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>The latest earnings of the Royal Caribbean Group exhibited an optimistic financial position for the Q4 and full-year 2023 and the company flourished particularly with the debut of the revolutionary product, Icon of the Seas.</li><li>By delivering the best vacation experiences, 2023 marked an exceptional year with net yields up by 13.5% compared to 2019 levels, thereby boosting net income by approximately $1 billion.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

The latest earnings of the Royal Caribbean Group exhibited an optimistic financial position for the Q4 and full-year 2023 and the company flourished particularly with the debut of the revolutionary product, Icon of the Seas.By delivering the best vacation experiences, 2023 marked an exceptional year with net yields up by 13.5% compared to 2019 levels, thereby boosting net income by approximately $1 billion.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Royal Caribbean Cruises Ltd.: How They're Sailing Towards Improved Profitability With These Strategies! - 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 Hotels / Equity Capital Markets

Apeejay Surrendra Park Hotels (PARKHOTE IN)

<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

<ul><li>Royal Caribbean Cruises delivered a solid result and managed an all-around beat in the last quarter, outperforming expectations in various critical aspects of their business.</li><li>The company successfully managed net cruise costs, achieving better-than-expected results and contributing to a remarkable EBITDA margin on par with 2019 levels.</li><li>Furthermore, Royal Caribbean Cruises looks ahead to 2024 with great optimism, anticipating an 8% increase in capacity as they introduce new ships and expand their offerings.</li></ul>

Royal Caribbean Cruises delivered a solid result and managed an all-around beat in the last quarter, outperforming expectations in various critical aspects of their business.The company successfully managed net cruise costs, achieving better-than-expected results and contributing to a remarkable EBITDA margin on par with 2019 levels.Furthermore, Royal Caribbean Cruises looks ahead to 2024 with great optimism, anticipating an 8% increase in capacity as they introduce new ships and expand their offerings.

Royal Caribbean Cruises Ltd.: Improving Demand

<ul><li>Royal Caribbean managed to exceed analyst expectations in terms of revenue as well as earnings.</li><li>During the quarter, the company delivered an increase in the number of vacations and saw good guest satisfaction scores.</li><li>For Royal Caribbean Cruises, new hardware has been quite a great differentiator enabling it to attract new customers into its vacation ecosystem and drive quality demand.</li></ul>

Royal Caribbean managed to exceed analyst expectations in terms of revenue as well as earnings.During the quarter, the company delivered an increase in the number of vacations and saw good guest satisfaction scores.For Royal Caribbean Cruises, new hardware has been quite a great differentiator enabling it to attract new customers into its vacation ecosystem and drive quality demand.

Royal Caribbean Cruises Ltd.: 3 Reasons Behind Their Recent Growth! - Financial Forecasts

<ul><li>Royal Caribbean delivered a solid result managed an all-around beat in the last quarter.</li><li>For both ticket and onboard, solid demand for Caribbean itineraries is translated into advanced load factors at quite a better-than-expected pricing.</li><li>Moreover, secular tailwinds continued benefitting Royal Caribbean, with consumers shifting spending and preferences from goods to experiences, resulting in strong travel and entertainment spend.</li></ul>

Royal Caribbean delivered a solid result managed an all-around beat in the last quarter.For both ticket and onboard, solid demand for Caribbean itineraries is translated into advanced load factors at quite a better-than-expected pricing.Moreover, secular tailwinds continued benefitting Royal Caribbean, with consumers shifting spending and preferences from goods to experiences, resulting in strong travel and entertainment spend.

Royal Caribbean Cruises Ltd.: Poised For An Improved 2023? – Key Drivers

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 Cruises Ltd.: How They're Sailing Towards Improved Profitability With These Strategies! - Major Drivers

The latest earnings of the Royal Caribbean Group exhibited an optimistic financial position for the Q4 and full-year 2023 and the company...

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

Royal Caribbean Cruises Ltd.: Improving Demand

Royal Caribbean Cruises delivered a solid result and managed an all-around beat in the last quarter, outperforming expectations in various...

Baptista Research

Royal Caribbean Cruises Ltd.: 3 Reasons Behind Their Recent Growth! - Financial Forecasts

Royal Caribbean managed to exceed analyst expectations in terms of revenue as well as earnings. During the quarter, the company delivered an...

Baptista Research

Royal Caribbean Cruises Ltd.: Poised For An Improved 2023? – Key Drivers

Royal Caribbean delivered a solid result managed an all-around beat in the last quarter. For both ticket and onboard, solid demand for Caribbean...

Baptista Research

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