Companies that run places you stay on a trip — hotels, resorts and cruise ships for holidays and business travel.
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Metaplanet Ends Q3 With 44K BTC, Launches Net Interest Income Strategy
Metaplanet ended the third quarter with 44,000 Bitcoin after a net increase of 1,000 BTC, having sold 10,000 BTC and repurchased 11,000 crypto tokens during the period. The Japan-based crypto treasury company said the sale demonstrated its ability to convert Bitcoin into cash to meet financial obligations while keeping its long-term accumulation strategy intact. Under a revised capital allocation policy, Metaplanet plans to hold 85% to 90% of total assets in Bitcoin, with 10% to 15% allocated to strategic investments, and will use preferred stock, corporate bonds, and Bitcoin-collateralized financing while keeping crypto-related borrowing below roughly 10% of Bitcoin NAV. Its new net interest income strategy will invest in income-generating assets, including preferred securities issued by Bitcoin treasury companies, to fund further Bitcoin purchases. Metaplanet's Bitcoin income generation business produced ¥848 million, or $5.4 million, in third-quarter revenue, bringing nine-month revenue to ¥5.565 billion, or $35.4 million, with a third-quarter Bitcoin yield of 11.3% and an unchanged fiscal 2026 earnings forecast. Metaplanet stock traded about 3% higher at roughly $1.87, while Bitcoin traded near $86,000.
3350.JP · Capital · Positive Metaplanet ended Q3 with 44,000 BTC, revised its capital allocation policy, and launched a net interest income strategy to fund further Bitcoin purchases.
Metaplanet announced on the 5th that it acquired a net 1,000 BTC in the third quarter of its December fiscal year, bringing its holdings to 44,000 BTC as of September 30 and making it the world's second-largest holder. During the quarter it sold 10,000 BTC while purchasing 11,000 BTC; preliminary figures show the sales averaged 12,470,098 yen per BTC for a total of 124.7 billion yen, while purchases averaged 13,626,928 yen for a total of 149.896 billion yen. The sales are intended to demonstrate that Bitcoin can be converted to cash as needed as the company aims to obtain a credit rating, and the sale amount exceeds the total principal balance of interest-bearing debt such as bonds and borrowings, though no repayment or redemption was carried out. On the same day, the company revised its capital allocation policy again, setting a guideline to hold Bitcoin as a core asset at roughly 85–90% of total assets while allocating about 10–15% to a strategic investment framework. The strategic investment framework will be allocated across three uses: M&A toward building a financial platform, investment in assets expected to generate stable earnings, and investment funds for the asset management business, and the company also newly introduced a net interest income strategy that invests funds raised through means that do not dilute common shareholders into assets including overseas Bitcoin-related securities.
3350.JP · Capital · Neutral Metaplanet revised its capital allocation to 85–90% Bitcoin and 10–15% strategic investments, while selling 10,000 BTC to demonstrate liquidity for a credit rating.
BTC · Demand · Positive Metaplanet bought 11,000 BTC in Q3 and holds 44,000 BTC as its core asset, signaling continued institutional accumulation.
OR partners with CENTEL to open six budget hotels, targeting 50 branches by 2031
PTT Oil and Retail Business Public Company Limited, or OR, has unveiled plans to develop a first phase of six budget hotels together with Central Plaza Hotel Public Company Limited, or CENTEL. OR will hold a 49% stake and CENTEL 51%. Five of the sites are at service stations and one is outside a service station. The first three branches, already under construction, are in Kanchanaburi, Phra Nakhon Si Ayutthaya and Songkhla, and are expected to open in the third quarter of next year. The other three, in Bangkok, Chonburi and Phuket, are undergoing environmental reports and will open in the second quarter of 2028. The six hotels use a combined investment budget of 700 million baht, with construction costs capped at no more than 1 million baht per room. Funding will be split 50% equity and 50% debt. The buildings will be five to six storeys tall, with average room sizes of 18 to 20 square metres and 79 rooms. The company targets a first-year occupancy rate of about 60%, rising to 60–70% in the second year, with a long-term goal of 75–80%. It estimates a gross profit margin of about 50%, an EBITDA margin of 40–45%, an EBIT margin of about 20%, and a net profit margin of no less than 10%. Room rates will range from 800 to 1,300 baht, with a loyalty programme linking Blue Plus Points and The ONE Points. Ratchasuda Rangsiyakul, Senior Executive Vice President of Special Business 1 at OR, said entering the hotel business will help lift traffic at its service stations from 3.9 million users per day to 5 million per day. The first six branches will serve as a pilot to test the system before expanding to a full 50 locations in 2031, and once the model proves successful the company will scale up through franchising. The joint venture will provide management services to a standard, and dealers in the group have already approached the company seeking to open hotels.
CENTEL.BK · Capital · Positive CENTEL forms a joint venture with OR to develop six budget hotels (51% stake), expanding its hotel portfolio with a 700-million-baht investment.
OR.BK · Capital · Positive OR invests in a six-hotel joint venture (49% stake) to lift service-station traffic from 3.9 million to 5 million users per day, with plans to scale to 50 branches by 2031.
Bernstein: AI agents pose long-term risk to Booking, Expedia over Airbnb
AI agents that can search, compare prices and complete travel bookings are beginning to challenge the economics of online travel agencies, with Booking Holdings and Expedia facing greater long-term risk than Airbnb, Bernstein analysts said. The immediate financial impact remains modest, since much of today's agent-driven travel demand is still routed through online travel agencies, potentially providing bookings without the associated customer acquisition costs. Over the longer term, AI agents create three major risks for traditional OTAs: disintermediation, pressure on commission rates and increased price competition, and that matters especially for Booking, where directing customers towards higher-commission inventory provides an estimated 10% revenue uplift. On price discovery, Booking and Expedia brands offered the cheapest hotel rate only about 15% of the time in U.S. searches examined in 2026, while smaller OTAs supplied the lowest price 77% of the time. Airbnb appears better positioned, with about 70% of its nine million active listings estimated to be exclusive to the platform, about 45% of web traffic arriving directly, and around 90% of guests messaging hosts after making a reservation. The revenue model adopted by AI agents could determine the eventual impact, with user-funded agents seeking unbiased results posing the greatest threat to OTAs, whereas advertising-supported models could preserve more of the existing travel distribution economics.
