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>Sony Group Corporation's recent earnings underscore a strategic pivot towards a more entertainment-centric business model, emphasizing the importance of content creation and technological innovation.</li><li>The company's repositioning towards entertainment is highlighted by its 51% contribution to consolidated sales, showcasing the segment's resilience, especially during economic downturns like the COVID-19 pandemic.</li><li>The focus on expanding IP presence in gaming, music, film, and anime demonstrates a coherent vision aligning with its longterm creative goals.</li></ul>

Sony Group Corporation's recent earnings underscore a strategic pivot towards a more entertainment-centric business model, emphasizing the importance of content creation and technological innovation.The company's repositioning towards entertainment is highlighted by its 51% contribution to consolidated sales, showcasing the segment's resilience, especially during economic downturns like the COVID-19 pandemic.The focus on expanding IP presence in gaming, music, film, and anime demonstrates a coherent vision aligning with its longterm creative goals.

Sony Corporation: Evolution in Game & Network Services to Strengthen Leadership In Gaming Industry!

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>For each share of <a href="https://www.smartkarma.com/entities/sony-corp" target="_blank" data-smartkarma-citation="entities:563:1" rel="noopener">Sony Corp (6758 JP)</a>, shareholders will receive 1 share of Sony Financial Group. Ex-date for the dividend in-kind is 29 September.</li>
<li>The Nikkei has started a market consultation on treatment of the spinoff in the <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei225</a> and that means the dividend in-kind will not be included in the Dividend Point Index.</li>
<li>There will be some selling in SFGI from passive trackers and the company will buy back some stock following listing. Details of the buyback have not been announced yet.</li>
</ul>


For each share of Sony Corp (6758 JP), shareholders will receive 1 share of Sony Financial Group. Ex-date for the dividend in-kind is 29 September.
The Nikkei has started a market consultation on treatment of the spinoff in the Nikkei225 and that means the dividend in-kind will not be included in the Dividend Point Index.
There will be some selling in SFGI from passive trackers and the company will buy back some stock following listing. Details of the buyback have not been announced yet.


Index Treatment of Sony (6758 JP)'s Spinoff of the Financial Services Business

Japan Specialist

Mark Chadwick

<ul>
<li>Content-Driven growth: Strong performance in music and gaming supports Sony’s shift toward high-margin content, insulating it from trade and macro headwinds.</li>
<li>Upcoming catalysts: Spin-off of Sony Financial and potential restructuring could unlock value and address the long-standing conglomerate discount.</li>
<li>Attractive valuation: Trading at 14x EV/EBIT with defensive sector exposure, Sony remains undervalued relative to global peers despite YTD outperformance.</li>
</ul>


Content-Driven growth: Strong performance in music and gaming supports Sony’s shift toward high-margin content, insulating it from trade and macro headwinds.
Upcoming catalysts: Spin-off of Sony Financial and potential restructuring could unlock value and address the long-standing conglomerate discount.
Attractive valuation: Trading at 14x EV/EBIT with defensive sector exposure, Sony remains undervalued relative to global peers despite YTD outperformance.


<ul><li>Sony Group Corporation's recent earnings highlighted its financial performance for the third quarter of fiscal year 2025 and provided insights into future strategic direction amid a transitional leadership period.</li><li>The company's revenue and profit saw substantial growth, yet certain challenges remain, reflecting the complexities within its diverse business segments.</li><li>Positive aspects of Sony's financial performance include a 7% year-on-year increase in consolidated sales, excluding its Financial Services segment, reaching JPY 3,695.7 billion for the quarter.</li></ul>

Sony Group Corporation's recent earnings highlighted its financial performance for the third quarter of fiscal year 2025 and provided insights into future strategic direction amid a transitional leadership period.The company's revenue and profit saw substantial growth, yet certain challenges remain, reflecting the complexities within its diverse business segments.Positive aspects of Sony's financial performance include a 7% year-on-year increase in consolidated sales, excluding its Financial Services segment, reaching JPY 3,695.7 billion for the quarter.

How Is Sony Group Leveraging Synergy in Entertainment & Technology To Up The Ante!

<ul><li>Sony Group Corporation has exhibited a mix of strengths and challenges in its latest financial results, which provide insights into its current business landscape and future outlook.</li><li>Positive aspects of Sony's results are largely attributable to robust performance in key segments like Gaming & Network Services (G&NS) and Music.</li><li>The company reported a 9% increase in consolidated sales, excluding the Financial Services segment, year-on-year, with operating income showing a significant increase of 57% for the quarter.</li></ul>

Sony Group Corporation has exhibited a mix of strengths and challenges in its latest financial results, which provide insights into its current business landscape and future outlook.Positive aspects of Sony's results are largely attributable to robust performance in key segments like Gaming & Network Services (G&NS) and Music.The company reported a 9% increase in consolidated sales, excluding the Financial Services segment, year-on-year, with operating income showing a significant increase of 57% for the quarter.

Sony Group Corporation: Can Its Steady Expansion in Music Segment Up Their Game? - Major Drivers

Japan

Sony Corporation manufactures audio, home video game consoles, communications, key device and information technology products for the consumer and professional markets.  The Company's other businesses include music, pictures, computer entertainment, and online businesses.

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Sony Corp (6758 JP)

Sony Corporation: Evolution in Game & Network Services to Strengthen Leadership In Gaming Industry!

Sony Group Corporation's recent earnings underscore a strategic pivot towards a more entertainment-centric business model, emphasizing the...

Baptista Research

Index Treatment of Sony (6758 JP)'s Spinoff of the Financial Services Business

Sony will distribute SFGI shares with an ex-date of 29 Sep. There will be selling from NKY trackers on listing day and possibly from global index...

Brian Freitas

SONY (6758) | Going into Earnings

Sony's focus on high-margin content in music and gaming, upcoming spin-off of Sony Financial, and attractive valuation make it a strong investment...

Mark Chadwick

How Is Sony Group Leveraging Synergy in Entertainment & Technology To Up The Ante!

Sony Group Corporation's recent earnings highlighted its financial performance for the third quarter of fiscal year 2025 and provided insights...

Baptista Research

Sony Group Corporation: Can Its Steady Expansion in Music Segment Up Their Game? - Major Drivers

Sony Group Corporation has exhibited a mix of strengths and challenges in its latest financial results, which provide insights into its current...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Sony Corporation: Evolution in Game & Network Services to Strengthen Leadership In Gaming Industry!

Sony Group Corporation's recent earnings underscore a strategic pivot towards a more entertainment-centric business model, emphasizing the...

Baptista Research

Index Treatment of Sony (6758 JP)'s Spinoff of the Financial Services Business

Sony will distribute SFGI shares with an ex-date of 29 Sep. There will be selling from NKY trackers on listing day and possibly from global index...

Brian Freitas

SONY (6758) | Going into Earnings

​Sony's focus on high-margin content in music and gaming, upcoming spin-off of Sony Financial, and attractive valuation make it a strong investment...

Mark Chadwick

How Is Sony Group Leveraging Synergy in Entertainment & Technology To Up The Ante!

Sony Group Corporation's recent earnings highlighted its financial performance for the third quarter of fiscal year 2025 and provided insights...

Baptista Research

Sony Group Corporation: Can Its Steady Expansion in Music Segment Up Their Game? - Major Drivers

Sony Group Corporation has exhibited a mix of strengths and challenges in its latest financial results, which provide insights into its current...

Baptista Research

Sony's focus on high-margin content in music and gaming, upcoming spin-off of Sony Financial, and attractive valuation make it a strong investment...