Value Investing

Vladimir Dimitrov, CFA

Equity Bottom-Up

<ul>
<li>Disney is scheduled to release its Q2 2023 results later this week.</li>
<li>A number of factors are pointing to a strong and a better than expected quarter, but long-term problems remain.</li>
<li>The macroeconomic environment is also supportive for Disney's Parks, Experiences and Products segment.</li>
</ul>


Disney is scheduled to release its Q2 2023 results later this week.
A number of factors are pointing to a strong and a better than expected quarter, but long-term problems remain.
The macroeconomic environment is also supportive for Disney's Parks, Experiences and Products segment.


Disney's Q2 2023 Earnings: Now Is The Time To Deliver

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.

<ul><li>Disney’s latest earnings report underscores a company in transition, leveraging its content dominance to bolster its streaming business while facing industry headwinds.</li><li>The entertainment giant exceeded Wall Street’s expectations across key financial metrics, with revenue climbing 5% to $24.7 billion and net income surging 34% to $2.6 billion.</li><li>A major contributor was the company’s streaming division, where Disney+ and Hulu posted a $293 million profit in the December quarter, a stark improvement from the $138 million loss a year prior.</li></ul>

Disney’s latest earnings report underscores a company in transition, leveraging its content dominance to bolster its streaming business while facing industry headwinds.The entertainment giant exceeded Wall Street’s expectations across key financial metrics, with revenue climbing 5% to $24.7 billion and net income surging 34% to $2.6 billion.A major contributor was the company’s streaming division, where Disney+ and Hulu posted a $293 million profit in the December quarter, a stark improvement from the $138 million loss a year prior.

Disney: A $293M Streaming Comeback and the Big ESPN Gamble—Will It Pay Off?

<ul><li>The Walt Disney Company is making significant strides in 2025, positioning itself for substantial growth and market influence through strategic mergers and innovative streaming initiatives.</li><li>Recently, Disney announced a landmark merger between its Hulu + Live TV service and FuboTV, creating the second-largest digital pay-TV provider in North America.</li><li>This move not only consolidates Disney's presence in the live TV streaming market but also leverages FuboTV's sports-centric audience to enhance Disney's already robust content offerings.</li></ul>

The Walt Disney Company is making significant strides in 2025, positioning itself for substantial growth and market influence through strategic mergers and innovative streaming initiatives.Recently, Disney announced a landmark merger between its Hulu + Live TV service and FuboTV, creating the second-largest digital pay-TV provider in North America.This move not only consolidates Disney's presence in the live TV streaming market but also leverages FuboTV's sports-centric audience to enhance Disney's already robust content offerings.

Disney's Master Plan For 2025: Ad-Supported Streaming & Hulu+FuboTV Merger Set To Transform the Industry!

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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>In 3Q25, total revenue increased by 16% YoY with hotel booking up by 18% YoY and transportation commission up by 12% YoY.</li>
<li>Overseas travel continued to recover and consumption shrink does not impact TCOM much.</li>
<li>We believe the stock has an upside of 29% for the next twelve months.</li>
</ul>


In 3Q25, total revenue increased by 16% YoY with hotel booking up by 18% YoY and transportation commission up by 12% YoY.
Overseas travel continued to recover and consumption shrink does not impact TCOM much.
We believe the stock has an upside of 29% for the next twelve months.


Trip.com (TCOM, 9961 HK): 3Q25, Revenue Up by 16%

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

52TOYS Development / Equity Capital Markets

<ul>
<li>52TOYS Development, a Beijing-based multi-genre IP toy company, is seeking Hong Kong IPO that would raise up to $200M.</li>
<li>Founded in 2012 by Mr. Chen and Mr. Huang, 52TOYS positions itself as a toymaker with a strong emphasis on collectible mecha and sci-fi aesthetics.</li>
<li>52TOYS has made a big push online and in overseas markets. I believe the company has primary growth drivers such as international expansion and new licensed and proprietary IP products.</li>
</ul>


52TOYS Development, a Beijing-based multi-genre IP toy company, is seeking Hong Kong IPO that would raise up to $200M.
Founded in 2012 by Mr. Chen and Mr. Huang, 52TOYS positions itself as a toymaker with a strong emphasis on collectible mecha and sci-fi aesthetics.
52TOYS has made a big push online and in overseas markets. I believe the company has primary growth drivers such as international expansion and new licensed and proprietary IP products.


52TOYS Development IPO Preview: A “Must Own” Stock, Big Push In Overseas Markets Looks Promising

United States

The Walt Disney Company is an entertainment company that conducts operations in media networks, studio entertainment, theme parks and resorts, consumer products, and interactive media. The Company produces motion pictures, television programs, and musical recordings, as well as books and magazines.

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The Walt Disney Co (DIS US)

Disney's Q2 2023 Earnings: Now Is The Time To Deliver

Disney is scheduled to release its Q2 2023 results later this week. A number of factors are pointing to a strong and a better than expected...

Vladimir Dimitrov, CFA

Disney: A $293M Streaming Comeback and the Big ESPN Gamble—Will It Pay Off?

Disney’s latest earnings report underscores a company in transition, leveraging its content dominance to bolster its streaming business while...

Baptista Research

Disney's Master Plan For 2025: Ad-Supported Streaming & Hulu+FuboTV Merger Set To Transform the Industry!

The Walt Disney Company is making significant strides in 2025, positioning itself for substantial growth and market influence through strategic...

Baptista Research

Trip.com (TCOM, 9961 HK): 3Q25, Revenue Up by 16%

In 3Q25, total revenue increased by 16% YoY with hotel booking up by 18% YoY and transportation up by 12% YoY. Overseas travel continued to recover...

Ming Lu

52TOYS Development IPO Preview: A “Must Own” Stock, Big Push In Overseas Markets Looks Promising

Beijing-based 52TOYS Development filed to go public in Hong Kong. I like the toymaker's diversified IP product portfolio, scalable business model...

Andrei Zakharov

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Disney's Q2 2023 Earnings: Now Is The Time To Deliver

Disney is scheduled to release its Q2 2023 results later this week. A number of factors are pointing to a strong and a better than expected...

Vladimir Dimitrov, CFA

Disney: A $293M Streaming Comeback and the Big ESPN Gamble—Will It Pay Off?

Disney’s latest earnings report underscores a company in transition, leveraging its content dominance to bolster its streaming business while...

Baptista Research

Disney's Master Plan For 2025: Ad-Supported Streaming & Hulu+FuboTV Merger Set To Transform the Industry!

The Walt Disney Company is making significant strides in 2025, positioning itself for substantial growth and market influence through strategic...

Baptista Research

Trip.com (TCOM, 9961 HK): 3Q25, Revenue Up by 16%

In 3Q25, total revenue increased by 16% YoY with hotel booking up by 18% YoY and transportation up by 12% YoY. Overseas travel continued to recover...

Ming Lu

52TOYS Development IPO Preview: A “Must Own” Stock, Big Push In Overseas Markets Looks Promising

​Beijing-based 52TOYS Development filed to go public in Hong Kong. I like the toymaker's diversified IP product portfolio, scalable business model...

Andrei Zakharov

Beijing-based 52TOYS Development filed to go public in Hong Kong. I like the toymaker's diversified IP product portfolio, scalable business model...