BKNG · Competition · Negative Bernstein flags Booking as especially exposed to AI-agent risks of disintermediation and commission-rate pressure, with high-commission inventory providing an estimated 10% revenue uplift.
ABNB · Competition · Positive Bernstein says Airbnb is better positioned than Booking and Expedia against AI-agent disintermediation, citing exclusive listings and direct traffic.
EXPE · Competition · Negative Bernstein says Expedia faces greater long-term risk than Airbnb from AI agents, including disintermediation and price competition, and its brands rarely offered the cheapest US hotel rate.
Vision recommends 3 hotel stocks to benefit from China's long holiday and IMF-World Bank meetings
Chayut Krailatrattanasiri, Assistant Director of the Research Department at Land and Houses Securities, told the Vision team that the overall outlook for tourism stocks in the fourth quarter of 2026 is clearly quite positive. Although early in the quarter there was pressure from flooding, this is assessed as only a short-term impact. The main supporting factors come from China's Golden Week, a long holiday early in the fourth quarter that has helped drive Chinese tourist arrivals into Thailand higher, with a clear acceleration, as well as Thailand hosting the IMF and World Bank meetings in mid-October, a positive factor in terms of policy and economic activity that directly supports tourism stocks. The research team views hotels as the biggest beneficiaries of the recovery in tourist numbers, expecting fourth-quarter operating results and profits to grow outstandingly. Airlines also benefit, but their upside is limited by still-high oil costs. The three standout hotel stocks named as Top Picks are AWC, with a target price of 20 baht, which the research team is in the process of reviewing upward on structural positives from the establishment of AWR that will help unlock asset value and increase liquidity; ERW, with a target price of 80 baht, which is assessed as still offering upside for investment; and CENTEL, with a consensus target price of 50 baht.
AWC.BK · Demand · Positive Named as a Top Pick hotel stock expected to benefit from higher Chinese tourist arrivals during China's Golden Week and the IMF-World Bank meetings in Thailand.
CENTEL.BK · Demand · Positive Named as a Top Pick hotel stock with a 50 baht consensus target, seen as a key beneficiary of the Q4 tourism recovery from Chinese Golden Week arrivals and the IMF-World Bank meetings.
ERW.BK · Demand · Positive Named as a Top Pick hotel stock with an 80 baht target, assessed as still offering upside from the expected surge in tourist numbers in Q4.
Trip.com Group Beats Estimates as SAMR Penalty Clouds Outlook
Trip.com Group reported quarterly results with earnings per share above analyst estimates, supported by its mix of accommodation, transportation ticketing, and package-tour services across global markets. The beat, according to Simply Wall St, supports the view that Trip.com's technology-driven platforms and expanding international travel offerings are strengthening the resilience and breadth of its business model, though it does not materially change the key near-term catalyst of sustaining international growth. The most relevant recent development alongside the earnings beat is a July 2026 administrative penalty from China's SAMR, which Trip.com has said will prompt governance rectifications, bringing regulatory risk into sharper focus around higher compliance costs and potential limits on high-margin services. Trip.com Group's narrative projects CN¥85.8 billion in revenue and CN¥15.6 billion in earnings by 2029, yielding a $58.45 fair value, a 53% upside to its current price, while bullish analysts assume revenues near CN¥91.8 billion and earnings around CN¥18.8 billion by 2029.
Travel + Leisure Co. Launches Trail Partners Network, Names Under Canvas First Partner
Travel + Leisure Co. announced the introduction of Trail Partners, a new network of outdoor hospitality partners that lets Eddie Bauer Adventure Club owners use their club credits to book stays and excursion add-ons. Under Canvas is the first Trail Partner named, giving owners access to all 18 Under Canvas properties across North America. Owners can book Trail Partner stays through the club's dedicated travel agency, which helps them explore participating destinations, check availability and apply credits toward eligible stays. The Eddie Bauer Adventure Club, operated by Travel + Leisure Co. under a license from Authentic Brands Group, opened its first Basecamp location in Moab, Utah earlier this year. Beyond Basecamps and Trail Partner stays, owners receive 50% off regularly priced Eddie Bauer apparel and gear online, automatic Guide-Tier status in the Eddie Bauer Adventure Rewards Program, and one complimentary annual excursion for two people.
TNL · Demand · Positive Travel + Leisure launches Trail Partners network, expanding its Eddie Bauer Adventure Club offering with bookable outdoor stays, a product/end-demand development.
Under Canvas · Demand · Positive Under Canvas named first Trail Partner, giving its 18 North American properties access to Adventure Club bookings.
Eddie Bauer · Demand · Positive Eddie Bauer Adventure Club owners gain new booking perks and discounts, supporting the licensed Eddie Bauer-branded club's appeal.
Metaplanet Corrects Four Filings, Including Annual Report, Over CEO's MMXX Voting Rights Disclosure
Metaplanet announced on the 2nd that it has submitted correction reports to the Kanto Local Finance Bureau for three fiscal years' worth of annual securities reports and one semi-annual report filed in the past. The filings in question are the annual securities reports for the fiscal years ending December 2023 through December 2025, and the semi-annual report for the January-to-June 2024 period. The corrections concern statements regarding the relationship between CEO Simon Gerovich and shareholder MMXX Ventures Limited. The original documents stated that Gerovich "indirectly holds a majority of the voting rights," but after re-verifying the facts, the company determined that he does not hold a majority of MMXX's voting rights, and revised the relevant statements, changing the classification of the related party from "a company in which an officer and his or her close relatives own a majority of the voting rights" to "major shareholder." As of the end of December 2023, MMXX held 23.3% of Metaplanet's voting rights and also qualified as an "other affiliated company" of the firm. In the semi-annual report, corrections were also made to the portion stating that the counterparty for a 1 billion yen loan, approved by a board resolution on August 8, 2024, to fund Bitcoin purchases was MMXX; the report now states that MMXX was a major shareholder holding 13.026% of voting rights as of the end of that interim period and constituted a related party. The corrections are limited to statements concerning the relationship between Gerovich and MMXX, and the amounts of the 1 billion yen loan and its repayment, as well as the exercise of stock options, remain unchanged.
