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>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!

<ul><li>TAL Education Group reported robust financial performance for the first quarter of fiscal year 2026, showcasing significant revenue growth while managing to improve operational efficiency.</li><li>The company recorded net revenues of $575 million, marking a 38.8% increase year-over-year, with a notable rise in gross margin from 51.7% to 54.9%.</li><li>Operating income improved significantly with TAL turning a previous operating loss into a profit of $14.3 million, demonstrating enhanced operational leverage and cost management.</li></ul>

TAL Education Group reported robust financial performance for the first quarter of fiscal year 2026, showcasing significant revenue growth while managing to improve operational efficiency.The company recorded net revenues of $575 million, marking a 38.8% increase year-over-year, with a notable rise in gross margin from 51.7% to 54.9%.Operating income improved significantly with TAL turning a previous operating loss into a profit of $14.3 million, demonstrating enhanced operational leverage and cost management.

TAL Education Group: What Is The Expected Impact Of AI-Powered Content & Learning Tools?

<ul><li>TAL Education Group's latest quarter and fiscal year performance presents a mixed picture, with notable expansions alongside challenges in profitability.</li><li>Key areas such as Learning Services and Content Solutions have shown significant revenue growth, demonstrating the company’s efforts to broaden its educational offerings.</li><li>In fiscal 2025, TAL Education Group recorded a considerable increase in net revenues, reaching USD 2.3 billion, a 51% rise from the previous year.</li></ul>

TAL Education Group's latest quarter and fiscal year performance presents a mixed picture, with notable expansions alongside challenges in profitability.Key areas such as Learning Services and Content Solutions have shown significant revenue growth, demonstrating the company’s efforts to broaden its educational offerings.In fiscal 2025, TAL Education Group recorded a considerable increase in net revenues, reaching USD 2.3 billion, a 51% rise from the previous year.

TAL Education Group: Innovation in Learning Devices

<ul><li>TAL Education Group reported strong financial performance for its third quarter of fiscal year 2025, showcasing a marked year-over-year revenue growth of 62.4% in USD terms to $606.4 million.</li><li>This growth is primarily attributed to its various learning services and products, including traditional in-person classes and newer digital platforms and devices.</li><li>Notably, the Peiyou Small Class Enrichment programs emerged as a significant contributor, thanks to growing customer acceptance and demand for enrichment learning.</li></ul>

TAL Education Group reported strong financial performance for its third quarter of fiscal year 2025, showcasing a marked year-over-year revenue growth of 62.4% in USD terms to $606.4 million.This growth is primarily attributed to its various learning services and products, including traditional in-person classes and newer digital platforms and devices.Notably, the Peiyou Small Class Enrichment programs emerged as a significant contributor, thanks to growing customer acceptance and demand for enrichment learning.

TAL Education Group: Expansion of Enrichment Learning Programs Driving Our Bullishness! - Major Drivers

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?

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.

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TAL Education (TAL US)

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

TAL Education Group: What Is The Expected Impact Of AI-Powered Content & Learning Tools?

TAL Education Group reported robust financial performance for the first quarter of fiscal year 2026, showcasing significant revenue growth while...

Baptista Research

TAL Education Group: Innovation in Learning Devices

TAL Education Group's latest quarter and fiscal year performance presents a mixed picture, with notable expansions alongside challenges in...

Baptista Research

TAL Education Group: Expansion of Enrichment Learning Programs Driving Our Bullishness! - Major Drivers

TAL Education Group reported strong financial performance for its third quarter of fiscal year 2025, showcasing a marked year-over-year revenue...

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

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