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 latest quarterly results of TAL Education Group exhibit progress across its core business lines, reflecting a focus on high-quality growth, disciplined execution, and efficiency improvement.</li><li>The company operates primarily through two main pillars: offline Peiyou enrichment learning services and online learning content solutions, complemented by its learning devices business that integrates technology with education.</li><li>The offline Peiyou learning programs showed sustained double-digit revenue growth year-over-year, supported by steady student enrollment and retention rates above 80%.</li></ul>

The latest quarterly results of TAL Education Group exhibit progress across its core business lines, reflecting a focus on high-quality growth, disciplined execution, and efficiency improvement.The company operates primarily through two main pillars: offline Peiyou enrichment learning services and online learning content solutions, complemented by its learning devices business that integrates technology with education.The offline Peiyou learning programs showed sustained double-digit revenue growth year-over-year, supported by steady student enrollment and retention rates above 80%.

TAL Education Group’s Hidden Catalyst: Two Million Learning Devices Build A Digital Ecosystem!

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>We see 281 Chinese companies listed on U.S Stock Exchanges with a total market cap of US$869bn. 32 of these companies are listed on the <a href="https://www.smartkarma.com/entities/hong-kong-exchanges-clearing" target="_blank" data-smartkarma-citation="entities:490:1" rel="noopener">HKEX (388 HK)</a>. </li>
<li>If the rumours of Chinese stocks being delisted from U.S. Exchanges gathers steam, we could see a wave of secondary listings in Hong Kong.</li>
<li>
<a href="https://www.smartkarma.com/entities/pdd-holdings-inc" target="_blank" data-smartkarma-citation="entities:27250:1" rel="noopener">PDD Holdings</a>, <a href="https://www.smartkarma.com/entities/full-truck-alliance-co-ltd" target="_blank" data-smartkarma-citation="entities:33429:1" rel="noopener">Full Truck Alliance</a>, <a href="https://www.smartkarma.com/entities/vipshop-holdings-ltd-adr" target="_blank" data-smartkarma-citation="entities:1088:1" rel="noopener">Vipshop Holdings</a>, <a href="https://www.smartkarma.com/entities/tal-education-group" target="_blank" data-smartkarma-citation="entities:1124:1" rel="noopener">TAL Education</a> and <a href="https://www.smartkarma.com/entities/zeekr-intelligent-technology-holding" target="_blank" data-smartkarma-citation="entities:36785:1" rel="noopener">ZEEKR</a> are the largest China ADRs with no HK listing and could come under pressure.</li>
</ul>


We see 281 Chinese companies listed on U.S Stock Exchanges with a total market cap of US$869bn. 32 of these companies are listed on the HKEX (388 HK). 
If the rumours of Chinese stocks being delisted from U.S. Exchanges gathers steam, we could see a wave of secondary listings in Hong Kong.

PDD Holdings, Full Truck Alliance, Vipshop Holdings, TAL Education and ZEEKR are the largest China ADRs with no HK listing and could come under pressure.


What if China ADRs Are Delisted from US Exchanges?

<ul><li>TAL Education Group reported solid financial and operational results for the fourth quarter and fiscal year 2026, reflecting continued growth in its core education business lines and progress in profitability.</li><li>The company’s Learning Services segment remains its largest revenue generator, supported by consistent year-over-year growth in its offline Peiyou small class enrichment programs.</li><li>Expansion of its offline learning center network was carried out with a disciplined approach, focusing on service quality and operational health, resulting in healthy retention rates around 80% throughout the year and expansion into five new cities, totaling presence in over 40 cities across China.</li></ul>

TAL Education Group reported solid financial and operational results for the fourth quarter and fiscal year 2026, reflecting continued growth in its core education business lines and progress in profitability.The company’s Learning Services segment remains its largest revenue generator, supported by consistent year-over-year growth in its offline Peiyou small class enrichment programs.Expansion of its offline learning center network was carried out with a disciplined approach, focusing on service quality and operational health, resulting in healthy retention rates around 80% throughout the year and expansion into five new cities, totaling presence in over 40 cities across China.

TAL Education Group: $254.5 Million Net Income Reversal Signals A Real Profitability Inflection!

<ul><li>The recent quarterly eanings reflects a period of solid operational execution for TAL Education Group, alongside clearer visibility into the trade-offs the company is making between near-term financial performance and longer-term capability building.</li><li>Revenue growth remained strong on a year-over-year basis, supported by continued momentum in learning services and contributions from newer initiatives, most notably learning devices.</li><li>This performance indicates that core demand for enrichment education remains resilient, particularly in offline Peiyou programs and online enrichment offerings, where enrollment growth, retention metrics, and user engagement were cited as stable and supportive of topline expansion.</li></ul>

The recent quarterly eanings reflects a period of solid operational execution for TAL Education Group, alongside clearer visibility into the trade-offs the company is making between near-term financial performance and longer-term capability building.Revenue growth remained strong on a year-over-year basis, supported by continued momentum in learning services and contributions from newer initiatives, most notably learning devices.This performance indicates that core demand for enrichment education remains resilient, particularly in offline Peiyou programs and online enrichment offerings, where enrollment growth, retention metrics, and user engagement were cited as stable and supportive of topline expansion.

How TAL Education Is Structuring Its Next Phase of Growth

<ul><li>TAL Education Group's recent fiscal 2026 second-quarter earnings report presents a nuanced picture of the company's financial and strategic performance, marked by significant achievements and persistent challenges.</li><li>The company reported a strong increase in net revenues, which reached USD 861.4 million, indicating a 39.1% year-over-year growth in U.S. dollar terms.</li><li>This growth was driven by the expansion of both offline Peiyou programs and online enrichment offerings, demonstrating TAL’s efforts to enhance its learning services.</li></ul>

TAL Education Group's recent fiscal 2026 second-quarter earnings report presents a nuanced picture of the company's financial and strategic performance, marked by significant achievements and persistent challenges.The company reported a strong increase in net revenues, which reached USD 861.4 million, indicating a 39.1% year-over-year growth in U.S. dollar terms.This growth was driven by the expansion of both offline Peiyou programs and online enrichment offerings, demonstrating TAL’s efforts to enhance its learning services.

TAL Education: Expansion of Offline Learning Centers For A Competitive Edge!

China

TAL Education Group provides educational services. The Company offers comprehensive tutoring services to students covering core academic subjects such as mathematics, English, Chinese, physics, chemistry, political science, history, and biology. TAL Education Group serves students in China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

TAL Education (TAL US)

TAL Education Group’s Hidden Catalyst: Two Million Learning Devices Build A Digital Ecosystem!

The latest quarterly results of TAL Education Group exhibit progress across its core business lines, reflecting a focus on high-quality growth,...

Baptista Research

What if China ADRs Are Delisted from US Exchanges?

The escalating tariff wars have increased calls in the U.S for Chinese companies to be delisted. While there have been few mentions of an...

Brian Freitas

TAL Education Group: $254.5 Million Net Income Reversal Signals A Real Profitability Inflection!

TAL Education Group reported solid financial and operational results for the fourth quarter and fiscal year 2026, reflecting continued growth in...

Baptista Research

How TAL Education Is Structuring Its Next Phase of Growth

The recent quarterly eanings reflects a period of solid operational execution for TAL Education Group, alongside clearer visibility into the...

Baptista Research

TAL Education: Expansion of Offline Learning Centers For A Competitive Edge!

TAL Education Group's recent fiscal 2026 second-quarter earnings report presents a nuanced picture of the company's financial and strategic...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)