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>Walt Disney’s second-quarter 2025 earnings report was met with a wave of investor enthusiasm, driving the stock up 11% to over $102.</li><li>This optimism was not only driven by stronger-than-expected financials but also by the high-profile announcement of a new theme park in Abu Dhabi.</li><li>The planned park marks Disney’s seventh globally and is set to be developed in collaboration with the Miral Group.</li></ul>

Walt Disney’s second-quarter 2025 earnings report was met with a wave of investor enthusiasm, driving the stock up 11% to over $102.This optimism was not only driven by stronger-than-expected financials but also by the high-profile announcement of a new theme park in Abu Dhabi.The planned park marks Disney’s seventh globally and is set to be developed in collaboration with the Miral Group.

Disney’s $875 Million Streaming Comeback and UAE Power Move Could Change Everything!

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Central Pacific Financial Corp / Equity Bottom-Up

<ul><li>Technically, the SET Index is expected to weaken, with the support levels at 1,177/1,171 points (10-day EMA) and the resistance at 1,197/1,204 points.</li><li>As such, the medium- to long-term view remains bullish, and any weakness is seen as a buying opportunity — we recommend investing in selective stocks.</li><li>Today's FOMC meeting is thus expected to maintain the current rate (in line with the consensus).</li></ul>

Technically, the SET Index is expected to weaken, with the support levels at 1,177/1,171 points (10-day EMA) and the resistance at 1,197/1,204 points.As such, the medium- to long-term view remains bullish, and any weakness is seen as a buying opportunity — we recommend investing in selective stocks.Today's FOMC meeting is thus expected to maintain the current rate (in line with the consensus).

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>The Trump administration proposed a new 100% tariffs at movies produced outside the United States. Korean contents account for about 8-9% of total viewing hours on Netflix globally.</li>
<li>Top three listed film/drama production companies in Korea including Studio Dragon, CJ ENM, and ContentreeJoongAng are likely to be negatively impacted by the new major tariffs imposed by the U.S.</li>
<li>Economics of making a movie is much cheaper in South Korea versus the U.S. Producing a film in South Korea can cost 30–70% less than in the United States.</li>
</ul>


The Trump administration proposed a new 100% tariffs at movies produced outside the United States. Korean contents account for about 8-9% of total viewing hours on Netflix globally.
Top three listed film/drama production companies in Korea including Studio Dragon, CJ ENM, and ContentreeJoongAng are likely to be negatively impacted by the new major tariffs imposed by the U.S.
Economics of making a movie is much cheaper in South Korea versus the U.S. Producing a film in South Korea can cost 30–70% less than in the United States.


A 100% Tariffs on Films Produced Outside the U.S. - Negative on Korean Film Production Companies

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Kayou Inc., early-mover in the trading card industry in China, filed for an IPO in Hong Kong. The company sells trading cards, toys, figures, badges, pens, and notebooks, among others.</li>
<li>Kayou Inc. received capital of ~$135M from HongShan Capital and Tencent Holdings in 2022. Mr. Li Qibin founded trading card and collectible toy firm in 2011.</li>
<li>Founder led company has delivered 250%+ growth and FCF of $500M+ in 2024. The market opportunity is large enough to support sustained high growth for Kayou for several years.</li>
</ul>


Kayou Inc., early-mover in the trading card industry in China, filed for an IPO in Hong Kong. The company sells trading cards, toys, figures, badges, pens, and notebooks, among others.
Kayou Inc. received capital of ~$135M from HongShan Capital and Tencent Holdings in 2022. Mr. Li Qibin founded trading card and collectible toy firm in 2011.
Founder led company has delivered 250%+ growth and FCF of $500M+ in 2024. The market opportunity is large enough to support sustained high growth for Kayou for several years.


Kayou IPO Preview: 250%+ Growth + FCF of $500M+ in 2024, Leader in the Trading Card Sector in China

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 on JAKKS Pacific after the company demonstrated the overall strength of their business model and management's ability to "control what they can control" with a highly impressive 1Q25.</li><li>That said, we are reducing our 2025 and 2026 projections to reflect the near-term material uncertainty from the imposition of over 100% tariffs on China goods from April onward.</li><li>While we believe JAKKS is well positioned, with strong trade, licensee and retailer relationships, a focus on lower priced goods, the ability to shift some production from China and to increase the level of international revenue, to weather the current storm and drive potential upside, we believe the current level of uncertainty will be a drag, which will begin to abate in 4Q25 and into 2026.</li></ul>

We are reiterating our Buy rating and $40 price target on JAKKS Pacific after the company demonstrated the overall strength of their business model and management's ability to "control what they can control" with a highly impressive 1Q25.That said, we are reducing our 2025 and 2026 projections to reflect the near-term material uncertainty from the imposition of over 100% tariffs on China goods from April onward.While we believe JAKKS is well positioned, with strong trade, licensee and retailer relationships, a focus on lower priced goods, the ability to shift some production from China and to increase the level of international revenue, to weather the current storm and drive potential upside, we believe the current level of uncertainty will be a drag, which will begin to abate in 4Q25 and into 2026.

JAKK: 1Q Review: Impressive Q; Remain Cautious; 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.

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The Walt Disney Co (DIS US)

Disney’s $875 Million Streaming Comeback and UAE Power Move Could Change Everything!

Walt Disney’s second-quarter 2025 earnings report was met with a wave of investor enthusiasm, driving the stock up 11% to over $102. This optimism...

Baptista Research

US FOMC Meeting

Technically, the SET Index is expected to weaken, with the support levels at 1,177/1,171 points (10-day EMA) and the resistance at 1,197/1,204...

Krungthai XSpring

A 100% Tariffs on Films Produced Outside the U.S. - Negative on Korean Film Production Companies

Top three listed film/drama production companies in Korea including Studio Dragon, CJ ENM, and ContentreeJoongAng are likely to be negatively...

Douglas Kim

Kayou IPO Preview: 250%+ Growth + FCF of $500M+ in 2024, Leader in the Trading Card Sector in China

Shanghai-based Kayou Inc., a Chinese trading card and collectible toy company, is seeking to raise capital in Hong Kong. Kayou Inc. has delivered...

Andrei Zakharov

JAKK: 1Q Review: Impressive Q; Remain Cautious; Reiterate Buy, $40 PT

We are reiterating our Buy rating and $40 price target on JAKKS Pacific after the company demonstrated the overall strength of their business...

Small Cap Consumer Research

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