by specific strengths and...

Baptista 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

Mattel Inc.: Expansion of Product & Entertainment Offerings Can Foster A Dynamic Product Ecosystem!

Mattel, Inc.'s first-quarter financial results for 2025 presented a cautiously mixed picture, reflecting both strategic operational measures and...

Baptista Research

Mattel Inc.: Leveraging Product Portfolios & Partnerships To Fortify Market Position!

Mattel, Inc. reported its fourth quarter and full-year 2024 financial results, showcasing a balanced mix of achievements and challenges. The...

Baptista Research

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