New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

<ul><li>Serko (SKO) will report its 1H26 results on 18 November 2025.</li><li>Despite a softer US corporate travel backdrop, Europe remains SKO’s key geographic exposure, and we expect execution in B4B to overshadow macro impacts.</li><li>We retain OUTPERFORM.</li></ul>

Serko (SKO) will report its 1H26 results on 18 November 2025.Despite a softer US corporate travel backdrop, Europe remains SKO’s key geographic exposure, and we expect execution in B4B to overshadow macro impacts.We retain OUTPERFORM.

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>Led by Accommodation activity, Q225 net revenue growth was a solid +16% Y/Y </li>
<li>Some progress on OpEx control, but core margins declined <em>again</em> in Q225</li>
<li>Even with big buyback, is it worth US$75/ADS? We think fair value near US$60</li>
</ul>


Led by Accommodation activity, Q225 net revenue growth was a solid +16% Y/Y 
Some progress on OpEx control, but core margins declined again in Q225
Even with big buyback, is it worth US$75/ADS? We think fair value near US$60


Trip.com Q225 Results | Big Buyback a Surprise | But Margins Still Under Pressure | Fair Value US$60

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.

<ul><li>We recommend selling MSFT80, NONGFU80, and BKNG80 with returns of 4.6%, -0.3%, and -3.0%, respectively.</li><li>At the same time, we recommend initiating investment positions in MITSU19 and SONY80, which are DRs referencing leading companies in Japan.</li><li>The average price of the underlying securities in the portfolio rose 0.60%, supported by gains in AVG080, LOREAL80, and NONGFU80, amid mixed movements in global equity markets.</li></ul>

We recommend selling MSFT80, NONGFU80, and BKNG80 with returns of 4.6%, -0.3%, and -3.0%, respectively.At the same time, we recommend initiating investment positions in MITSU19 and SONY80, which are DRs referencing leading companies in Japan.The average price of the underlying securities in the portfolio rose 0.60%, supported by gains in AVG080, LOREAL80, and NONGFU80, amid mixed movements in global equity markets.

KTX Tactical DR Picks - August 8, 2025 (Eng.)

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.

<ul><li>Booking Holdings delivered a robust performance in the second quarter of 2025, showcasing resilience and strong demand in the global travel industry.</li><li>Key financial metrics exceeded prior expectations, with room nights reaching 309 million, an 8% year-over-year increase, and gross bookings and revenue increasing 13% and 16%, respectively.</li><li>This growth was driven by strong performances in Europe and Asia, with Asia experiencing low double-digit growth.</li></ul>

Booking Holdings delivered a robust performance in the second quarter of 2025, showcasing resilience and strong demand in the global travel industry.Key financial metrics exceeded prior expectations, with room nights reaching 309 million, an 8% year-over-year increase, and gross bookings and revenue increasing 13% and 16%, respectively.This growth was driven by strong performances in Europe and Asia, with Asia experiencing low double-digit growth.

Booking Holdings: An Analysis Of Its Game-Changing ‘Connected Trip’

<ul><li>We recommend taking profit on META80 with a return of 7%, while cutting losses on HONDA19 and SINGTEL80 with returns of -6% and -7%, respectively.</li><li>At the same time, we suggest opening positions in BKNG80 and LOREAL80, which are DRs referencing BOOKING HOLDINGS INC., an online travel booking platform, and L'OREAL SA, a cosmetics and skincare company.</li><li>The average price of the underlying securities in the portfolio rose 1.16%, driven by strong gains in META and MSFT following the release of robust earnings results.</li></ul>

We recommend taking profit on META80 with a return of 7%, while cutting losses on HONDA19 and SINGTEL80 with returns of -6% and -7%, respectively.At the same time, we suggest opening positions in BKNG80 and LOREAL80, which are DRs referencing BOOKING HOLDINGS INC., an online travel booking platform, and L'OREAL SA, a cosmetics and skincare company.The average price of the underlying securities in the portfolio rose 1.16%, driven by strong gains in META and MSFT following the release of robust earnings results.

United States

Booking Holdings Inc. operates as an online travel company. The Company offers a platform that allows to make travel reservations with providers of travel services, as well as provides accommodation reservations, rentals cars, airline tickets, and vacation packages. Booking Holdings serves customers worldwide.

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Booking Holdings (BKNG US)

Serko 1H26 Preview—Genius At The Gate

Despite a softer US corporate travel backdrop, Europe remains SKO’s key geographic exposure, and we expect execution in B4B to overshadow macro...

Forsyth Barr

Trip.com Q225 Results | Big Buyback a Surprise | But Margins Still Under Pressure | Fair Value US$60

Trip.com announced a big share buyback last week, but its Q225 core results were unimpressive. Given modest growth expectations, we put fair value...

Tracking Traffic

KTX Tactical DR Picks - August 8, 2025 (Eng.)

We recommend selling MSFT80, NONGFU80, and BKNG80 with returns of 4.6%, -0.3%, and -3.0%, respectively. At the same time, we recommend initiating...

Krungthai XSpring

Booking Holdings: An Analysis Of Its Game-Changing ‘Connected Trip’

Booking Holdings delivered a robust performance in the second quarter of 2025, showcasing resilience and strong demand in the global travel...

Baptista Research

KTX Tactical DR Picks

We recommend taking profit on META80 with a return of 7%, while cutting losses on HONDA19 and SINGTEL80 with returns of -6% and -7%,...

Krungthai XSpring

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