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 delivered strong results in 2023 due to robust demand for travel and an increasing portfolio of over 30 leading brands.</li><li>The global room revenue per available room (RevPAR) grew nearly 15%, and net rooms increased 4.7%, driving profitable growth in earnings and cash flows.</li><li>For the fourth quarter, global RevPAR rose over 7% year-on-year, propelled by roughly equal growth in average daily rate (ADR) and occupancy levels.</li></ul>

Marriott International delivered strong results in 2023 due to robust demand for travel and an increasing portfolio of over 30 leading brands.The global room revenue per available room (RevPAR) grew nearly 15%, and net rooms increased 4.7%, driving profitable growth in earnings and cash flows.For the fourth quarter, global RevPAR rose over 7% year-on-year, propelled by roughly equal growth in average daily rate (ADR) and occupancy levels.

Marriott International: Increased Demand from Corporates and Leisure Customers Changing The Game? - Major Drivers

<ul><li>Marriott International delivered an all-around beat in the previous quarter.</li><li>The leisure transient travel segment played a significant role, constituting 45% of global room nights during the quarter, surpassing the year's first half by four percentage points.</li><li>Leisure room nights from US and Canadian international guests increased by almost 25%, reflecting a notable rebound from the previous year's COVID-related travel restrictions.</li></ul>

Marriott International delivered an all-around beat in the previous quarter.The leisure transient travel segment played a significant role, constituting 45% of global room nights during the quarter, surpassing the year's first half by four percentage points.Leisure room nights from US and Canadian international guests increased by almost 25%, reflecting a notable rebound from the previous year's COVID-related travel restrictions.

Marriott International: What Is The Rationale Behind The Expected RevPAR Surge In 2024? - Major Drivers

<ul><li>Marriott International delivered an all-around beat in the most recent quarterly result.</li><li>The quarter rebounded in international travel, especially in regions like Greater China, where RevPAR surpassed pre-pandemic levels.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

Marriott International delivered an all-around beat in the most recent quarterly result.The quarter rebounded in international travel, especially in regions like Greater China, where RevPAR surpassed pre-pandemic levels.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Marriott International Inc.: Introduction of New Extended Stay Lodging Brand & Other Major Drivers

Equity Capital Markets

Marriott International / Equity Capital Markets

<ul><li>Marriott International delivered a solid quarterly result that was an all-around beat resulting from strong demand growth globally, with a decent performance across all geographies and hotel levels.</li><li>U.S. and Canadian RevPAR increased by 26% year over year while occupancy increased by 8% to 66%.</li><li>Global card acquisitions climbed by 35% year on year, while global card expenditure increased by 16%.</li></ul>

Marriott International delivered a solid quarterly result that was an all-around beat resulting from strong demand growth globally, with a decent performance across all geographies and hotel levels.U.S. and Canadian RevPAR increased by 26% year over year while occupancy increased by 8% to 66%.Global card acquisitions climbed by 35% year on year, while global card expenditure increased by 16%.

Marriott International Inc.: City Express & Digital Networks Driving Growth – Key Drivers

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.

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.

Marriott International (MAR US)

Marriott International: Increased Demand from Corporates and Leisure Customers Changing The Game? - Major Drivers

Marriott International delivered strong results in 2023 due to robust demand for travel and an increasing portfolio of over 30 leading brands. The...

Baptista Research

Marriott International: What Is The Rationale Behind The Expected RevPAR Surge In 2024? - Major Drivers

Marriott International delivered an all-around beat in the previous quarter. The leisure transient travel segment played a significant role,...

Baptista Research

Marriott International Inc.: Introduction of New Extended Stay Lodging Brand & Other Major Drivers

Marriott International delivered an all-around beat in the most recent quarterly result. The quarter rebounded in international travel, especially...

Baptista Research

Marriott International Inc.: City Express & Digital Networks Driving Growth – Key Drivers

Marriott International delivered a solid quarterly result that was an all-around beat resulting from strong demand growth globally, with a decent...

Baptista Research

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