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>During the third quarter of 2024, Expedia Group demonstrated several positive financial performance indicators and business dynamics, alongside addressing some challenges.</li><li>Overall, the company exceeded expectations regarding gross bookings and earnings, although revenue met projections amidst challenges posed by weather and currency fluctuations.</li><li>Noteworthy was the accelerated growth in gross bookings in its consumer segment for the second consecutive quarter, buoyed by strong performance from Brand Expedia, Vrbo's return to growth, and favorable outcomes from international sales.</li></ul>

During the third quarter of 2024, Expedia Group demonstrated several positive financial performance indicators and business dynamics, alongside addressing some challenges.Overall, the company exceeded expectations regarding gross bookings and earnings, although revenue met projections amidst challenges posed by weather and currency fluctuations.Noteworthy was the accelerated growth in gross bookings in its consumer segment for the second consecutive quarter, buoyed by strong performance from Brand Expedia, Vrbo's return to growth, and favorable outcomes from international sales.

Expedia Group Inc.: These Are The 7 Biggest Factors Impacting Its Performance In 2025 &Beyond! - Major Drivers

<ul><li>Uber Technologies, Inc. delivered a robust performance in the third quarter of 2024, characterized by significant growth in gross bookings, profitability, and strategic advancements in newer market segments and technologies.</li><li>The company reported a 20% year-on-year increase in gross bookings in constant currency terms, highlighting sustained demand across its diverse portfolio.</li><li>Financially, Uber achieved an all-time high in GAAP operating profits, surpassing $1 billion, reflecting operational efficiencies and successful scaling of new and existing services.</li></ul>

Uber Technologies, Inc. delivered a robust performance in the third quarter of 2024, characterized by significant growth in gross bookings, profitability, and strategic advancements in newer market segments and technologies.The company reported a 20% year-on-year increase in gross bookings in constant currency terms, highlighting sustained demand across its diverse portfolio.Financially, Uber achieved an all-time high in GAAP operating profits, surpassing $1 billion, reflecting operational efficiencies and successful scaling of new and existing services.

Expedia Group, Inc. - Uber’s Game-Changing Shift: Tesla Partnerships

<ul><li>Uber’s potential acquisition of Expedia has sent shockwaves across the travel and tech industries.</li><li>The ride-hailing giant has reportedly explored the idea of purchasing the $20 billion U.S. travel booking platform, marking a dramatic shift in its strategy to diversify beyond ride-hailing and food delivery.</li><li>Speculation suggests that Uber is looking to expand its “super app” ambitions—something akin to the multipurpose apps seen in Chinese tech ecosystems like WeChat.</li></ul>

Uber’s potential acquisition of Expedia has sent shockwaves across the travel and tech industries.The ride-hailing giant has reportedly explored the idea of purchasing the $20 billion U.S. travel booking platform, marking a dramatic shift in its strategy to diversify beyond ride-hailing and food delivery.Speculation suggests that Uber is looking to expand its “super app” ambitions—something akin to the multipurpose apps seen in Chinese tech ecosystems like WeChat.

Uber Eyeing Expedia! Here’s Why That Could Be a Game-Changing Move

<ul><li>Expedia Group, in its second-quarter 2024 earnings, exhibited a dual-faced performance characterized by significant achievements and emerging challenges that mirror the broader complexities of the travel industry.</li><li>The management has focused on revitalizing core brands, particular emphasis on enhancing execution within the company's consumer segment, and fine-tuning their long-term strategic direction.</li><li>Under her leadership, Expedia Group has seen a robust growth in room nights and gross bookings indicating a strong recovery trajectory from previous downturns.</li></ul>

Expedia Group, in its second-quarter 2024 earnings, exhibited a dual-faced performance characterized by significant achievements and emerging challenges that mirror the broader complexities of the travel industry.The management has focused on revitalizing core brands, particular emphasis on enhancing execution within the company's consumer segment, and fine-tuning their long-term strategic direction.Under her leadership, Expedia Group has seen a robust growth in room nights and gross bookings indicating a strong recovery trajectory from previous downturns.

