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>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 fast-growing toy company in China, will disclose the proposed size and the initial price range for the share sale soon.</li>
<li>In my insight, I discuss IPO valuation, update relative valuation table and set a target valuation for Bloks Group ahead of an IPO.</li>
<li>Bloks Group enjoys higher relative growth profile and superior gross profit margins. The company has over RMB600M in cash and equivalents and no debt.  </li>
</ul>


Bloks Group, a fast-growing toy company in China, will disclose the proposed size and the initial price range for the share sale soon.
In my insight, I discuss IPO valuation, update relative valuation table and set a target valuation for Bloks Group ahead of an IPO.
Bloks Group enjoys higher relative growth profile and superior gross profit margins. The company has over RMB600M in cash and equivalents and no debt.  


Bloks Group IPO Valuation Analysis: Is The Offering Worth Buying?

<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

<ul>
<li>Bloks Group, a fast-growing toy company and leader of assembly character toys, filed for a Hong Kong IPO. The company is headquartered in Shanghai, PRC, and has 410 full-time employees.</li>
<li>Bloks Group has raised $200M+ to date from investors, including YF Capital, Legend Capital, Source Code Capital, Gaorong Capital and SinoMedia Asia Pacific.</li>
<li>The Chinese toy maker has delivered an exceptional revenue hyper-growth of 169% y/y in 2023. Elite operating metrics and impressive financial profile make IPO attractive for investors.</li>
</ul>


Bloks Group, a fast-growing toy company and leader of assembly character toys, filed for a Hong Kong IPO. The company is headquartered in Shanghai, PRC, and has 410 full-time employees.
Bloks Group has raised $200M+ to date from investors, including YF Capital, Legend Capital, Source Code Capital, Gaorong Capital and SinoMedia Asia Pacific.
The Chinese toy maker has delivered an exceptional revenue hyper-growth of 169% y/y in 2023. Elite operating metrics and impressive financial profile make IPO attractive for investors.


Bloks Group IPO: Exceptional Revenue Hyper-Growth and Profitability Are Unique Among Toy Makers

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>Based in Hong Kong, Dream International is one of the largest toy manufacturers in the world. It specializes on plush stuffed toys and plastic figures. </li>
<li>Despite the global toys markets going into destocking cycle, the company has generated significant growth in operating profit in the past year driven by strong demand for plush stuffed toys.</li>
<li>If we assume a moderate 20% YoY increase in dividends in 2023, this would imply DPS of HKD 0.48 and this would suggest a dividend yield of 12.7% current prices. </li>
</ul>


Based in Hong Kong, Dream International is one of the largest toy manufacturers in the world. It specializes on plush stuffed toys and plastic figures. 
Despite the global toys markets going into destocking cycle, the company has generated significant growth in operating profit in the past year driven by strong demand for plush stuffed toys.
If we assume a moderate 20% YoY increase in dividends in 2023, this would imply DPS of HKD 0.48 and this would suggest a dividend yield of 12.7% current prices. 


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: 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 Valuation Analysis: Is The Offering Worth Buying?

Bloks Group plans to raise up to $300M in Hong Kong IPO. Goldman Sachs (Asia) and Huatai International are leading the offering. In my insight, I...

Andrei Zakharov

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

Bloks Group IPO: Exceptional Revenue Hyper-Growth and Profitability Are Unique Among Toy Makers

Bloks Group, a fast-growing leader of assembly character toys, is seeking to raise capital in Hong Kong. The company is something exceptional in...

Andrei Zakharov

Asian Dividend Gems: Dream International

Based in Hong Kong, Dream International is one of the largest toy manufacturers in the world. It specializes on plush stuffed toys and plastic...

Douglas Kim

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