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>Expedia Group reported first quarter 2026 results marked by growth in bookings, revenue, and profitability, surpassing internal guidance amid a mixed macroeconomic environment.</li><li>Gross bookings increased 13%, driven by a 6% rise in room nights and a 4% increase in average daily rates on a foreign exchange-neutral basis.</li><li>Revenue rose 15%, with foreign exchange contributing approximately 5 percentage points to growth.</li></ul>

Expedia Group reported first quarter 2026 results marked by growth in bookings, revenue, and profitability, surpassing internal guidance amid a mixed macroeconomic environment.Gross bookings increased 13%, driven by a 6% rise in room nights and a 4% increase in average daily rates on a foreign exchange-neutral basis.Revenue rose 15%, with foreign exchange contributing approximately 5 percentage points to growth.

Expedia Group’s Big Break: B2B Growth, Vrbo Recovery And Margin Expansion!

<ul><li>Expedia Group has moved to deepen its B2B travel platform with an agreement to acquire Ireland-based CarTrawler, a specialist in car rental, ground transport, and Insurtech distribution for travel brands.</li><li>Announced on May 20, 2026, the transaction remains subject to customary closing conditions and is expected to close in the second half of 2026.</li><li>CarTrawler brings a network of more than 550 car rental suppliers, 500 mobility suppliers, over 300 travel-brand partners, and more than 70 airline relationships, giving Expedia a ready-made mobility layer to add to its lodging-heavy B2B engine.</li></ul>

Expedia Group has moved to deepen its B2B travel platform with an agreement to acquire Ireland-based CarTrawler, a specialist in car rental, ground transport, and Insurtech distribution for travel brands.Announced on May 20, 2026, the transaction remains subject to customary closing conditions and is expected to close in the second half of 2026.CarTrawler brings a network of more than 550 car rental suppliers, 500 mobility suppliers, over 300 travel-brand partners, and more than 70 airline relationships, giving Expedia a ready-made mobility layer to add to its lodging-heavy B2B engine.

Expedia Group Takeover Strategy: Can CarTrawler Supercharge Its B2B Platform?

Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

Event-Driven

<ul><li>The range of ideas is broad. The smallest market cap is a $15MM Canadian micro-cap that is trading below its net cash, and the largest is an $25BN market cap online travel company that is gobbling up its own shares.</li><li>We have ideas profiled from Poland, Canada, India, Austria, Argentina, Italy, and of course, the United States.</li><li>The report will start with my personal favorite idea and then cover the additional ideas in alphabetical order.</li></ul>

The range of ideas is broad. The smallest market cap is a $15MM Canadian micro-cap that is trading below its net cash, and the largest is an $25BN market cap online travel company that is gobbling up its own shares.We have ideas profiled from Poland, Canada, India, Austria, Argentina, Italy, and of course, the United States.The report will start with my personal favorite idea and then cover the additional ideas in alphabetical order.

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

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tongcheng-travel-holdings-ltd" target="_blank" data-smartkarma-citation="entities:27363:1" rel="noopener">Tongcheng Travel Holdings (780 HK)</a>'s 1Q25 adjusted net profit surged 41.1%, suggesting an accelerating momentum. It should continue to outperform <a href="https://www.smartkarma.com/entities/trip-com-group-ltd-23a341d0-4f63-4175-a8c5-ee990906cacd" target="_blank" data-smartkarma-citation="entities:36424:1" rel="noopener">Trip.com Group (9961 HK)</a>. </li>
<li>Good cost management, even as revenue rose 13.2%, has enhanced adjusted EBITDA margin by 5.3pp YoY - this trend will sustain. </li>
<li>More visa convenience will boost inbound and outbound travel. At end-1Q25, net cash equals 14% of market capitalisation, and it can still generate ROE of 12-15%. </li>
</ul>



Tongcheng Travel Holdings (780 HK)'s 1Q25 adjusted net profit surged 41.1%, suggesting an accelerating momentum. It should continue to outperform Trip.com Group (9961 HK). 
Good cost management, even as revenue rose 13.2%, has enhanced adjusted EBITDA margin by 5.3pp YoY - this trend will sustain. 
More visa convenience will boost inbound and outbound travel. At end-1Q25, net cash equals 14% of market capitalisation, and it can still generate ROE of 12-15%. 


Tongcheng Travel (780 HK): Regaining Momentum, Better Choice than Trip.com

United States

Expedia Group, Inc. provides branded online travel services for leisure and small business travelers. The Company offers a wide range of travel shopping and reservation services, providing real-time access to schedule, pricing and availability information for airlines, hotels, and car rental companies.

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Expedia Group, Inc. (EXPE US)

Expedia Group’s Big Break: B2B Growth, Vrbo Recovery And Margin Expansion!

Expedia Group reported first quarter 2026 results marked by growth in bookings, revenue, and profitability, surpassing internal guidance amid a...

Baptista Research

Expedia Group Takeover Strategy: Can CarTrawler Supercharge Its B2B Platform?

Expedia Group has moved to deepen its B2B travel platform with an agreement to acquire Ireland-based CarTrawler, a specialist in car rental,...

Baptista Research

Best Ideas of 2025

The range of ideas is broad. The smallest market cap is a $15MM Canadian micro-cap that is trading below its net cash, and the largest is an $25BN...

Richard Howe

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

Tongcheng Travel (780 HK): Regaining Momentum, Better Choice than Trip.com

Tongcheng reports a 41.1% surge in 1Q25 adjusted net profit, driven by good cost control. More visa convenience will boost growth, and it is...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Expedia Group’s Big Break: B2B Growth, Vrbo Recovery And Margin Expansion!

Expedia Group reported first quarter 2026 results marked by growth in bookings, revenue, and profitability, surpassing internal guidance amid a...

Baptista Research

Expedia Group Takeover Strategy: Can CarTrawler Supercharge Its B2B Platform?

Expedia Group has moved to deepen its B2B travel platform with an agreement to acquire Ireland-based CarTrawler, a specialist in car rental,...

Baptista Research

Best Ideas of 2025

The range of ideas is broad. The smallest market cap is a $15MM Canadian micro-cap that is trading below its net cash, and the largest is an $25BN...

Richard Howe

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

Tongcheng Travel (780 HK): Regaining Momentum, Better Choice than Trip.com

​Tongcheng reports a 41.1% surge in 1Q25 adjusted net profit, driven by good cost control. More visa convenience will boost growth, and it is...

Osbert Tang, CFA

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

Tongcheng reports a 41.1% surge in 1Q25 adjusted net profit, driven by good cost control. More visa convenience will boost growth, and it is...