3350.JP · Regulation · Negative Metaplanet must correct four past filings over misstated CEO voting-rights relationship with MMXX, a disclosure/compliance issue.
MMXX Ventures · Regulation · Neutral MMXX's related-party classification and voting-rights status were revised in Metaplanet's corrected filings; no direct impact on MMXX itself.
Metaplanet Corrects Disclosure on CEO Gerovich's Relationship with Shareholder MMXX
Metaplanet announced on October 2 that it has corrected a total of four previously filed documents, including its annual securities report, revising a statement that CEO Simon Gerovich indirectly holds a majority of the voting rights in shareholder MMXX Ventures Limited, and clarifying that he does not hold a majority. The issue at hand is that while Gerovich oversees management decisions at Metaplanet, he also holds a stake in MMXX's parent company, meaning that if transactions favorable to MMXX were conducted, the CEO could also gain economic benefits in proportion to his stake, which was flagged as a conflict of interest. MMXX became a major shareholder in February 2023 by subscribing to Metaplanet's third-party allotment of new shares, and in August 2024 it lent 1 billion yen to Metaplanet, which used the entire amount to purchase bitcoin. In a post on X on September 6, Gerovich explained that he is a significant shareholder in MMXX's parent company but not a majority shareholder, and that he is neither a director nor an executive officer responsible for operations at MMXX, but reactions were swift that this explanation was insufficient given that past securities reports stated he indirectly held a majority. The latest correction removes the description of MMXX as a company majority-owned by Gerovich and others, but it does not explain how much the CEO has invested in MMXX's parent company or whether he profited from MMXX's sale of Metaplanet shares.
3350.JP · Regulation · Negative Metaplanet corrected four filings over a misstated CEO stake in shareholder MMXX, exposing a flagged conflict of interest.
MMXX Ventures · Regulation · Negative MMXX's status as a company majority-owned by CEO Gerovich was removed in Metaplanet's corrected disclosures, and its share sale and loan dealings remain unexplained.
Carnival Fair Value Trimmed to US$33.89 as Fuel Costs Divide Analysts
Carnival's updated valuation model now anchors on a Fair Value estimate of US$33.89, a modest trim from the prior US$34.83 price target level. The revision reflects a research backdrop in which analysts cluster between roughly US$28 and US$42, with some firms trimming targets on fuel and yield concerns while others still see room for value creation. On the bullish side, Freedom Broker raised its target to US$36, citing stronger cost control and improving 2027 bookings after Q3 results, while Susquehanna, Mizuho and Morgan Stanley pointed to healthy FY27 and FY28 bookings and better than feared results and guidance. Argus and Goldman Sachs both maintain Buy ratings with targets at US$30, citing robust cruise demand, continued debt reduction and low trading multiples. On the bearish side, price target cuts across BofA, JPMorgan, Deutsche Bank, TD Cowen, Stifel, Barclays and others flag higher fuel costs as a key pressure point, especially given Carnival's unhedged fuel exposure, along with softer yield expectations, Caribbean and European pricing pressure, potential risks from Royal Caribbean's joint venture with Sandals Resorts, and the possibility that Carnival's 2027 outlook sits below current market expectations. The updated model also lowered the revenue growth assumption from 3.83% to 3.47%, revised the net profit margin expectation from 13.07% to 13.01%, cut the future P/E multiple from 18.27x to 16.48x, and moved the discount rate from 10.48% to 10.22%.
CCL · Capital · Neutral Analysts trimmed Carnival's fair value to US$33.89 on fuel and yield concerns, while others raised targets on cost control and bookings, leaving the valuation picture mixed.
Norwegian Cruise Line Unit Launches $750 Million Senior Notes Offering Due 2031
Norwegian Cruise Line Holdings' NCL Corporation unit has launched a proposed private offering of US$750 million in senior notes due 2031, aimed at reshaping the group's debt stack. The planned issue targets higher coupon 6.125% notes maturing in 2028, revolving credit borrowings, and export credit backed facilities. Norwegian Cruise Line Holdings shares change hands at US$14.64, with a 7 day share price return of 3.17%, a year to date share price return down 35.73%, and a 1 year total shareholder return down 40.42%. The most followed narrative frames the stock as 29% undervalued, with a fair value of $20.68 against the last close at $14.64, while the Simply Wall St DCF model estimates a future cash flow value of $4.04, implying overvaluation.
NCLH · Capital · Neutral NCL Corporation launched a $750M senior notes offering due 2031 to refinance higher-coupon 2028 notes and credit facilities, a debt-stack reshaping event.
Norwegian Cruise Line Expects Q3 Beat, Record 2027 Bookings, US$750 Million Notes Offering
Norwegian Cruise Line Holdings Ltd. said in late September 2026 that it expects third-quarter results to exceed prior guidance, reaffirmed its full-year 2026 outlook, and reported record booked occupancy and pricing for 2027 alongside strong 2028 bookings. The company is supporting that outlook with a planned US$750 million senior notes offering due 2031, whose proceeds it intends to use to redeem its 6.125% notes due 2028 and pay down revolving and export credit facilities. The combination of better-than-expected revenue trends, record forward bookings and active balance sheet management points to a business focused on improving both earnings quality and financial resilience, though high interest costs and leverage remain the biggest risk. Norwegian's narrative projects $11.6 billion in revenue and $895.5 million in earnings by 2029, requiring 4.5% yearly revenue growth and a roughly $134.7 million earnings increase from $760.8 million today. More optimistic analysts assume revenue of about US$12.1 billion and earnings of US$1.1 billion by 2029, weighting balance sheet repair and future yield improvement more heavily than the baseline case.
