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 has made impressive strides in reshaping the business in the first quarter of 2024.</li><li>The company described its Q1 2024 as robust and experiencing an upward trajectory in business operations, bolstered by the consumers' demand for vacation experiences.</li><li>The results of Q1 2024 were significantly better than anticipated, with the company's brands being stronger than ever and demand for vacation experiences showing consistent acceleration.</li></ul>

Royal Caribbean Group has made impressive strides in reshaping the business in the first quarter of 2024.The company described its Q1 2024 as robust and experiencing an upward trajectory in business operations, bolstered by the consumers' demand for vacation experiences.The results of Q1 2024 were significantly better than anticipated, with the company's brands being stronger than ever and demand for vacation experiences showing consistent acceleration.

Royal Caribbean Group: Focus on Millennial Customers and New Cruise Experiences! - Major Drivers

<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

<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

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

United States

Wynn Resorts, Limited owns and operates luxury hotels and destination casino resorts in Las Vegas, Nevada, Macau, and China. The Company offers amenities such as guest rooms and suites, restaurants, golf course, and an on-site luxury automotive dealership.

Las Vegas Sands Corp. owns and operates casino resorts and convention centers. The Company operates in the United States, Macau and Singapore. Las Vegas Sand Corp's casinos offer a wide range of gaming activities and entertainment as well as overnight accommodations, while its expo centers host a wide range of entertainment shows, expositions, and other activities.

Yum! Brands, Inc, owns and franchises quick-service restaurants worldwide.  The Company develops, operates, franchises and licenses a worldwide system of restaurants which prepare, package and sell a menu of food items.

Hyatt Hotels Corp. is a global hospitality company. The Company manages, franchises, owns, and develops branded hotels, resorts and residential and vacation ownership properties around the world.

Chipotle Mexican Grill, Inc. owns and operates quick serve Mexican restaurants. The Company manages restaurants throughout the 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.

Wingstop Inc. owns and operates restaurants. The Company specializes in cooked-to-order, hand-sauced, and tossed chicken wings. Wingstop serves customers worldwide.

Domino's Pizza, Inc. operates a network of Company-owned and franchise Domino's Pizza stores, located throughout the United States and in other countries.  The Company also operates regional dough manufacturing and distribution centers in the contiguous United States and outside the United States.

Carnival Corporation owns and operates cruise ships offering cruises to all major vacation destinations including North America, the United Kingdom, Germany, Southern  Europe, South America and Asia/Pacific. The Company, through a subsidiary also owns and operates hotels and lodges.  Dually-listed company with CCL LN.

Scientific Games Corporation provides services, systems, and products to both the pari-mutuel gaming and instant ticket lottery industries.  The Company operates an instant ticket and online lottery products, systems, and services business.  Scientific also operates wagering and communications, venue management, and telecommunications products businesses.

Sands China Ltd. develops, owns, and operates integrated resorts, retail malls, and casinos. The Company also manages convention and exhibition halls in Macau.

Galaxy Entertainment Group Limited, through its subsidiary, operates casino, hotel and other entertainment facilities in Macau. The company also manufactures sells and distributes construction materials.

Indian Hotels Company Limited operates The Taj Group of hotels.  The Company owns or maintains long term leases/licenses for hotels in India, in addition to International hotels.  The Group's hotels are divided into three groups: Luxury, Business, and, Leisure.

Aristocrat Leisure Limited manufactures and sells gaming machines in Australia and internationally.  The Company also supplies gaming systems, software, table gaming equipment and other gaming related products and services to casinos, clubs and hotels.

China Tourism Group Duty Free Corporation Limited engages in sales of duty free goods and tax goods. The Company sells tobacco, wine and spirits, perfume, cosmetics, fashion and accessories, watches, jewelry, food, luggage products,and other products. China Tourism Group Duty Free also engages in investment and development of tourism destination commercial complexes.

China Tourism Group Duty Free Corp Ltd (601888 CH)

ORIENTAL LAND CO., LTD. operates Tokyo Disney Resort.  The Company also operates restaurants within the complex and sells Disney merchandise.

Huazhu Group Limited operates a hotel operator and franchisor. The Company provides hotel leasing, directly hotel operation, and co-development services. Huazhu Group mainly conducts businesses in China.

Accor SA operates hotel chains and offers human resources, marketing, and expense management services.  The Company operates hotels ranging from budget to upscale worldwide.

Sodexo SA designs, manages and delivers comprehensive on-site service solutions for its clients.  The Company offers food, construction management, reception, technical maintenance and housekeeping services; maintains scanners and laboratory equipment; and operates river and harbor cruises and correctional facilities.  Sodexo also designs employee benefit and incentive programs.

InterContinental Hotels Group PLC owns and operates a portfolio of hotel businesses. The Company manages hotel loyalty and priority club rewards programs. InterContinental Hotels Group serves customers worldwide.

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 Group: Focus on Millennial Customers and New Cruise Experiences! - Major Drivers

Royal Caribbean Group has made impressive strides in reshaping the business in the first quarter of 2024. The company described its Q1 2024 as...

Baptista Research

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

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

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

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