Expedia Group Inc.: A Bear's Perspective! - Major Drivers

HK/China Equity Long-Short

Osbert Tang, CFA

Tongcheng Travel Holdings  / Equity Bottom-Up

<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> is still suffering from cost pressure, with adjusted net profit increased by 10.9% in 2Q24, despite a 48.1% revenue growth.</li>
<li>Both GMV and MPU growth rates have slowed in 2Q24 when compared with 1Q24, and revenue may also decelerate in 2H24 given the higher base for comparison.</li>
<li>The market will need some time to see if the moderating earnings trend will sustain, negatively affecting investor interests. Potential earnings downgrade is also a challenge.</li>
</ul>



Tongcheng Travel Holdings (780 HK) is still suffering from cost pressure, with adjusted net profit increased by 10.9% in 2Q24, despite a 48.1% revenue growth.
Both GMV and MPU growth rates have slowed in 2Q24 when compared with 1Q24, and revenue may also decelerate in 2H24 given the higher base for comparison.
The market will need some time to see if the moderating earnings trend will sustain, negatively affecting investor interests. Potential earnings downgrade is also a challenge.


Tongcheng Travel (780 HK): Seems like a Cost Issue

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 Inc.: These Are The 7 Biggest Factors Impacting Its Performance In 2025 &Beyond! - Major Drivers

During the third quarter of 2024, Expedia Group demonstrated several positive financial performance indicators and business dynamics, alongside...

Baptista Research

Expedia Group, Inc. - Uber’s Game-Changing Shift: Tesla Partnerships

Uber Technologies, Inc. delivered a robust performance in the third quarter of 2024, characterized by significant growth in gross bookings,...

Baptista Research

Uber Eyeing Expedia! Here’s Why That Could Be a Game-Changing Move

Uber’s potential acquisition of Expedia has sent shockwaves across the travel and tech industries. The ride-hailing giant has reportedly explored...

Baptista Research

Expedia Group Inc.: A Bear's Perspective! - Major Drivers

Expedia Group, in its second-quarter 2024 earnings, exhibited a dual-faced performance characterized by significant achievements and emerging...

Baptista Research

Tongcheng Travel (780 HK): Seems like a Cost Issue

Tongcheng Travel faces cost pressure as adjusted net profit rises by 10.9% in 2Q24 despite strong revenue growth. Slowing growth and potential...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Expedia Group Inc.: These Are The 7 Biggest Factors Impacting Its Performance In 2025 &Beyond! - Major Drivers

During the third quarter of 2024, Expedia Group demonstrated several positive financial performance indicators and business dynamics, alongside...

Baptista Research

Expedia Group, Inc. - Uber’s Game-Changing Shift: Tesla Partnerships

Uber Technologies, Inc. delivered a robust performance in the third quarter of 2024, characterized by significant growth in gross bookings,...

Baptista Research

Uber Eyeing Expedia! Here’s Why That Could Be a Game-Changing Move

Uber’s potential acquisition of Expedia has sent shockwaves across the travel and tech industries. The ride-hailing giant has reportedly explored...

Baptista Research

Expedia Group Inc.: A Bear's Perspective! - Major Drivers

Expedia Group, in its second-quarter 2024 earnings, exhibited a dual-faced performance characterized by significant achievements and emerging...

Baptista Research

Tongcheng Travel (780 HK): Seems like a Cost Issue

​Tongcheng Travel faces cost pressure as adjusted net profit rises by 10.9% in 2Q24 despite strong revenue growth. Slowing growth and potential...

Osbert Tang, CFA

Tongcheng Travel faces cost pressure as adjusted net profit rises by 10.9% in 2Q24 despite strong revenue growth. Slowing growth and potential...