NCLH · Capital · Positive Expects Q3 results to exceed guidance, reaffirms full-year 2026 outlook, and plans a $750M notes offering to redeem 2028 notes and pay down credit facilities.
NCLH · Demand · Positive Reported record booked occupancy and pricing for 2027 alongside strong 2028 bookings.
Carnival Files Omnibus Shelf Registration for New Securities
Carnival has filed an omnibus shelf registration statement with US regulators covering multiple types of securities. The filing allows the cruise operator to issue common and preferred stock, debt securities, warrants, purchase contracts and units as needed, giving it the option to raise funding quickly for purposes such as future refinancing, investments or balance sheet moves. The shelf registration directly supports the fleet-modernisation and private-destination push that underpins Carnival's narrative, letting management issue equity, debt or hybrid securities to fund projects like new fuel-efficient ships or destination upgrades without waiting on a new prospectus. The trade-off is that the ability to issue more shares or debt sits uncomfortably next to a thesis that already flags high leverage and dividend risk, even after a US$1.2b buyback, leaving investors to weigh faster spending on destinations, technology and sustainability against potential dilution or a slower path to a cleaner balance sheet. Carnival, which operates large cruise ships in the leisure travel and hospitality sector, has a market value of about $33.0 billion.
CCL · Capital · Neutral Carnival filed an omnibus shelf registration enabling it to issue equity, debt, warrants and other securities for refinancing, investments or balance-sheet moves, a financing event that could fund growth but also risks dilution given high leverage.
Chase and IHG Launch Premier Select Card, Refresh Four-Card Portfolio
Chase and IHG Hotels & Resorts announced a new IHG One Rewards Premier Select Credit Card alongside enhanced benefits across the rest of the IHG One Rewards card portfolio. The new Premier Select card carries a $350 annual fee and offers more than $1,000 in value in the first year, including up to $300 in annual Food & Beverage Rewards, a $200 annual airline statement credit, up to $50 United TravelBank Cash, an Anniversary Free Night with a 60,000-point redemption cap, up to 28X total points on IHG stays, automatic Platinum Elite status and 20 Elite Night Credits each calendar year. The three updated cards are the IHG One Rewards Premier Credit Card at a $150 annual fee with over $700 in first-year value, the no-annual-fee IHG One Rewards Credit Card formerly known as the Traveler Card, and the IHG One Rewards Business Credit Card at a $200 annual fee with over $750 in first-year value. Existing cardmembers will be notified in October about the new and enhanced benefits and each update's effective date, with annual fees adjusted in 2027. Through November 18th, limited-time launch offers let new Premier Select cardmembers earn 200,000 bonus points after spending $5,000 in the first 3 months, while the Premier, Credit Card and Business versions offer 180,000, 125,000 and 190,000 bonus points respectively.
IHG · Demand · Positive IHG launches a new co-branded Premier Select card and refreshes its whole IHG One Rewards card portfolio, expanding loyalty-card offerings tied to its hotels.
JPM · Demand · Positive JPMorgan's Chase launches a new IHG co-branded credit card and refreshes its four-card portfolio, expanding its card product lineup and customer acquisition offers.
Trip.com Group Slips to Loss on 5.2 Billion Yuan Fine; BOCI Expects Profit Recovery in 2027
Trip.com Group, ordered by China's State Administration for Market Regulation to pay a 5.2 billion yuan fine for violating antitrust law, fell to a loss of 245.8 million yuan in its April-June 2026 quarter. Excluding one-off items such as the fine, non-GAAP operating profit and net profit fell 6.5 percent and 4.3 percent year on year, roughly in line with BOCI's expectations. SAMR and the Ministry of Culture and Tourism summoned major online travel companies including Trip.com Group on September 15, urging them to curb risks arising from exclusive partnership agreements and lowest-price guarantees, which BOCI called a strong signal that OTA companies will be forced to further improve business practices. The overseas platform Trip.com maintained gross merchandise volume growth of more than 50 percent year on year in the April-June quarter, but BOCI noted that short-term profit pressure may intensify in the second half. Assuming stable crude oil prices and cost savings from AI adoption, BOCI expects profit growth to recover in 2027 and also anticipates that the company's share buyback plan will continue, maintaining a bullish outlook on the stock.
Trip.com reports China-Phuket flight bookings surge 78% ahead of Golden Week 2026
Kasikorn Securities revealed that Trip.com Group indicated Chinese tourists during Golden Week 2026 are tending to travel earlier and stay longer, with flight bookings to Phuket rising 78% year on year, while Chiang Mai is gaining popularity among Gen Z, in line with the recovery of travel in Asia. In addition, bookings for accommodation of seven nights or more rose 123% year on year, reflecting both an increase in the number of trips and in their duration. The research team views this as positive momentum for the tourism sector, namely AOT, AAV, BA, CENTEL and ERW, given the recovery opportunity for Chinese tourists and tourism activity during Golden Week. However, the flood situation still needs to be monitored closely.
9961.HK · Demand · Positive Trip.com reported China-Phuket flight bookings up 78% YoY and 7+ night accommodation bookings up 123% ahead of Golden Week 2026, signaling strong end-customer travel demand.
AAV.BK · Demand · Positive Chinese Golden Week flight bookings to Phuket up 78% and longer stays signal stronger travel demand benefiting AAV's airline operations.
AOT.BK · Demand · Positive Surge in China-Phuket flight bookings and longer trips point to higher passenger traffic through AOT's airports.
BA.BK · Demand · Positive Rising Chinese tourist bookings to Phuket and Chiang Mai support demand for Bangkok Airways' routes.
