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 presented its Q2 2024 earnings with a blend of positive outcomes and lingering challenges.</li><li>The company, headlined by President and CEO Tony Capuano, highlighted robust travel demand across most markets leading to strong quarterly performance.</li><li>Global RevPAR increased nearly 5%, driven by a 3% rise in the average daily rate and an occupancy boost to 73%, marking a 150 basis point rise compared to the previous year.</li></ul>

Marriott International presented its Q2 2024 earnings with a blend of positive outcomes and lingering challenges.The company, headlined by President and CEO Tony Capuano, highlighted robust travel demand across most markets leading to strong quarterly performance.Global RevPAR increased nearly 5%, driven by a 3% rise in the average daily rate and an occupancy boost to 73%, marking a 150 basis point rise compared to the previous year.

Marriott International Inc.: How Is The Expansion of Luxury & Lifestyle Portfolio Panning Out? - Major Drivers

<ul><li>Marriott International's first quarter 2024 earnings reveal several positive trends that reflect the resilience of the company in the wake of the pandemic.</li><li>The company reported a solid start to 2024 with a 4.2% increase in global RevPAR (Revenue per available room), an important indicator of the company's financial health.</li><li>Occupancy reached almost 66%, up nearly 100 basis points year-over year and ADR (Average daily rate) increased around 3%.</li></ul>

Marriott International's first quarter 2024 earnings reveal several positive trends that reflect the resilience of the company in the wake of the pandemic.The company reported a solid start to 2024 with a 4.2% increase in global RevPAR (Revenue per available room), an important indicator of the company's financial health.Occupancy reached almost 66%, up nearly 100 basis points year-over year and ADR (Average daily rate) increased around 3%.

Marriott International: Symbiotic Strengths Fueling Marriott's Market Dominance! - Major Drivers

<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

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Apeejay Surrendra Park Hotel / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/apeejay-surrendra-park-hotel" target="_blank" data-smartkarma-citation="entities:40871:1" rel="noopener">Apeejay Surrendra Park Hotel (PARK IN)</a> (ASPH) plans to raise up to US$111m via selling a mix of primary and secondary shares in its India IPO.</li>
<li>ASPH ranks as the eighth largest in India in terms of chain affiliated hotel rooms inventory as of Sep 2023, as per Horwath HTL Report.</li>
<li>In this note, we talk about the past performance and our thoughts on valuations.</li>
</ul>



Apeejay Surrendra Park Hotel (PARK IN) (ASPH) plans to raise up to US$111m via selling a mix of primary and secondary shares in its India IPO.
ASPH ranks as the eighth largest in India in terms of chain affiliated hotel rooms inventory as of Sep 2023, as per Horwath HTL Report.
In this note, we talk about the past performance and our thoughts on valuations.


Apeejay Surrendra Park Hotels IPO - Has Bounced Back Strongly, at a Decent Discount

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/h-world-group-ltd" target="_blank" data-smartkarma-citation="entities:33487:1" rel="noopener">H World Group (1179 HK)</a> has been over-penalised by market weakness as its share price was off 16.8% YTD. It turned around in 3Q23 and guidance for 4Q23 is solid.</li>
<li>Surge in operating and adjusted EBITDA margins indicated high operating leverage. Occupancy has not returned to 2019 level, but there will be more margin expansion when this happens.</li>
<li>55% of rooms in China are of economy type, and 82% are in tier-2 and below cities. Such characteristics allow it to benefit from the prevailing consumption downgrade. </li>
</ul>



H World Group (1179 HK) has been over-penalised by market weakness as its share price was off 16.8% YTD. It turned around in 3Q23 and guidance for 4Q23 is solid.
Surge in operating and adjusted EBITDA margins indicated high operating leverage. Occupancy has not returned to 2019 level, but there will be more margin expansion when this happens.
55% of rooms in China are of economy type, and 82% are in tier-2 and below cities. Such characteristics allow it to benefit from the prevailing consumption downgrade. 


H World Group (1179 HK): Uniquely Well-Placed for Lower-Tier Markets

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 Inc.: How Is The Expansion of Luxury & Lifestyle Portfolio Panning Out? - Major Drivers

Marriott International presented its Q2 2024 earnings with a blend of positive outcomes and lingering challenges. The company, headlined by...

Baptista Research

Marriott International: Symbiotic Strengths Fueling Marriott's Market Dominance! - Major Drivers

Marriott International's first quarter 2024 earnings reveal several positive trends that reflect the resilience of the company in the wake of the...

Baptista Research

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

Apeejay Surrendra Park Hotels IPO - Has Bounced Back Strongly, at a Decent Discount

Apeejay Surrendra Park Hotel (PARK IN) (ASPH) plans to raise up to US$111m via selling a mix of primary and secondary shares in its India IPO.

Sumeet Singh

H World Group (1179 HK): Uniquely Well-Placed for Lower-Tier Markets

H World has solid guidance for 4Q23, allowing it to realise operating leverage and margin expansion. Its focus on economy rooms and tier-2 and...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Marriott International Inc.: How Is The Expansion of Luxury & Lifestyle Portfolio Panning Out? - Major Drivers

Marriott International presented its Q2 2024 earnings with a blend of positive outcomes and lingering challenges. The company, headlined by...

Baptista Research

Marriott International: Symbiotic Strengths Fueling Marriott's Market Dominance! - Major Drivers

Marriott International's first quarter 2024 earnings reveal several positive trends that reflect the resilience of the company in the wake of the...

Baptista Research

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

Apeejay Surrendra Park Hotels IPO - Has Bounced Back Strongly, at a Decent Discount

Apeejay Surrendra Park Hotel (PARK IN) (ASPH) plans to raise up to US$111m via selling a mix of primary and secondary shares in its India IPO.

Sumeet Singh

H World Group (1179 HK): Uniquely Well-Placed for Lower-Tier Markets

​H World has solid guidance for 4Q23, allowing it to realise operating leverage and margin expansion. Its focus on economy rooms and tier-2 and...

Osbert Tang, CFA

H World has solid guidance for 4Q23, allowing it to realise operating leverage and margin expansion. Its focus on economy rooms and tier-2 and...