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>Mattel Inc.'s first quarter 2024 financial results reflected a mixed performance, demonstrating resilience in some areas while facing challenges in others.</li><li>The company reported a slight decline in net sales, down 1% both as reported and in constant currency, totaling $810 million for the quarter.</li><li>Despite the dip in sales, Mattel showed considerable strength in profitability metrics.</li></ul>

Mattel Inc.'s first quarter 2024 financial results reflected a mixed performance, demonstrating resilience in some areas while facing challenges in others.The company reported a slight decline in net sales, down 1% both as reported and in constant currency, totaling $810 million for the quarter.Despite the dip in sales, Mattel showed considerable strength in profitability metrics.

Mattel Inc.: Will The Focus On Entertainment Vertical Expansion Lead To A Jump In Revenues? - Major Drivers

<ul><li>This is our first report on children's entertainment giant, Mattel, Inc. The company's fourth-quarter 2023 and full-year earnings call reveal that the company has successfully navigated a challenging year.</li><li>Despite global toy industry declines and retail inventory headwinds, Mattel achieved significant market share gains, meaningful sales growth, and margin expansion.</li><li>In particular, Mattel's Barbie, Hot Wheels, and Fisher-Price brands stood out as strong performers.</li></ul>

This is our first report on children's entertainment giant, Mattel, Inc. The company's fourth-quarter 2023 and full-year earnings call reveal that the company has successfully navigated a challenging year.Despite global toy industry declines and retail inventory headwinds, Mattel achieved significant market share gains, meaningful sales growth, and margin expansion.In particular, Mattel's Barbie, Hot Wheels, and Fisher-Price brands stood out as strong performers.

Mattel Inc.:  Initiation of Coverage - Is Its Strategic Turnaround Working Out Well For Shareholders? - Major Drivers

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<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. 


IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Pop Mart International Group L / Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/pop-mart-international-group-limited" target="_blank" data-smartkarma-citation="entities:29016:1" rel="noopener">POP MART (POP HK)</a> is the largest and fastest-growing pop toy company in China, as measured by revenue in 2019 and revenue growth from 2017 to 2019, respectively, according to Frost &amp; Sullivan. Pop Mart will commence trading on Friday, 11 December. Pop Mart priced its IPO at HK$38.50 and <a href="http://www.aastocks.com/en/stocks/news/aafn-con/NOW.1062357/ipo-news" target="_blank" rel="noopener">opened 82% higher</a> at HK$70.00 in the grey market and last stood at $70.00.</p></div><div><p>In <a href="https://www.smartkarma.com/insights/pop-mart-international-ipo-creditable-performance-in-tough-times" target="_blank" data-smartkarma-citation="insights:45653" rel="noopener">Pop Mart International IPO: Creditable Performance in Tough Times</a> we noted that the 1H20 results demonstrate that Pop Mart has navigated a tough trading environment by delivering creditable growth and margin. In <a href="https://www.smartkarma.com/insights/pop-mart-international-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:45956" rel="noopener">Pop Mart International IPO: Valuation Insights</a>, we noted that IPO price range is attractive.</p></div><div><div><div class="content-highlight"><p>Our base-case DCF derived price target of HK$43.06 per share. As DCF-based target prices are subject to a wide range of variability, we present a sensitivity table to help investors gauge where target prices could head. Our DCF sensitivity analysis shows that the IPO price continues to provide good upside potential. </p></div></div></div>

POP MART (POP HK) is the largest and fastest-growing pop toy company in China, as measured by revenue in 2019 and revenue growth from 2017 to 2019, respectively, according to Frost &amp; Sullivan. Pop Mart will commence trading on Friday, 11 December. Pop Mart priced its IPO at HK$38.50 and opened 82% higher at HK$70.00 in the grey market and last stood at $70.00.In Pop Mart International IPO: Creditable Performance in Tough Times we noted that the 1H20 results demonstrate that Pop Mart has navigated a tough trading environment by delivering creditable growth and margin. In Pop Mart International IPO: Valuation Insights, we noted that IPO price range is attractive.Our base-case DCF derived price target of HK$43.06 per share. As DCF-based target prices are subject to a wide range of variability, we present a sensitivity table to help investors gauge where target prices could head. Our DCF sensitivity analysis shows that the IPO price continues to provide good upside potential. 

Pop Mart International IPO: Trading Debut

United States

Mattel, Inc. designs, manufactures, and markets a broad variety of children's toy products on a worldwide basis.  The Company sells its products to retailers and directly to consumers.  Mattel's products include branded fashion dolls, infant and preschool products, toy cars, and electrical vehicles, among others.

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Mattel Inc (MAT US)

Mattel Inc.: Will The Focus On Entertainment Vertical Expansion Lead To A Jump In Revenues? - Major Drivers

Mattel Inc.'s first quarter 2024 financial results reflected a mixed performance, demonstrating resilience in some areas while facing challenges...

Baptista Research

Mattel Inc.: Initiation of Coverage - Is Its Strategic Turnaround Working Out Well For Shareholders? - Major Drivers

This is our first report on children's entertainment giant, Mattel, Inc. The company's fourth-quarter 2023 and full-year earnings call reveal that...

Baptista Research

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

Pop Mart International IPO: Trading Debut

Pop Mart priced its IPO at HK$38.50 and opened 82% higher at HK$70.00 in the grey market. Our DCF sensitivity analysis shows that the IPO price...

Arun George

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