CENTEL.BK · Demand · Positive 123% jump in 7-night-plus accommodation bookings reflects stronger hotel demand for CENTEL during Golden Week.
Travel + Leisure to pay $975K SEC penalty over misleading loan disclosures
Travel + Leisure agreed to a $975K settlement with the U.S. Securities and Exchange Commission over allegations that the timeshare company misled investors about two undisclosed projects affecting certain performance measures. According to the SEC complaint filed in a Florida U.S. District Court, between October 2019 and February 2021 the company removed delinquent or in-default loans from its timeshare loan portfolio through the right of rescission rule. The 2,900 loans removed from the portfolio totaled roughly $77M in loan balances, including about $34M of defaulted loans, and were reversed in its accounting system as if the loans never existed, which the SEC says materially improved its publicly disclosed loan loss provision and loan loss provision percentage. The complaint also alleges the company set internal targets for the number of delinquent and defaulted loans it needed to rescind to meet its publicly disclosed guidance for the loan loss provision percentage, presenting a materially misleading picture of the performance of its loan portfolio. Travel + Leisure agreed to the $975K civil penalty without admitting any wrongdoing, and the company has not yet responded to Seeking Alpha's request for comment.
Carnival Beats Fuel Fears With Strong Q3, Raises FY26 Net Yield Guidance
Carnival Corp. outperformed on most metrics in its fiscal third quarter, defying Wall Street expectations that fuel costs and Middle East conflict would weigh heavily on results. Analysts at Morgan Stanley, Jefferies and Citi Research all highlighted the operational beat, with Morgan Stanley's Jamie Rollo maintaining an Overweight rating and raising his price target 5% to $32.50. Carnival's revised guidance incorporates more than $150M of operational improvement, overcoming a $150M hit from higher fuel prices, and the company raised its FY26 net yield guidance to +3.8% year-over-year from +3.2% prior. Carnival also plans to increase its European deployment to 34% in 2027 from 31% prior, and expects to cut fuel consumption by 13% from FY23 and 26% from FY19. Jefferies' David Katz said Q4 guidance will likely prove conservative given Carnival has beaten net yield, NCC ex fuel, adjusted EBITDA and adjusted EPS expectations in each of the past seven quarters.
CCL · Capital · Positive Carnival beat Q3 expectations, raised FY26 net yield guidance to +3.8%, and Morgan Stanley raised its price target 5% to $32.50.
Royal Caribbean Hedges 58% of 2026 Fuel Needs Against $1.34 Billion Expense Outlook
Royal Caribbean Cruises has hedged 58% of its remaining 2026 fuel consumption at significantly below-market rates as it manages an approximately $1.34 billion fuel expense outlook for the year. The coverage offers partial protection against fuel-price increases, though second-quarter fuel expense still rose to $355 million from $279 million a year earlier on higher rates per metric ton, and the company said a 10% change in fuel prices could affect expenses by approximately $26 million over the remainder of 2026. Excluding fuel, Royal Caribbean expects 2026 net cruise costs per available passenger cruise day to remain approximately flat on a constant-currency basis, while including fuel, unit cruise costs are expected to rise approximately 1.4% on the same basis. The company added fuel hedges for 2027 when prices eased in June, with coverage as of June 30 reaching 49% of projected 2027 fuel purchases, 29% for 2028 and 14% for 2029. Among peers, Carnival Corporation expects full-year fuel expense of approximately $2.25 billion including emission allowances and reported a nearly 4% year-over-year decline in third-quarter fiscal 2026 fuel consumption, while Norwegian Cruise Line Holdings had hedged approximately 52% of projected 2026 fuel consumption and 38% for 2027 as of June 30, 2026, with second-quarter fuel expense of $219 million.
Carnival reported third-quarter 2026 revenue of $8.44 billion, up 3.5% year on year and ahead of analyst estimates of $8.35 billion, while adjusted earnings per share of $1.43 beat the consensus estimate of $1.35 by 5.9%. Adjusted EBITDA came in at $2.99 billion against estimates of $2.93 billion, a 35.5% margin, and management slightly raised its full-year adjusted EPS guidance to $2.24 at the midpoint while keeping full-year EBITDA guidance at $7.14 billion, in line with expectations. CEO Josh Weinstein attributed the outperformance to strong demand and effective cost controls, noting that close-in bookings accelerated through the quarter for both European and Caribbean itineraries, and that bookings for 2027 and 2028 are already at record occupancy and pricing levels. CFO David Bernstein said the new loyalty program, selective fleet upgrades, and expansion into Northern European itineraries are expected to support earnings growth, though management cautioned that accounting changes tied to the loyalty program will temporarily weigh on reported yields in coming quarters. The company's destination portfolio, including Celebration Key, RelaxAway, and Half Moon Cay, continued to drive onboard spending, with Celebration Key alone expected to serve 3.5 million guests next year, and Carnival said Europe is projected to match the Caribbean as its largest deployment region by 2027.
Carnival, CarMax, Vail Resorts Beat Estimates; Fair Isaac Plunges 26.5%
Carnival Corp. Ltd. shares jumped 13.4% after the company reported third-quarter fiscal 2026 adjusted earnings of $1.43 per share, surpassing the Zacks Consensus Estimate of $1.36 per share. CarMax Inc. shares climbed 4.7% after posting second-quarter fiscal 2027 adjusted earnings of $1.16 per share, outpacing the Zacks Consensus Estimate of $0.68 per share. Vail Resorts Inc. shares rose 2.3% after the company posted a fourth-quarter fiscal 2026 adjusted loss of $5.34 per share, narrower than the Zacks Consensus Estimate of a loss of $5.40 per share. Fair Isaac Corp. shares plunged 26.5% following Federal Housing Finance Agency director Bill Pulte's introduction of a single pricing grid to mortgage pricing.
CCL · Capital · Positive Carnival reported Q3 fiscal 2026 adjusted EPS of $1.43, beating the $1.36 consensus estimate.
