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>Booking Holdings has delivered strong financial performance in its fourth quarter and full year 2025 results, reflecting a robust strategic execution despite volatile global markets.</li><li>The travel demand has shown resilience, and the company's global platform has enabled it to cater effectively to diverse geographies and customer segments.</li><li>A significant highlight for the year has been the adoption and integration of AI-powered capabilities, aiming for greater personalization and ease of use for both travelers and partners.</li></ul>

Booking Holdings has delivered strong financial performance in its fourth quarter and full year 2025 results, reflecting a robust strategic execution despite volatile global markets.The travel demand has shown resilience, and the company's global platform has enabled it to cater effectively to diverse geographies and customer segments.A significant highlight for the year has been the adoption and integration of AI-powered capabilities, aiming for greater personalization and ease of use for both travelers and partners.

Booking Holdings: Can a $700M Growth Bet and AI Automation Sustain Margin Expansion?

<ul><li>Booking Holdings delivered a strong performance in the third quarter, demonstrating resilience and adaptability in a dynamic travel industry landscape.</li><li>The company's broad global footprint and diversified revenue streams contributed to robust financial results that surpassed expectations.</li><li>These results were highlighted by several key metrics that combined both positive trends and potential areas of caution.</li></ul>

Booking Holdings delivered a strong performance in the third quarter, demonstrating resilience and adaptability in a dynamic travel industry landscape.The company's broad global footprint and diversified revenue streams contributed to robust financial results that surpassed expectations.These results were highlighted by several key metrics that combined both positive trends and potential areas of caution.

Booking Holdings Just Launched a B2B Shakeup—Here’s What It Means for Travel Giants!

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.

<ul><li>The September 2026 quarter was mixed for NZX-listed technology.</li><li>On balance, the NZX IT Index finished the quarter broadly flat.</li><li>We remain constructive on NZ large cap tech, with VGL, SKO, and GTK all OUTPERFORM.</li></ul>

The September 2026 quarter was mixed for NZX-listed technology.On balance, the NZX IT Index finished the quarter broadly flat.We remain constructive on NZ large cap tech, with VGL, SKO, and GTK all OUTPERFORM.

Forsyth Barr Technology Digest Edition 16—Muse-ing on Markets

Quality-first, Business-perspective, Long-term, Urbem (HK) Limited

Urbem Capital

Quality-first, Business-perspective, Long-term

Quality-first, Business-perspective Strategy

Urbem (HK) Limited

<ul>
<li>From January 1, 2001 to September 29, 2026, Monster returned about 2,070×, topping a leaderboard of great compounders that includes Nvidia and Apple, all of them capital-light.</li>
<li>Its moat is a habit with no technology cycle to re-win, built through twice Red Bull's volume for the price, upgraded distribution and Coca-Cola's partnership.</li>
<li>Earnings did the work: after re-rating to about 34× by 2006, returns tracked per-share earnings; at roughly 38× today, owners need long, durable growth.</li>
</ul>


From January 1, 2001 to September 29, 2026, Monster returned about 2,070×, topping a leaderboard of great compounders that includes Nvidia and Apple, all of them capital-light.
Its moat is a habit with no technology cycle to re-win, built through twice Red Bull's volume for the price, upgraded distribution and Coca-Cola's partnership.
Earnings did the work: after re-rating to about 34× by 2006, returns tracked per-share earnings; at roughly 38× today, owners need long, durable growth.


Monster Eats Chips & Apples for Breakfast: Lessons From the Century's Top U.S. Large-Cap Stock

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>August air activity largely matched July's improved pace of growth (versus weak Q2)</li>
<li>The improvement in domestic activity has been more dramatic than in outbound </li>
<li>Effectively, high fuel costs appear to be keeping travelers closer to home here in Q3</li>
</ul>


August air activity largely matched July's improved pace of growth (versus weak Q2)
The improvement in domestic activity has been more dramatic than in outbound 
Effectively, high fuel costs appear to be keeping travelers closer to home here in Q3


Monthly Chinese Tourism Tracker | August Traffic Resilient, Especially Domestic Air Activity

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Booking Holdings (BKNG US)

Booking Holdings: Can a $700M Growth Bet and AI Automation Sustain Margin Expansion?

Booking Holdings has delivered strong financial performance in its fourth quarter and full year 2025 results, reflecting a robust strategic...

Baptista Research

Booking Holdings Just Launched a B2B Shakeup—Here’s What It Means for Travel Giants!

Booking Holdings delivered a strong performance in the third quarter, demonstrating resilience and adaptability in a dynamic travel industry...

Baptista Research

Forsyth Barr Technology Digest Edition 16—Muse-ing on Markets

The September 2026 quarter was mixed for NZX-listed technology. On balance, the NZX IT Index finished the quarter broadly flat. We remain...

Forsyth Barr

Monster Eats Chips & Apples for Breakfast: Lessons From the Century's Top U.S. Large-Cap Stock

An owner's view of how pricing power, rented distribution and patient capital allocation put an energy drink at the top of the century's...

Urbem Capital

Monthly Chinese Tourism Tracker | August Traffic Resilient, Especially Domestic Air Activity

August air traffic figures show a decent Y/Y recovery that mirrors what we saw in July, especially for domestic travel. We believe demand could...

Tracking Traffic

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)