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's third-quarter financial performance for 2024 indicated a mixture of growth and existing challenges within the global hospitality landscape.</li><li>The company reported a 6% year-over-year increase in net rooms, underscoring its robust expansion efforts and strong development activities.</li><li>Global Revenue Per Available Room (RevPAR) rose 3% for the quarter, fueled by a 2.5% increase in Average Daily Rate (ADR), with the group segment leading the charge, posting a 10% rise in RevPAR, which highlights the sustained demand in this category.</li></ul>

Marriott International's third-quarter financial performance for 2024 indicated a mixture of growth and existing challenges within the global hospitality landscape.The company reported a 6% year-over-year increase in net rooms, underscoring its robust expansion efforts and strong development activities.Global Revenue Per Available Room (RevPAR) rose 3% for the quarter, fueled by a 2.5% increase in Average Daily Rate (ADR), with the group segment leading the charge, posting a 10% rise in RevPAR, which highlights the sustained demand in this category.

Why Marriott International’s Expansion in Greater China Could Be a Game-Changer for Investors! - Major Drivers

<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

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 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

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)

Why Marriott International’s Expansion in Greater China Could Be a Game-Changer for Investors! - Major Drivers

Marriott International's third-quarter financial performance for 2024 indicated a mixture of growth and existing challenges within the global...

Baptista Research

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

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: 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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Why Marriott International’s Expansion in Greater China Could Be a Game-Changer for Investors! - Major Drivers

Marriott International's third-quarter financial performance for 2024 indicated a mixture of growth and existing challenges within the global...

Baptista Research

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

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: 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

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