FICO · Regulation · Negative FHFA director Bill Pulte introduced a single pricing grid for mortgage pricing, hitting Fair Isaac's credit-scoring business.
KMX · Capital · Positive CarMax posted Q2 fiscal 2027 adjusted EPS of $1.16, far outpacing the $0.68 consensus estimate.
MTN · Capital · Positive Vail Resorts posted a Q4 fiscal 2026 adjusted loss of $5.34 per share, narrower than the expected $5.40 loss.
ERW Sees Limited Flood Impact, Strong Q4 2026 Bookings on Major Events
The Erawan Group Public Company Limited, or ERW, assesses that the flood situation will have only a limited short-term impact on its hotel business, as the event is brief and confined to certain areas, and is neither severe nor prolonged as in the past. Meanwhile, HOPINN hotels are benefiting from short-term accommodation demand from those affected by the floods. As for the fourth-quarter 2026 outlook, on-the-book reservations during festivals and major events remain at a good level, from China's Golden Week festival on 1–4 October, the IMF-World Bank meetings, the fireworks extravaganza along the Chao Phraya River during the Loy Krathong festival in November, the Pattaya International Fireworks Festival on 27–28 November 2026, and continuing through Tomorrowland and the New Year countdown in December. At present there have been no significant room booking cancellations, and fourth-quarter 2026 operating results are expected to improve from the third quarter of 2026 and be close to the fourth quarter of last year. Meanwhile, Pi Securities Public Company Limited expects third-quarter 2026 room bookings to grow 2% year on year, with Luxury-to-Economy hotels growing about 5% year on year and HOPINN growing 1% year on year. It therefore maintains its 2026 revenue forecast at 8.4 billion baht, up 6% year on year, with net profit of 952 million baht, up 14% year on year, and keeps its buy recommendation with a fair value of 4.20 baht.
ERW.BK · Demand · Positive Flood impact limited and HOPINN benefiting from short-term accommodation demand, with strong Q4 2026 festival/event bookings and no significant cancellations.
ERW.BK · Capital · Positive Pi Securities maintains 2026 revenue/net profit forecasts and a buy recommendation with 4.20 baht fair value.
Metaplanet to acquire Siiibo Securities for 2.1 billion yen, plans large-scale bond issuance via BitBonds
Metaplanet, which is pursuing a Bitcoin treasury strategy, announced in June 2026 that it would acquire the former Siiibo Securities, a firm handling privately placed corporate bonds, for 2.1 billion yen, bringing a securities company itself under its wing. Whereas US-based Strategy does not keep a securities firm within its own group and instead delivers products to investors through outside securities firms, Metaplanet chose a path suited to Japan's market environment, building the function to structure and sell financial products in-house. In August 2026, Metaplanet Securities launched its corporate bond issuance program BitBonds, with an initial issuance of about 200 million yen. Executive Ko Omura indicated that the company will expand the program's capacity going forward, aiming for bond issuance on an unprecedented scale, and is also considering reorganizing its framework to handle public offerings. Regarding conflicts of interest in handling the parent company's products, he explained that issuance terms and sales volumes are reviewed internally and outside expert opinions are sought, ensuring terms and sales volumes that are fair from a third-party perspective without deference to the parent company. Siiibo Securities had supported the issuance of corporate bonds for more than 40 companies before joining the group, and going forward it aims to increase the number of companies it handles to 100, then 200, and to raise monthly trading volume in the corporate bond secondary market from the current scale of tens of millions of yen to several hundred million yen first. As for coordination between the Superplanet concept being pursued in the United States and Metaplanet Securities, he indicated that this is not a premise at present and that discussions are yet to come.
3350.JP · Capital · Positive Metaplanet is acquiring Siiibo Securities for 2.1 billion yen and launching its BitBonds corporate bond issuance program.
Siiibo Securities Co., Ltd. · Capital · Positive Siiibo Securities is being acquired by Metaplanet for 2.1 billion yen and will expand its corporate bond business under the group.
Jiuhua Tourism to invest 112 million yuan upgrading Baishuigong cable car, with about 12 months of service suspension
Jiuhua Tourism announced on September 30 that it plans to invest in the Baishuigong cable car upgrade and renovation project at Jiuhua Mountain, with a total estimated investment of 112 million yuan. The project site is located on Jiuhua Street within the Jiuhua Mountain scenic area. The cable car route will remain on the original alignment and site of the existing Baishuigong cable car, involving no new land use. The existing 38-plus-1 passenger ground cable car will be upgraded to a 55-plus-1 passenger ground cable car, and all cable car equipment will be renewed, station equipment foundations reinforced, the cable car track foundation demolished and rebuilt, and station interiors redecorated. The project is expected to take 18 months to build, including about 12 months of service suspension. During the suspension, the company's revenue will be affected in stages, but the company expects that once construction is completed and operations begin smoothly, it will have a positive impact on operating revenue and profit. On the same day, Jiuhua Tourism also announced the appointment of Zhang Guoxiang as deputy general manager of the company. In the first half of 2026, the company achieved operating revenue of 500 million yuan, up 3.43 percent year on year, and net profit attributable to shareholders of the listed company of 152 million yuan, up 7.27 percent year on year.
603199.CG · Capital · Negative 112 million yuan cable car upgrade with about 12 months of service suspension will hit revenue in stages during construction.
Nvidia Announces $150 Billion Buyback as Stocks Waver, Oil Eases
Nvidia announced a $150 billion stock buyback plan, sending its shares higher and helping lift the tech sector as stocks traded mixed on Tuesday. The 10-year Treasury yield hovered near 5.24% with bond prices little changed, while Brent futures for November delivery fell to $103 per barrel following days of stop-start negotiations between the US and Iran. The Energy sector declined, while Financial Services and Consumer Discretionary were little changed. Carnival stock popped 10% after the cruise line operator said its full-year 2027 booking occupancy and pricing are at record levels. Other notable stocks Yahoo Finance readers were viewing included Boeing, AMC, and Quantumscape.
