Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>In this insight, we discuss Pop Mart (9992 HK)'s valuation using Peter Lynch's PEGY ratio.</li>
<li>If Pop Mart misses current consensus estimates in 2026 and 2027 by 5%, this would result in PEGY ratio of 1.4x in 2026 which would make current valuations unattractive.</li>
<li>WE EXPECT A HIGHER PROBABILITY OF POP MART'S VALUATION DECLINING BY 50% TO ABOUT US$25 BILLION, RATHER THAN INCREASING BY 50% TO $75 BILLION FROM CURRENT LEVELS OVER THE NEXT 1-2 YEARS.</li>
</ul>


In this insight, we discuss Pop Mart (9992 HK)'s valuation using Peter Lynch's PEGY ratio.
If Pop Mart misses current consensus estimates in 2026 and 2027 by 5%, this would result in PEGY ratio of 1.4x in 2026 which would make current valuations unattractive.
WE EXPECT A HIGHER PROBABILITY OF POP MART'S VALUATION DECLINING BY 50% TO ABOUT US$25 BILLION, RATHER THAN INCREASING BY 50% TO $75 BILLION FROM CURRENT LEVELS OVER THE NEXT 1-2 YEARS.


Pop Mart International - Valuation Using Peter Lynch's PEGY Ratio

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 results and strategic updates reveal a company doubling down on streaming and experiences as the engines of future growth, even as traditional television continues to fade and the movie division delivers uneven results.</li><li>The company lifted its profit forecast for both its direct-to-consumer streaming arm and its parks, cruise, and consumer products division, showing investors that it sees a clear path forward in these segments despite execution challenges.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Disney’s latest earnings results and strategic updates reveal a company doubling down on streaming and experiences as the engines of future growth, even as traditional television continues to fade and the movie division delivers uneven results.The company lifted its profit forecast for both its direct-to-consumer streaming arm and its parks, cruise, and consumer products division, showing investors that it sees a clear path forward in these segments despite execution challenges.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Disney Doubles Down on Streaming and Parks—But Can It Escape Its TV Collapse?

<ul><li>Disney’s sports-media ambitions have accelerated dramatically this summer.</li><li>First, the company agreed to swap 10 percent of ESPN to the NFL in exchange for full control of NFL Network and RedZone—a deal valued between $2.5 billion and $3 billion that trims Disney’s ESPN stake from 80 percent to 72 percent while Hearst falls to 18 percent.</li><li>Almost simultaneously, ESPN inked a five year, $1.6 billion pact for exclusive U.S. streaming rights to WWE’s marquee events, including WrestleMania and SummerSlam, beginning in 2026.</li></ul>

Disney’s sports-media ambitions have accelerated dramatically this summer.First, the company agreed to swap 10 percent of ESPN to the NFL in exchange for full control of NFL Network and RedZone—a deal valued between $2.5 billion and $3 billion that trims Disney’s ESPN stake from 80 percent to 72 percent while Hearst falls to 18 percent.Almost simultaneously, ESPN inked a five year, $1.6 billion pact for exclusive U.S. streaming rights to WWE’s marquee events, including WrestleMania and SummerSlam, beginning in 2026.

Disney Ditches ESPN Equity To Win Big In NFL—Is Netflix Watching?

Equity Research Focusing on the Consumer Sector, Small Cap Consumer Research

Small Cap Consumer Research

Equity Research Focusing on the Consumer Sector

Small Cap Consumer Research, LLC is a leading company-sponsored equity research provider focusing on the consumer sector (apparel, brand licensing and specialty retailing segments).

<ul><li>We are reiterating our Buy rating and $40 price target, and conservatively leaving our 2025 and 2026 EPS projections untouched after JAKKS Pacific registered EPS upside, but a revenue miss, for 2Q25, as the company's operations were materially impacted by the imposition of China tariffs, which served to disrupt shipments utilizing the Freight On Board ("FOB") method.</li><li>While a 40% increase in international revenue YoY demonstrated what could have been, domestic sales declines of over 30% in the United States showed the lost potential of the quarter.</li><li>That said, management did a solid job controlling the levers in their control to still register a small profit.</li></ul>

We are reiterating our Buy rating and $40 price target, and conservatively leaving our 2025 and 2026 EPS projections untouched after JAKKS Pacific registered EPS upside, but a revenue miss, for 2Q25, as the company's operations were materially impacted by the imposition of China tariffs, which served to disrupt shipments utilizing the Freight On Board ("FOB") method.While a 40% increase in international revenue YoY demonstrated what could have been, domestic sales declines of over 30% in the United States showed the lost potential of the quarter.That said, management did a solid job controlling the levers in their control to still register a small profit.

JAKK: 2Q Review: Making Lemonade; Reiterate Buy, $40 Price Target

<ul><li>We are reiterating our Buy rating, projections and $40 price target for JAKKS Pacific with the company announcing 2Q25 (June) results after the close on Thursday.</li><li>We believe China tariffs at 100%+ levels for much of April served to effectively shut down shipments of JAKK product in the beginning of 2Q.</li><li>Further, the company's Freight On Board ("FOB") driven business model also served to create a slower return to shipping when the 30% China tariff went into effect on May 12th.</li></ul>

We are reiterating our Buy rating, projections and $40 price target for JAKKS Pacific with the company announcing 2Q25 (June) results after the close on Thursday.We believe China tariffs at 100%+ levels for much of April served to effectively shut down shipments of JAKK product in the beginning of 2Q.Further, the company's Freight On Board ("FOB") driven business model also served to create a slower return to shipping when the 30% China tariff went into effect on May 12th.

JAKK: 2Q Earnings Preview: Moving Past the Anomaly; Reiterate Buy, $40 PT

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.

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

The Walt Disney Co (DIS US)

Pop Mart International - Valuation Using Peter Lynch's PEGY Ratio

WE EXPECT A HIGHER PROBABILITY OF POP MART'S VALUATION DECLINING BY 50% TO ABOUT US$25 BILLION, RATHER THAN INCREASING BY 50% TO $75 BILLION FROM...

Douglas Kim

Disney Doubles Down on Streaming and Parks—But Can It Escape Its TV Collapse?

Disney’s latest earnings results and strategic updates reveal a company doubling down on streaming and experiences as the engines of future...

Baptista Research

Disney Ditches ESPN Equity To Win Big In NFL—Is Netflix Watching?

Disney’s sports-media ambitions have accelerated dramatically this summer. First, the company agreed to swap 10 percent of ESPN to the NFL in...

Baptista Research

JAKK: 2Q Review: Making Lemonade; Reiterate Buy, $40 Price Target

We are reiterating our Buy rating and $40 price target, and conservatively leaving our 2025 and 2026 EPS projections untouched after JAKKS Pacific...

Small Cap Consumer Research

JAKK: 2Q Earnings Preview: Moving Past the Anomaly; Reiterate Buy, $40 PT

We are reiterating our Buy rating, projections and $40 price target for JAKKS Pacific with the company announcing 2Q25 (June) results after the...

Small Cap Consumer Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)