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

Royal Caribbean Cruises / Equity Bottom-Up

<ul><li>Royal Caribbean Group is pushing its vacation strategy beyond the cruise ship after agreeing to acquire a 50% stake in Sandals Resorts International for $3 billion, a transaction expected to close in early 2027.</li><li>The proposed investment would give Royal Caribbean exposure to Sandals’ portfolio of 20 all-inclusive Caribbean resorts and extend a strategy already visible through Perfect Day destinations, Royal Beach Clubs, and other land-based experiences.</li><li>The timing is notable because Royal Caribbean is entering the transaction from a position of commercial strength: second-quarter 2026 revenue increased 6% year over year, adjusted EPS reached $4.21, and management expects full-year revenue growth of approximately 9%.</li></ul>

Royal Caribbean Group is pushing its vacation strategy beyond the cruise ship after agreeing to acquire a 50% stake in Sandals Resorts International for $3 billion, a transaction expected to close in early 2027.The proposed investment would give Royal Caribbean exposure to Sandals’ portfolio of 20 all-inclusive Caribbean resorts and extend a strategy already visible through Perfect Day destinations, Royal Beach Clubs, and other land-based experiences.The timing is notable because Royal Caribbean is entering the transaction from a position of commercial strength: second-quarter 2026 revenue increased 6% year over year, adjusted EPS reached $4.21, and management expects full-year revenue growth of approximately 9%.

Royal Caribbean’s $3 Billion Sandals Acquisition Could Reshape Vacations!

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

Research Reinvented

<ul>
  <li>Royal Caribbean is experiencing a robust post-pandemic recovery, characterized by strong revenue growth, margin expansion, and a return to profitability, driven by pent-up demand and strong onboard spending.</li>
  <li>The company's strategy of operating a multi-brand portfolio (Royal Caribbean International, Celebrity Cruises, Silversea) allows it to target diverse consumer segments, while its investment in new, innovative ships and private destinations like Perfect Day at CocoCay creates a competitive moat and supports premium pricing.</li>
  <li>While the demand outlook is positive, particularly for Caribbean sailings, the company faces risks from geopolitical tensions impacting European itineraries, potential economic downturns affecting discretionary spending, and high debt levels accumulated during the industry shutdown.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Royal Caribbean is experiencing a robust post-pandemic recovery, characterized by strong revenue growth, margin expansion, and a return to profitability, driven by pent-up demand and strong onboard spending.
  The company's strategy of operating a multi-brand portfolio (Royal Caribbean International, Celebrity Cruises, Silversea) allows it to target diverse consumer segments, while its investment in new, innovative ships and private destinations like Perfect Day at CocoCay creates a competitive moat and supports premium pricing.
  While the demand outlook is positive, particularly for Caribbean sailings, the company faces risks from geopolitical tensions impacting European itineraries, potential economic downturns affecting discretionary spending, and high debt levels accumulated during the industry shutdown.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Royal Caribbean Cruises (RCL US) - Aug 2026

<ul><li>The Royal Caribbean Group reported second-quarter 2026 results that surpassed expectations, driven by a 6% increase in revenue year-over-year and adjusted earnings per share (EPS) of $4.21, which was $0.33 higher than guidance.</li><li>Capacity grew 5%, with 2.4 million vacations delivered, while net yields rose 1.2%, 100 basis points above projections.</li><li>The company highlighted strong close-in booking demand and elevated onboard spending, particularly for Caribbean sailings.</li></ul>

The Royal Caribbean Group reported second-quarter 2026 results that surpassed expectations, driven by a 6% increase in revenue year-over-year and adjusted earnings per share (EPS) of $4.21, which was $0.33 higher than guidance.Capacity grew 5%, with 2.4 million vacations delivered, while net yields rose 1.2%, 100 basis points above projections.The company highlighted strong close-in booking demand and elevated onboard spending, particularly for Caribbean sailings.

Royal Caribbean Group’s 2027 Bookings Hit Record Pricing — Can Its Demand Momentum Continue?

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.

Cross Asset Strategy

<ul><li>(+) Global financial markets eased as Brent crude declined for a third consecutive day on hopes that China could help alleviate near-term oil supply disruptions.</li><li>(+) The National Energy Policy Council maintained the Ft rate for the final four months of 2026, raised the household solar target to 10GW and removed the MW cap on Direct PPAs.</li><li>Fitch Ratings upgraded Thailand's credit outlook to Stable from Negative, as the economy has weathered the global energy price crisis better than expected and Al-related investment is accelerating.</li></ul>

(+) Global financial markets eased as Brent crude declined for a third consecutive day on hopes that China could help alleviate near-term oil supply disruptions.(+) The National Energy Policy Council maintained the Ft rate for the final four months of 2026, raised the household solar target to 10GW and removed the MW cap on Direct PPAs.Fitch Ratings upgraded Thailand's credit outlook to Stable from Negative, as the economy has weathered the global energy price crisis better than expected and Al-related investment is accelerating.

Krungthai XSpring Zoom Eng. September 21, 2026

<ul><li>The Royal Caribbean Group reported first quarter 2026 results that surpassed both internal expectations and prior year performance, supported by a record Wave Season that underscored strong consumer demand across its portfolio.</li><li>Revenues increased by 11% year-over-year, with adjusted earnings per share reaching $3.60—33% higher than the previous year and $0.37 above guidance.</li><li>Demand remained healthy, driven by a rise in younger guests and repeat customers, while onboard spending and net yields also showed positive momentum, with net yields up 2%, exceeding the high end of guidance.</li></ul>

The Royal Caribbean Group reported first quarter 2026 results that surpassed both internal expectations and prior year performance, supported by a record Wave Season that underscored strong consumer demand across its portfolio.Revenues increased by 11% year-over-year, with adjusted earnings per share reaching $3.60—33% higher than the previous year and $0.37 above guidance.Demand remained healthy, driven by a rise in younger guests and repeat customers, while onboard spending and net yields also showed positive momentum, with net yields up 2%, exceeding the high end of guidance.

Royal Caribbean Group: Can 6.7% Capacity Growth Outrun Softer Mediterranean Demand?

United States

Royal Caribbean Cruises Ltd. is a global cruise company operating a fleet of vessels in the cruise vacation industry. The Company operates through brands which primarily serve the contemporary, premium and deluxe segments of the cruise vacation industry, which also includes the budget and luxury segments.

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Royal Caribbean Cruises (RCL US)

Royal Caribbean’s $3 Billion Sandals Acquisition Could Reshape Vacations!

Royal Caribbean Group is pushing its vacation strategy beyond the cruise ship after agreeing to acquire a 50% stake in Sandals Resorts...

Baptista Research

Primer: Royal Caribbean Cruises (RCL US) - Aug 2026

Royal Caribbean is experiencing a robust post-pandemic recovery, characterized by strong revenue growth, margin expansion, and a return to...

αSK Primers

Royal Caribbean Group’s 2027 Bookings Hit Record Pricing — Can Its Demand Momentum Continue?

The Royal Caribbean Group reported second-quarter 2026 results that surpassed expectations, driven by a 6% increase in revenue year-over-year and...

Baptista Research

Krungthai XSpring Zoom Eng. September 21, 2026

(+) Global financial markets eased as Brent crude declined for a third consecutive day on hopes that China could help alleviate near-term oil...

Krungthai XSpring

Royal Caribbean Group: Can 6.7% Capacity Growth Outrun Softer Mediterranean Demand?

The Royal Caribbean Group reported first quarter 2026 results that surpassed both internal expectations and prior year performance, supported by a...

Baptista Research

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