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

Marriott International / Equity Bottom-Up

<ul><li>Marriott International reported solid financial and operational results for the second quarter of 2026, with revenue per available room (RevPAR) and earnings exceeding prior expectations.</li><li>The company’s global portfolio expanded by 4.5% in net rooms over the trailing 12 months, reaching approximately 1.8 million rooms across more than 10,000 properties.</li><li>Global RevPAR increased 3.4% year-over-year, driven notably by a 5% rise in the U.S. and Canada, marking the strongest quarterly growth in over three years.</li></ul>

Marriott International reported solid financial and operational results for the second quarter of 2026, with revenue per available room (RevPAR) and earnings exceeding prior expectations.The company’s global portfolio expanded by 4.5% in net rooms over the trailing 12 months, reaching approximately 1.8 million rooms across more than 10,000 properties.Global RevPAR increased 3.4% year-over-year, driven notably by a 5% rise in the U.S. and Canada, marking the strongest quarterly growth in over three years.

Marriott International’s 10,000-Hotel Milestone — Can Record Signings Fuel The Next Expansion?

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>
<a href="https://smartkarma.com/entities/marriott-international-inc">Marriott International</a> operates a powerful, asset-light business model focused on franchising and managing properties, which generates significant high-margin fee revenue and strong free cash flow.</li>
  <li>The company's primary competitive advantages are its extensive portfolio of over 30 brands across all price points and its industry-leading loyalty program, Marriott Bonvoy, which boasts over 210 million members and drives high levels of direct bookings.</li>
  <li>Future growth is expected to be driven by continued net rooms growth, particularly in the midscale and luxury segments, international expansion, and leveraging its loyalty program to increase high-margin, non-room revenue streams.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Marriott International operates a powerful, asset-light business model focused on franchising and managing properties, which generates significant high-margin fee revenue and strong free cash flow.
  The company's primary competitive advantages are its extensive portfolio of over 30 brands across all price points and its industry-leading loyalty program, Marriott Bonvoy, which boasts over 210 million members and drives high levels of direct bookings.
  Future growth is expected to be driven by continued net rooms growth, particularly in the midscale and luxury segments, international expansion, and leveraging its loyalty program to increase high-margin, non-room revenue streams.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Marriott International (MAR US) - Aug 2026

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

<ul>
<li>Large-Cap indexes (S&amp;P 500, Nasdaq 100, and DJI) remain bullish, all hitting new all-time highs last week while continuing to find short-term support at their respective 20-day MAs.</li>
<li>Mid-Caps (S&amp;P 400, Russell Mid-Cap) starting another leg higher following breakouts from 2-month consolidations. Small-caps (S&amp;P 600, Russell 2000) are likely to follow in the footsteps of large- and mid-caps.</li>
<li>Small-Cap indexes have been consolidating for 2.5 months following the historic rally from late-October to late-December 2023, a healthy sign. We expect they are gearing-up for another similar move higher.</li>
</ul>


Large-Cap indexes (S&amp;P 500, Nasdaq 100, and DJI) remain bullish, all hitting new all-time highs last week while continuing to find short-term support at their respective 20-day MAs.
Mid-Caps (S&amp;P 400, Russell Mid-Cap) starting another leg higher following breakouts from 2-month consolidations. Small-caps (S&amp;P 600, Russell 2000) are likely to follow in the footsteps of large- and mid-caps.
Small-Cap indexes have been consolidating for 2.5 months following the historic rally from late-October to late-December 2023, a healthy sign. We expect they are gearing-up for another similar move higher.


U.S. Dollar Rolling Over; Small-Caps to Follow Mid- And Large-Caps to New Highs; Buys in Cons. Disc.

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>This effectively enables <a href="https://www.smartkarma.com/entities/minor-international-pcl" target="_blank" data-smartkarma-citation="entities:2154:1" rel="noopener">Minor International (MINT TB)</a> to recycle heavy real estate capital from mature properties while safely retaining lucrative, long-term brand licensing and management fees.</li>
<li>The exercise will create substantial impact for MINT ROIC and therefore could increase the likelihood for the company to be on the buy radar again.</li>
<li>This is similar to <a href="https://www.smartkarma.com/entities/marriott-international-inc" target="_blank" data-smartkarma-citation="entities:4748:1" rel="noopener">Marriott International (MAR US)</a> shares when it loaded the asset-heavy and debt-laden structures to <a href="https://www.smartkarma.com/entities/host-hotels-resorts-inc" target="_blank" data-smartkarma-citation="entities:10044:1" rel="noopener">Host Hotels &amp; Resorts (HST US)</a> . </li>
</ul>


This effectively enables Minor International (MINT TB) to recycle heavy real estate capital from mature properties while safely retaining lucrative, long-term brand licensing and management fees.
The exercise will create substantial impact for MINT ROIC and therefore could increase the likelihood for the company to be on the buy radar again.
This is similar to Marriott International (MAR US) shares when it loaded the asset-heavy and debt-laden structures to Host Hotels &amp; Resorts (HST US) . 


HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>It is difficult for <a href="https://www.smartkarma.com/entities/fosun-tourism-group" target="_blank" data-smartkarma-citation="entities:27439:1" rel="noopener">Fosun Tourism (1992 HK)</a> to return to its peak and IPO share prices over the next two years. The buyback proposal represents a good exit opportunity.</li>
<li>Net profit is unlikely to go back to FY19 level even in FY26F. The derating of the Chinese equities and Fosun Group, as well as its high gearing, are barriers.</li>
<li>Its PER multiples have already aligned back to the sector average from the extremely depressed level previously. Relative to global names, it is now only at slight discounts.</li>
</ul>


It is difficult for Fosun Tourism (1992 HK) to return to its peak and IPO share prices over the next two years. The buyback proposal represents a good exit opportunity.
Net profit is unlikely to go back to FY19 level even in FY26F. The derating of the Chinese equities and Fosun Group, as well as its high gearing, are barriers.
Its PER multiples have already aligned back to the sector average from the extremely depressed level previously. Relative to global names, it is now only at slight discounts.


United States

Marriott International Inc. is a worldwide operator and franchisor of hotels. The Company franchises lodging facilities and vacation timesharing resorts under various brand names. Marriott also provides services to home and condominium owner associations for projects associated with several of its brands.

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Marriott International (MAR US)

Marriott International’s 10,000-Hotel Milestone — Can Record Signings Fuel The Next Expansion?

Marriott International reported solid financial and operational results for the second quarter of 2026, with revenue per available room (RevPAR)...

Baptista Research

Primer: Marriott International (MAR US) - Aug 2026

Marriott International operates a powerful, asset-light business model focused on franchising and managing properties, which generates...

αSK Primers

U.S. Dollar Rolling Over; Small-Caps to Follow Mid- And Large-Caps to New Highs; Buys in Cons. Disc.

U.S. Dollar $DXY Rolling Over; 10- and 30-Yr Treasury Yields Hit Major Resistance; Small-Caps to Follow Mid- and Large-Caps to New Highs $IWM $RTY...

Vermilion Research

Minor Intl (MINT): Marriot Playbook

Minor International is strategically recycling real estate capital to boost ROIC and attract potential buyers, similar to Marriott International's...

Henry Soediarko

Fosun Tourism (1992 HK): Giving In

Fosun Tourism faces challenges in returning to peak and IPO share prices, making the buyback proposal a good exit opportunity due to barriers like...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Marriott International’s 10,000-Hotel Milestone — Can Record Signings Fuel The Next Expansion?

Marriott International reported solid financial and operational results for the second quarter of 2026, with revenue per available room (RevPAR)...

Baptista Research

Primer: Marriott International (MAR US) - Aug 2026

Marriott International operates a powerful, asset-light business model focused on franchising and managing properties, which generates...

αSK Primers

U.S. Dollar Rolling Over; Small-Caps to Follow Mid- And Large-Caps to New Highs; Buys in Cons. Disc.

U.S. Dollar $DXY Rolling Over; 10- and 30-Yr Treasury Yields Hit Major Resistance; Small-Caps to Follow Mid- and Large-Caps to New Highs $IWM $RTY...

Vermilion Research

Minor Intl (MINT): Marriot Playbook

​Minor International is strategically recycling real estate capital to boost ROIC and attract potential buyers, similar to Marriott International's...

Henry Soediarko

Fosun Tourism (1992 HK): Giving In

​Fosun Tourism faces challenges in returning to peak and IPO share prices, making the buyback proposal a good exit opportunity due to barriers like...

Osbert Tang, CFA

Minor International is strategically recycling real estate capital to boost ROIC and attract potential buyers, similar to Marriott International's...

Fosun Tourism faces challenges in returning to peak and IPO share prices, making the buyback proposal a good exit opportunity due to barriers like...