Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Bottom-Up

<ul><li>4Q22E earnings momentum QoQ to be hit by clients' high inventory levels, while it should get back on the growth track in 1Q23E</li><li>Upward earnings adjustment for 2022E to reflect stronger-than-expected 2H22E performance and FX gains</li><li>Maintain a Buy rating on ITC, with a fair price of Bt36.70</li></ul>

4Q22E earnings momentum QoQ to be hit by clients' high inventory levels, while it should get back on the growth track in 1Q23EUpward earnings adjustment for 2022E to reflect stronger-than-expected 2H22E performance and FX gainsMaintain a Buy rating on ITC, with a fair price of Bt36.70

I-TAIL CORPORATION (ITC): Short-Term Quarterly Slowdown in 4Q22E – Buy (12M Fair Value Bt36.70)

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 Capital Markets

Marriott International / Equity Capital Markets

<ul><li>Marriott delivered a mixed set of results for the third quarter.</li><li>The leisure demand for the quarter remained strong and far above 2019 levels.</li><li>Travelers are apparently continuing to mix pleasure and work visits, according to third quarter day-of-the-week trends.</li></ul>

Marriott delivered a mixed set of results for the third quarter.The leisure demand for the quarter remained strong and far above 2019 levels.Travelers are apparently continuing to mix pleasure and work visits, according to third quarter day-of-the-week trends.

Marriott International: Acquiring The City Express Brand Portfolio & Other Developments

Credit

<ul><li>Marriot Hotels has its fair share of underlying risks as it continues its path to recovery after the pandemic.</li><li>Cross-border travel has seen a good recovery which is benefitting the company.</li><li>We also have a dedicated analysis of the company's Environmental, Social, and Governance (ESG) risk scores in order to evaluate the sustainability risk.</li></ul>

Marriot Hotels has its fair share of underlying risks as it continues its path to recovery after the pandemic.Cross-border travel has seen a good recovery which is benefitting the company.We also have a dedicated analysis of the company's Environmental, Social, and Governance (ESG) risk scores in order to evaluate the sustainability risk.

Marriott Hotels: Detailed Credit Analysis & Financial Strength Evaluation Report

<ul><li>Marriot Hotels continues its path to recovery and delivered a solid result driven by strong demand for its brand all over the world.</li><li>RevPAR in every region all over the world has almost recovered to the pre-pandemic levels and helped the company deliver an all-around beat.</li><li>Overall, we provide the stock of Marriot Hotels a ‘Hold’ rating with a revision in the target price.</li></ul>

Marriot Hotels continues its path to recovery and delivered a solid result driven by strong demand for its brand all over the world.RevPAR in every region all over the world has almost recovered to the pre-pandemic levels and helped the company deliver an all-around beat.Overall, we provide the stock of Marriot Hotels a ‘Hold’ rating with a revision in the target price.

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

Marriott International / Technical Analysis

<ul>
<li>While we are not yet out of the woods, we are seeing several encouraging signals that indicate improving risk appetites.</li>
<li>Additionally, we are starting to see improvement within the Consumer Discretionary (hotels/resorts, casinos, leisure, cruises), Transportation (airlines), and Materials (metals/mining) Sectors -- we highlight several attractive stocks to buy.</li>
<li>The fact that more areas are becoming attractive (and not <em>just</em> Energy and Financials) is a step in the right direction for bulls.</li>
</ul>


While we are not yet out of the woods, we are seeing several encouraging signals that indicate improving risk appetites.
Additionally, we are starting to see improvement within the Consumer Discretionary (hotels/resorts, casinos, leisure, cruises), Transportation (airlines), and Materials (metals/mining) Sectors -- we highlight several attractive stocks to buy.
The fact that more areas are becoming attractive (and not just Energy and Financials) is a step in the right direction for bulls.


Risk Appetites Improving; Buying Cyclicals (Hotels/Resorts/Casinos, Metals/Mining)

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)

I-TAIL CORPORATION (ITC): Short-Term Quarterly Slowdown in 4Q22E – Buy (12M Fair Value Bt36.70)

4Q22E earnings momentum QoQ to be hit by clients' high inventory levels, while it should get back on the growth track in 1Q23E Upward earnings...

Krungthai XSpring

Marriott International: Acquiring The City Express Brand Portfolio & Other Developments

Marriott delivered a mixed set of results for the third quarter. The leisure demand for the quarter remained strong and far above 2019...

Baptista Research

Marriott Hotels: Detailed Credit Analysis & Financial Strength Evaluation Report

Marriot Hotels has its fair share of underlying risks as it continues its path to recovery after the pandemic. Cross-border travel has seen a good...

Baptista Research

Marriott Hotels: Business Strategy

Marriot Hotels continues its path to recovery and delivered a solid result driven by strong demand for its brand all over the world. RevPAR in...

Baptista Research

Risk Appetites Improving; Buying Cyclicals (Hotels/Resorts/Casinos, Metals/Mining)

We are seeing encouraging signals that indicate improving risk appetites, including improvement within the Discretionary, Transports, and Materials...

Vermilion Research

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