Carnival Posts Record Q3 Revenue of $8.44 Billion, Beats Estimates
Carnival Corporation reported record third-quarter revenue of $8.44 billion and adjusted earnings per share of $1.43, beating analyst estimates of $0.35, marking its 10th consecutive quarter of record revenues. The cruise operator said fourth-quarter net yields will be about 1.7%, while full-year constant-currency net yields are up about 2.3%. Fuel prices since the last report are up about 20%, adding $150 million in costs, but demand remains strong: 2027 booked occupancy and pricing are already at record levels, and 2028 bookings are running ahead of last year at higher occupancy and pricing. Shares rose in pre-market trading on the results, though the stock is down nearly 30% year to date.
Carnival Q3 Customer Deposits Hit Record, Up 7% on Flat Capacity
Carnival reported record customer deposits in its third quarter, rising 7% even as capacity stayed flat. The company also posted non-GAAP earnings per share of $1.43, beating estimates by $0.08, while revenue of $8.43B came in $40M above expectations. The results were covered by Seeking Alpha, which noted the deposit milestone alongside the earnings beat.
Jin Jiang Hotels to Acquire 10% Stakes in Vienna Hotels and Baisuicun Catering for 811 Million Yuan
Jin Jiang Hotels announced that the company will acquire, through a transfer by agreement, the 10% stakes in Vienna Hotels and Baisuicun Catering held by Huang Deman, for a total transaction price of approximately 811 million yuan. Upon completion of this transaction, Jin Jiang Hotels will hold 100% equity in both Vienna Hotels and Baisuicun Catering, making both companies wholly owned subsidiaries. The announcement shows that the transaction pricing is based on the relevant shareholder agreement and does not exceed the appraised value.
600754.CG · Capital · Positive Jin Jiang Hotels is acquiring the remaining 10% stakes in Vienna Hotels and Baisuicun Catering for ~811 million yuan, making both wholly owned subsidiaries.
900934.CG · Capital · Positive Jin Jiang Hotels B shares are affected by the same acquisition of the remaining 10% stakes in Vienna Hotels and Baisuicun Catering for ~811 million yuan.
Shenzhen Baisuicun Catering Chain Co., Ltd. · Capital · Positive Jin Jiang Hotels will acquire the 10% stake in Baisuicun Catering, making it a wholly owned subsidiary.
Vienna Hotels Co., Ltd. · Capital · Positive Jin Jiang Hotels will acquire the 10% stake in Vienna Hotels, making it a wholly owned subsidiary.
Jin Jiang Hotels Plans to Acquire Remaining 10% Stakes in Vienna Hotel and Baisuicun Catering for 811 Million Yuan
Jin Jiang Hotels announced after market close on September 29 that it plans to acquire, through a negotiated transfer, the 10% stakes held by Huang Deman in Vienna Hotel Co., Ltd. and Shenzhen Baisuicun Catering Chain Co., Ltd., for a total transaction price of approximately 811 million yuan. Upon completion, Jin Jiang Hotels' shareholding in both companies will rise from 90% to 100%, achieving full ownership. The 10% stake in Vienna Hotel is valued at 810.0304 million yuan, while the 10% stake in Baisuicun Catering is valued at 953,600 yuan, funded by internal resources and bank loans. The transaction was approved at the 19th meeting of the company's 11th board of directors on September 29, with all nine directors voting in favor, and does not require shareholder approval. It has also received prior filing with the Shanghai State-owned Assets Supervision and Administration Commission. Vienna Hotel reported operating revenue of 3.485 billion yuan and net profit of 545 million yuan for 2025, and revenue of 1.687 billion yuan and net profit of 230 million yuan for the first half of 2026. Jin Jiang Hotels previously acquired an 80% stake in Vienna Hotel for 1.75 billion yuan in April 2016, and a further 10% stake for 220 million yuan in 2022. With this acquisition of the remaining 10%, Vienna Hotel will become fully owned.
600754.CG · Capital · Positive Jin Jiang Hotels is acquiring the remaining 10% stakes in Vienna Hotel and Baisuicun Catering for ~811 million yuan, taking both to full ownership.
900934.CG · Capital · Positive Jin Jiang Hotels B shares represent the same company acquiring the remaining 10% stakes in Vienna Hotel and Baisuicun Catering for ~811 million yuan.
Vienna Hotels Co., Ltd. · Capital · Neutral Vienna Hotel is the acquisition target whose remaining 10% stake is being bought by Jin Jiang Hotels, making it a wholly owned subsidiary.
Jin Jiang Hotels Acquires 10% Stakes in Vienna Hotel and Baisuicun Catering for 811 Million Yuan, Achieving Full Ownership
Jin Jiang Hotels announced on September 29 that it acquired, through a share transfer agreement, 10% equity stakes in Vienna Hotel Co., Ltd. and Shenzhen Baisuicun Catering Chain Co., Ltd. from Huang Deman, for a total transaction price of approximately 811 million yuan. Upon completion of the transaction, Jin Jiang Hotels will hold 100% equity in both Vienna Hotel and Baisuicun Catering, achieving full ownership.
600754.CG · Capital · Positive Jin Jiang Hotels acquires remaining 10% stakes in Vienna Hotel and Baisuicun Catering for ~811 million yuan, achieving full ownership.
900934.CG · Capital · Positive Jin Jiang Hotels acquires remaining 10% stakes in Vienna Hotel and Baisuicun Catering for ~811 million yuan, achieving full ownership.
Shenzhen Baisuicun Catering Chain Co., Ltd. · Capital · Positive Jin Jiang Hotels buys the remaining 10% stake in Baisuicun Catering, making it a wholly owned subsidiary.
Vienna Hotels Co., Ltd. · Capital · Positive Jin Jiang Hotels buys the remaining 10% stake in Vienna Hotel, making it a wholly owned subsidiary.
