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>Airbnb, Inc. reported strong financial performance for the second quarter of 2026, with revenue increasing 17% year-over-year to $3.6 billion and gross booking value (GBV) rising 16% to $27.2 billion.</li><li>Nights and seats booked grew 10%, accelerating from the first quarter.</li><li>The growth was broad-based across geographies, with notable acceleration in core markets such as the U.S., France, the U.K., and Australia, as well as expansion markets growing approximately twice as fast as core markets.</li></ul>

Airbnb, Inc. reported strong financial performance for the second quarter of 2026, with revenue increasing 17% year-over-year to $3.6 billion and gross booking value (GBV) rising 16% to $27.2 billion.Nights and seats booked grew 10%, accelerating from the first quarter.The growth was broad-based across geographies, with notable acceleration in core markets such as the U.S., France, the U.K., and Australia, as well as expansion markets growing approximately twice as fast as core markets.

Airbnb Is Not Just Home-Sharing Anymore — Hotels Are Growing 3x Faster!

<ul><li>Airbnb built one of the world’s most recognizable travel brands by offering something hotels could not easily replicate: distinctive homes, local neighborhoods, flexible space, and a sense of personal discovery.</li><li>The company is now preparing for a much broader future.</li><li>Management wants Airbnb to evolve from a home-booking platform into an ecosystem covering hotels, experiences, transportation, grocery delivery, personal services, equipment rentals, and potentially flights.</li></ul>

Airbnb built one of the world’s most recognizable travel brands by offering something hotels could not easily replicate: distinctive homes, local neighborhoods, flexible space, and a sense of personal discovery.The company is now preparing for a much broader future.Management wants Airbnb to evolve from a home-booking platform into an ecosystem covering hotels, experiences, transportation, grocery delivery, personal services, equipment rentals, and potentially flights.

Airbnb Wants To Become Amazon—But Could Lose Its Identity!

Equity Long-Short

Mo Aziz

Thematic (Sector/Industry)

<ul>
<li>All major global OTAs declined in value today (4 Feb) due to a brief escalation between the US and Iran and fears of slowing consumer demand, triggering risk aversion.  </li>
<li>Fundamentals remain intact, with booking trends and earnings remaining healthy, signalling a macro reset rather than demand weakness.</li>
<li>Use the pullback as a trading opportunity: accumulate Booking Holdings and Trip.com on valuation-led weakness, while staying underweight Airbnb, MakeMyTrip, and Tripadvisor given their stretched valuations.</li>
</ul>


All major global OTAs declined in value today (4 Feb) due to a brief escalation between the US and Iran and fears of slowing consumer demand, triggering risk aversion.  
Fundamentals remain intact, with booking trends and earnings remaining healthy, signalling a macro reset rather than demand weakness.
Use the pullback as a trading opportunity: accumulate Booking Holdings and Trip.com on valuation-led weakness, while staying underweight Airbnb, MakeMyTrip, and Tripadvisor given their stretched valuations.


Global Online Travel Agent (OTA): Macro De-Rating Creates Selective Entry Points in Travel Platforms

Independent in-depth research from Finimize, Finimize

Finimize Research

Independent in-depth research from Finimize

Finimize

Finimize is the #1 information platform for modern investors. We empower people to become smarter investors with bitesize insights from world-class analysts. 1 million+ strong community, 250 partners.

<ul>
<li>The US economy’s resilience hasn’t come from the many – it’s come from the top 10% as the “wealth effect” from rising asset prices has boosted spending.</li>
<li>But it works in reverse too.  Since the richest make up nearly half of America’s consumer spending, that could lead to a serious economic fallout.</li>
<li>It’s worth considering protecting your portfolio. I’ve pulled together one list of companies that should do well and another that could suffer from the change in climate.</li>
</ul>


The US economy’s resilience hasn’t come from the many – it’s come from the top 10% as the “wealth effect” from rising asset prices has boosted spending.
But it works in reverse too.  Since the richest make up nearly half of America’s consumer spending, that could lead to a serious economic fallout.
It’s worth considering protecting your portfolio. I’ve pulled together one list of companies that should do well and another that could suffer from the change in climate.


A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Klook Technology Limited, travel and leisure booking platform company with leadership position in APAC intra-regional travel, aims to raise up to $500M in US IPO.</li>
<li>The company is expected to IPO in December. Goldman Sachs, J.P. Morgan and Morgan Stanley are leading the offering and Klook will list its ADSs on the NYSE.</li>
<li>My IPO valuation analysis coalesces around initial valuation range between $2.5B and $3.5B for Klook Technology Limited upcoming offering.</li>
</ul>


Klook Technology Limited, travel and leisure booking platform company with leadership position in APAC intra-regional travel, aims to raise up to $500M in US IPO.
The company is expected to IPO in December. Goldman Sachs, J.P. Morgan and Morgan Stanley are leading the offering and Klook will list its ADSs on the NYSE.
My IPO valuation analysis coalesces around initial valuation range between $2.5B and $3.5B for Klook Technology Limited upcoming offering.


Klook IPO (NYSE: KLK): Fair Valuation Would Be Significantly Above Last Reported Valuation

United States

Airbnb, Inc. operates an online marketplace for travel information and booking services. The Company offers lodging, home-stay, and tourism services via websites and mobile applications. Airbnb serves clients worldwide.

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Airbnb (ABNB US)

Airbnb Wants To Become Amazon—But Could Lose Its Identity!

Airbnb built one of the world’s most recognizable travel brands by offering something hotels could not easily replicate: distinctive homes, local...

Baptista Research

Global Online Travel Agent (OTA): Macro De-Rating Creates Selective Entry Points in Travel Platforms

OTA weakness reflects macro and geopolitical noise, not fundamentals. Buy Booking Holdings and Trip.com on the dip; stay underweight Airbnb,...

Mo Aziz

A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

The top 10% account for around 50% of consumer spending in the US. This insight looks at the sectors and companies that could win and lose from the...

Finimize Research

Klook IPO (NYSE: KLK): Fair Valuation Would Be Significantly Above Last Reported Valuation

Travel booking platform Klook Technology Limited plans to raise up to $500M in upcoming US IPO. In my insight, I discuss IPO valuation scenarios,...

Andrei Zakharov

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Airbnb Is Not Just Home-Sharing Anymore — Hotels Are Growing 3x Faster!

Airbnb, Inc. reported strong financial performance for the second quarter of 2026, with revenue increasing 17% year-over-year to $3.6 billion and...

Baptista Research

Airbnb Wants To Become Amazon—But Could Lose Its Identity!

Airbnb built one of the world’s most recognizable travel brands by offering something hotels could not easily replicate: distinctive homes, local...

Baptista Research

Global Online Travel Agent (OTA): Macro De-Rating Creates Selective Entry Points in Travel Platforms

OTA weakness reflects macro and geopolitical noise, not fundamentals. Buy Booking Holdings and Trip.com on the dip; stay underweight Airbnb,...

Mo Aziz

A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

The top 10% account for around 50% of consumer spending in the US. This insight looks at the sectors and companies that could win and lose from the...

Finimize Research

Klook IPO (NYSE: KLK): Fair Valuation Would Be Significantly Above Last Reported Valuation

​Travel booking platform Klook Technology Limited plans to raise up to $500M in upcoming US IPO. In my insight, I discuss IPO valuation scenarios,...

Andrei Zakharov

Travel booking platform Klook Technology Limited plans to raise up to $500M in upcoming US IPO. In my insight, I discuss IPO valuation scenarios,...