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 first quarter 2026 results with global revenue per available room (RevPAR) rising 4.2%, exceeding the high end of guidance.</li><li>The U.S. and Canada region saw a 4% RevPAR increase, led by luxury and resort hotels, while select service segments showed a notable recovery, rising 3.5% after a decline in the prior quarter.</li><li>Internationally, RevPAR grew 4.6%, driven by strong performance in Asia Pacific, especially Greater China with nearly 6% growth and significant contributions from Hong Kong and Hainan Island.</li></ul>

Marriott International reported solid first quarter 2026 results with global revenue per available room (RevPAR) rising 4.2%, exceeding the high end of guidance.The U.S. and Canada region saw a 4% RevPAR increase, led by luxury and resort hotels, while select service segments showed a notable recovery, rising 3.5% after a decline in the prior quarter.Internationally, RevPAR grew 4.6%, driven by strong performance in Asia Pacific, especially Greater China with nearly 6% growth and significant contributions from Hong Kong and Hainan Island.

Marriott International’s Luxury Wellness Push: Can Lefay Unlock A New Growth Lane?

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.

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.


<ul><li>Marriott International, a leader in the hospitality industry, reported mixed results for its fourth quarter and full-year 2025 financial performance.</li><li>The company experienced robust business momentum and strategic growth in its global portfolio, closing the year with nearly 1.78 million rooms across over 9,800 properties in 145 countries.</li><li>A significant positive for the year was Marriott's robust room growth strategy.</li></ul>

Marriott International, a leader in the hospitality industry, reported mixed results for its fourth quarter and full-year 2025 financial performance.The company experienced robust business momentum and strategic growth in its global portfolio, closing the year with nearly 1.78 million rooms across over 9,800 properties in 145 countries.A significant positive for the year was Marriott's robust room growth strategy.

Marriott International: The Bonvoy Loyalty Engine Is Evolving—And Investors Should Pay Attention!

<ul><li>Marriott International's third-quarter 2025 results demonstrate a mixed performance with several key indicators reflecting the broader intricacies of the global hospitality market.</li><li>On the positive side, Marriott reported financial outcomes that exceeded previous expectations, driven largely by a solid development pipeline and significant portfolio growth.</li><li>The company expanded its room repertoire by 4.7% year-over-year, reaching over 1.75 million rooms across more than 9,700 properties worldwide.</li></ul>

Marriott International's third-quarter 2025 results demonstrate a mixed performance with several key indicators reflecting the broader intricacies of the global hospitality market.On the positive side, Marriott reported financial outcomes that exceeded previous expectations, driven largely by a solid development pipeline and significant portfolio growth.The company expanded its room repertoire by 4.7% year-over-year, reaching over 1.75 million rooms across more than 9,700 properties worldwide.

Marriott’s Sonder Disaster: Evictions, Bankruptcy & A Billion-Dollar Blame Game!

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 Luxury Wellness Push: Can Lefay Unlock A New Growth Lane?

Marriott International reported solid first quarter 2026 results with global revenue per available room (RevPAR) rising 4.2%, exceeding the high...

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

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

Marriott International: The Bonvoy Loyalty Engine Is Evolving—And Investors Should Pay Attention!

Marriott International, a leader in the hospitality industry, reported mixed results for its fourth quarter and full-year 2025 financial...

Baptista Research

Marriott’s Sonder Disaster: Evictions, Bankruptcy & A Billion-Dollar Blame Game!

Marriott International's third-quarter 2025 results demonstrate a mixed performance with several key indicators reflecting the broader intricacies...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Marriott International’s Luxury Wellness Push: Can Lefay Unlock A New Growth Lane?

Marriott International reported solid first quarter 2026 results with global revenue per available room (RevPAR) rising 4.2%, exceeding the high...

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

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

Marriott International: The Bonvoy Loyalty Engine Is Evolving—And Investors Should Pay Attention!

Marriott International, a leader in the hospitality industry, reported mixed results for its fourth quarter and full-year 2025 financial...

Baptista Research

Marriott’s Sonder Disaster: Evictions, Bankruptcy & A Billion-Dollar Blame Game!

Marriott International's third-quarter 2025 results demonstrate a mixed performance with several key indicators reflecting the broader intricacies...

Baptista Research

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