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>Choice Hotels International reported first quarter 2026 results that aligned with their expectations, highlighting a transitional phase marked by improving net rooms growth, strengthened revenue per available room (RevPAR), and reduced capital intensity.</li>
<li>The company’s strategy centers around an asset-light, franchise-driven growth model emphasizing franchisee economics, which they assert is supporting more consistent earnings and cash flow expansion.</li>
<li>On the growth front, global room count rose by 1.7% year-over-year, driven primarily by a 2.5% increase in higher revenue segments.</li>
</ul>


Choice Hotels International reported first quarter 2026 results that aligned with their expectations, highlighting a transitional phase marked by improving net rooms growth, strengthened revenue per available room (RevPAR), and reduced capital intensity.
The company’s strategy centers around an asset-light, franchise-driven growth model emphasizing franchisee economics, which they assert is supporting more consistent earnings and cash flow expansion.
On the growth front, global room count rose by 1.7% year-over-year, driven primarily by a 2.5% increase in higher revenue segments.


Choice Hotels International Sees 13% International Net Rooms Growth Gain Traction!

<ul>
<li>Choice Hotels International concluded its fiscal year 2025 with a reported adjusted EBITDA of $626 million, reflecting a 4% increase year-over-year and aligning with the company's expectations.</li>
<li>Positively, the company demonstrated growth in its portfolio, augmenting global hotel openings by 14% and expanding its international presence at a double-digit pace.</li>
<li>The U.S. operations showed a strategic focus on quality improvement by increasing the average royalty rate by 8 basis points during the year.</li>
</ul>


Choice Hotels International concluded its fiscal year 2025 with a reported adjusted EBITDA of $626 million, reflecting a 4% increase year-over-year and aligning with the company's expectations.
Positively, the company demonstrated growth in its portfolio, augmenting global hotel openings by 14% and expanding its international presence at a double-digit pace.
The U.S. operations showed a strategic focus on quality improvement by increasing the average royalty rate by 8 basis points during the year.


Why Choice Hotels International Conversion Pipeline Matters As RevPAR Volatility Persists

<ul>
<li>Choice Hotels International's recent earnings call provides an intricate overview of the company's financial performance and strategic initiatives during the third quarter of 2025.</li>
<li>The company reported a 7% increase in adjusted EBITDA, reaching $190 million, primarily driven by an enhanced brand mix and increased business from small and medium enterprises and group bookings.</li>
<li>However, the positive financial performance was countered by a flat global RevPAR compared to the prior year, with a notable dip of 3.2% in the U.S. market owing to softer government and international inbound demand.</li>
</ul>


Choice Hotels International's recent earnings call provides an intricate overview of the company's financial performance and strategic initiatives during the third quarter of 2025.
The company reported a 7% increase in adjusted EBITDA, reaching $190 million, primarily driven by an enhanced brand mix and increased business from small and medium enterprises and group bookings.
However, the positive financial performance was countered by a flat global RevPAR compared to the prior year, with a notable dip of 3.2% in the U.S. market owing to softer government and international inbound demand.


Choice Hotels Reveals What’s Inside Its Bold Global Expansion Strategy!

<ul>
<li>Choice Hotels International reported its second-quarter 2025 financial results, reflecting both strategic advancements and noticeable challenges.</li>
<li>The company reported significant achievements, with adjusted EBITDA hitting $165 million, marking a year-over-year increase.</li>
<li>This was driven by a more than 2% net increase in global rooms, including a 3% rise in more revenue-intensive rooms.</li>
</ul>


Choice Hotels International reported its second-quarter 2025 financial results, reflecting both strategic advancements and noticeable challenges.
The company reported significant achievements, with adjusted EBITDA hitting $165 million, marking a year-over-year increase.
This was driven by a more than 2% net increase in global rooms, including a 3% rise in more revenue-intensive rooms.


Choice Hotels International: Enhanced Effective Royalty Rates & Partnership Revenue Expansion...

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

S&P Small Cap 600 Index / Technical Analysis

<ul>
<li>Our outlook remains bullish and the significant end-of-year rally that we have been expecting since mid-October is in full swing; continue to ride the trend higher.</li>
<li>Our election day Compass report (11/5/24) was titled "Buy the Pullback," and last week's Compass (11/19/24) was similarly titled "Buy the Pullback Again" </li>
<li>We continue to expect significant upside into year-end and the early part of 2025, with small- and mid-caps leading the way, and for index support at 20-day MAs.</li>
</ul>


Our outlook remains bullish and the significant end-of-year rally that we have been expecting since mid-October is in full swing; continue to ride the trend higher.
Our election day Compass report (11/5/24) was titled "Buy the Pullback," and last week's Compass (11/19/24) was similarly titled "Buy the Pullback Again" 
We continue to expect significant upside into year-end and the early part of 2025, with small- and mid-caps leading the way, and for index support at 20-day MAs.


Continue to Ride the Trend Higher; Upgrading Discretionary to Overweight; Overweight Mid/Small-Caps

United States

Choice Hotels International, Inc. franchises hotel properties.  The Company franchises hotels throughout the United States, Puerto Rico, and the District of Columbia, as well as other countries.  Choice Hotels' properties operate under the Comfort, Quality, Clarion, Sleep, Rodeway, Econo Lodge, and MainStay brand names.

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Choice Hotels Intl (CHH US)

Choice Hotels International Sees 13% International Net Rooms Growth Gain Traction!

Choice Hotels International reported first quarter 2026 results that aligned with their expectations, highlighting a transitional phase marked by...

Baptista Research

Why Choice Hotels International Conversion Pipeline Matters As RevPAR Volatility Persists

Choice Hotels International concluded its fiscal year 2025 with a reported adjusted EBITDA of $626 million, reflecting a 4% increase year-over-year...

Baptista Research

Choice Hotels Reveals What’s Inside Its Bold Global Expansion Strategy!

Choice Hotels International's recent earnings call provides an intricate overview of the company's financial performance and strategic initiatives...

Baptista Research

Choice Hotels International: Enhanced Effective Royalty Rates & Partnership Revenue Expansion...

Choice Hotels International reported its second-quarter 2025 financial results, reflecting both strategic advancements and noticeable challenges

Baptista Research

Continue to Ride the Trend Higher; Upgrading Discretionary to Overweight; Overweight Mid/Small-Caps

Continue to Ride the Trend Higher; Upgrading Discretionary to Overweight $XLY $RSPD $XRT; Overweight Mid- & Small-Caps $IWM $IJR $IJH. Latest "Buy...

Vermilion Research

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