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>Hasbro Inc.</li><li>concluded its fourth quarter and 2023 full-year earnings report with a focus on the positive effects of the company's refocusing strategy and a cautious outlook for 2024.</li><li>Chris Cocks, the CEO, outlined the recent strategies of Hasbro, which centered on their philosophy of fewer, bigger, better, leading to a reduction in SKUs and an emphasis on high-impact products.</li></ul>

Hasbro Inc.concluded its fourth quarter and 2023 full-year earnings report with a focus on the positive effects of the company's refocusing strategy and a cautious outlook for 2024.Chris Cocks, the CEO, outlined the recent strategies of Hasbro, which centered on their philosophy of fewer, bigger, better, leading to a reduction in SKUs and an emphasis on high-impact products.

Hasbro Inc: Increased Utility of Tabletop & Expansion Into Video Games Space & 5 Other Major Drivers! - Financial Forecasts

<ul><li>This is our first report on Hasbro, one of the most valuable brands in the toy and gaming industry.</li><li>Hasbro mentioned notable growth in Wizards and Digital, direct-to-consumer momentum, and share gains in key categories, cementing that the company is far-reaching in implementing its objectives.</li><li>Elsewhere, it aims to return consumer products to growth by hitting its 2025 goal of gross savings between $250million and $300million earlier than anticipated.</li></ul>

This is our first report on Hasbro, one of the most valuable brands in the toy and gaming industry.Hasbro mentioned notable growth in Wizards and Digital, direct-to-consumer momentum, and share gains in key categories, cementing that the company is far-reaching in implementing its objectives.Elsewhere, it aims to return consumer products to growth by hitting its 2025 goal of gross savings between $250million and $300million earlier than anticipated.

Hasbro Inc: Initiation of Coverage - Digital Domination: How Its Game-Changing Strategies Are Setting the Stage for Growth! - Major Drivers

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Bloks Group, a founder-led leader in China’s assembly character toy segment, updated its PHIP and continued to post hyper growth.</li>
<li>In the nine months ended Sep-24, the company’s revenue totaled ~RMB1629m, representing a y/y growth of ~177%, due to significant increase in product sales volume.</li>
<li>According to the most recent PHIP, Ultraman IP license in China was extended to 2027 and TRANSFORMERS IP license with Hasbro will expire only in 2028.</li>
</ul>


Bloks Group, a founder-led leader in China’s assembly character toy segment, updated its PHIP and continued to post hyper growth.
In the nine months ended Sep-24, the company’s revenue totaled ~RMB1629m, representing a y/y growth of ~177%, due to significant increase in product sales volume.
According to the most recent PHIP, Ultraman IP license in China was extended to 2027 and TRANSFORMERS IP license with Hasbro will expire only in 2028.


Bloks Group IPO:  PHIP Updates, Revenue Continues To Post Hyper Growth As IPO Nears

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, $58 price target and projections for Build-A-Bear Workshop after visiting stores in Long Island and Connecticut.</li><li>We believe momentum has remained on the rise at Build-A-Bear stores, with continued strong sales of key Holiday driven characters (from Glisten to Sanrio, Stitch and Holiday costumes), new TikTok driven crazes (Sugar Cookie Capybara), compelling new characters (Bluey and Bingo) and movie driven properties, including a new "furry friend" for the upcoming Sonic 3 movie launch.</li><li>As such, and with gift cards sure to drive full price post-Xmas selling, we reiterate our Buy rating and $58 price target for BBW.</li></ul>

We are reiterating our Buy rating, $58 price target and projections for Build-A-Bear Workshop after visiting stores in Long Island and Connecticut.We believe momentum has remained on the rise at Build-A-Bear stores, with continued strong sales of key Holiday driven characters (from Glisten to Sanrio, Stitch and Holiday costumes), new TikTok driven crazes (Sugar Cookie Capybara), compelling new characters (Bluey and Bingo) and movie driven properties, including a new "furry friend" for the upcoming Sonic 3 movie launch.As such, and with gift cards sure to drive full price post-Xmas selling, we reiterate our Buy rating and $58 price target for BBW.

BBW: Snapping the Store: Driving Holiday Cheer; Reiterate Buy, $58 PT

<ul><li>We are reiterating our Buy rating, estimates and $58 price target after visiting the Build-A-Bear X Hello Kitty and Friends Workshop pop up store in the Westfield Century City shopping center in Los Angeles.</li><li>We believe the collaboration, which opened November 15th, highlights the ability of both brands to offer a compelling and unique retail experience that, with exclusive offerings and a beautiful and exciting store for every Sanrio fan, can help drive material returns and register strong operating margins at the store level for Build-A-Bear.</li><li>We believe this collaboration also amply demonstrates the ability of Build-A-Bear to leverage their unique experiential store offerings and strong family of licensed products to create compelling, high margin retail stores.</li></ul>

We are reiterating our Buy rating, estimates and $58 price target after visiting the Build-A-Bear X Hello Kitty and Friends Workshop pop up store in the Westfield Century City shopping center in Los Angeles.We believe the collaboration, which opened November 15th, highlights the ability of both brands to offer a compelling and unique retail experience that, with exclusive offerings and a beautiful and exciting store for every Sanrio fan, can help drive material returns and register strong operating margins at the store level for Build-A-Bear.We believe this collaboration also amply demonstrates the ability of Build-A-Bear to leverage their unique experiential store offerings and strong family of licensed products to create compelling, high margin retail stores.

BBW: Snapping the Store: Hello Kitty Hits LA; Reiterate Buy, $58 PT

United States

Hasbro, Inc. designs, manufactures, and markets toys, games, interactive software, puzzles, and infant products in the United States and internationally. The Company's products include a variety of games, including traditional board, card, hand-held electronic, trading card, role-playing and DVD games, as well as electronic learning aids and puzzles as well as dolls and action figures.

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Hasbro Inc (HAS US)

Hasbro Inc: Increased Utility of Tabletop & Expansion Into Video Games Space & 5 Other Major Drivers! - Financial Forecasts

Hasbro Inc. concluded its fourth quarter and 2023 full-year earnings report with a focus on the positive effects of the company's refocusing...

Baptista Research

Hasbro Inc: Initiation of Coverage - Digital Domination: How Its Game-Changing Strategies Are Setting the Stage for Growth! - Major Drivers

This is our first report on Hasbro, one of the most valuable brands in the toy and gaming industry. Hasbro mentioned notable growth in Wizards and...

Baptista Research

Bloks Group IPO: PHIP Updates, Revenue Continues To Post Hyper Growth As IPO Nears

Bloks Group, a Shanghai-based fast-growing toy company, plans to raise up to $300M in HK IPO. I like the company’s hyper-growth profile, industry...

Andrei Zakharov

BBW: Snapping the Store: Driving Holiday Cheer; Reiterate Buy, $58 PT

We are reiterating our Buy rating, $58 price target and projections for Build-A-Bear Workshop after visiting stores in Long Island and...

Small Cap Consumer Research

BBW: Snapping the Store: Hello Kitty Hits LA; Reiterate Buy, $58 PT

We are reiterating our Buy rating, estimates and $58 price target after visiting the Build-A-Bear X Hello Kitty and Friends Workshop pop up store...

Small Cap Consumer Research

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