Jiuhua Tourism Plans 112 Million Yuan Upgrade of Baishui Palace Cable Car
Jiuhua Tourism announced on September 29 that the company plans to invest in the Baishui Palace cable car upgrade and renovation project at Mount Jiuhua, with a total estimated investment of 112 million yuan. The project aims to enhance internal transportation service capacity within the Mount Jiuhua scenic area, ensure safe operations, and promote the high-quality development of the company's main business. The project site is located in the Mount Jiuhua scenic area, and the main scope includes upgrading the existing 38+1 passenger ground cable car to a 55+1 passenger ground cable car, replacing all cable car equipment, and reinforcing station equipment foundations. In the first half of 2026, Jiuhua Tourism achieved revenue of 500 million yuan and net profit attributable to the parent company of 152 million yuan.
603199.CG · Capital · Positive Jiuhua Tourism plans a 112 million yuan capex upgrade of the Baishui Palace cable car to boost capacity and safe operations.
Zhangjiajie Industrial Investment Pledges 54.5 Million Shares, 6.73% of Total Share Capital
Zhangjiajie announced on September 29 that shareholder Zhangjiajie Industrial Investment Holding Co., Ltd. has pledged 54.5 million shares it holds, representing 50.00% of its shareholding and 6.73% of the company's total share capital. As of the announcement date, Zhangjiajie Industrial Investment's cumulative pledged shares amounted to 54.5 million. In the first half of 2026, Zhangjiajie achieved revenue of 212 million yuan and net profit attributable to the parent of 308 million yuan.
000430.CS · Capital · Negative Shareholder Zhangjiajie Industrial Investment pledged 54.5 million shares, 6.73% of total share capital, a negative capital-structure signal.
张家界产业投资（控股）有限公司 · Capital · Neutral The company pledged 54.5 million shares (50% of its holding) while reporting H1 2026 revenue of 212 million yuan and net profit of 308 million yuan.
Jin Jiang Hotels spends 811 million yuan to acquire remaining 10% stakes in Vienna Hotels and Baisuicun Catering
Jin Jiang Hotels announced on September 29 that it will acquire, through negotiated transfer, the 10% equity stakes in Vienna Hotel Co., Ltd. and Shenzhen Baisuicun Catering Chain Co., Ltd. held by Huang Deman, for a total transaction price of approximately 811 million yuan. Of this, 810 million yuan will be used to acquire the 10% stake in Vienna Hotels, and 953,600 yuan to acquire the 10% stake in Baisuicun Catering. After the transaction is completed, Jin Jiang Hotels' shareholding in both companies will rise from 90% to 100%, achieving full ownership. The acquisition funds will come from its own capital and bank loans. Jin Jiang Hotels stated that this acquisition is based on the need to continuously advance business integration, management integration, and structural integration in the China region, aiming to increase resource investment, optimize the business structure, promote cost reduction and efficiency improvement, and enhance overall profitability. Vienna Hotels was established in April 2004 and is mainly engaged in hotel operation and management, with brands including Venus Royal Hotel, Vienna International Hotel, and Vienna Hotel. Baisuicun Catering was established in March 2008 and is mainly engaged in chain catering operations. Huang Deman is the founder of Vienna Hotels Group, a native of Yangjiang, Guangdong, and currently serves mainly as executive director and general manager of Shenzhen Chuancheng Holdings Co., Ltd., Shenzhen Juhe Investment Consulting Co., Ltd., and Shenzhen Vienna Star Hotel Management Co., Ltd.
600754.CG · Capital · Positive Jin Jiang Hotels is acquiring the remaining 10% stakes in Vienna Hotels and Baisuicun Catering for ~811 million yuan, achieving full ownership to advance integration and profitability.
900934.CG · Capital · Positive Jin Jiang Hotels B shares represent the same company acquiring the remaining 10% stakes in Vienna Hotels and Baisuicun Catering for ~811 million yuan to reach full ownership.
Shenzhen Baisuicun Catering Chain Co., Ltd. · Capital · Positive Jin Jiang Hotels will acquire the remaining 10% stake in Baisuicun Catering for 953,600 yuan, taking its ownership from 90% to 100%.
Vienna Hotels Co., Ltd. · Capital · Positive Jin Jiang Hotels will acquire the remaining 10% stake in Vienna Hotels for 810 million yuan, taking its ownership from 90% to 100%.
Jin Jiang Hotels to acquire 10% stakes in Vienna Hotels and Baisuicun Catering for approximately 811 million yuan
Shanghai Jin Jiang International Hotels Company announced on September 29 that it plans to acquire, through a negotiated transfer, the 10% equity stakes in Vienna Hotel Company Limited and Shenzhen Baisuicun Catering Chain Company Limited held by Huang Deman. Upon completion, it will hold 100% equity in both companies, achieving full ownership. The transaction price for the 10% stake in Vienna Hotels is 810.03 million yuan, and the price for the 10% stake in Baisuicun Catering is 953,600 yuan, bringing the combined transaction value to approximately 811 million yuan. Jin Jiang Hotels stated that the acquisition aims to continue advancing business integration, management integration, and structural integration in the China region. Through unified resource allocation and complementary brands and channels, it seeks to further optimize the business structure, promote cost reduction and efficiency gains, improve operational standards, and enhance the company's overall profitability. Vienna Hotels was established in April 2004 and is primarily engaged in hotel operation and management, operating brands such as Venus Royal Hotel, Vienna International Hotel, Vienna Hotel, Vienna Classic Hotel, Vienna 3 Best Hotel, and Vienna Good Sleep International Hotel. Baisuicun Catering was established in March 2008 and is mainly engaged in restaurant chain operations and related businesses.
600754.CG · Capital · Positive Jin Jiang Hotels is acquiring the remaining 10% stakes in Vienna Hotels and Baisuicun Catering for ~811 million yuan to reach full ownership and advance integration and profitability.
Vienna Hotels Co., Ltd. · Capital · Positive Jin Jiang Hotels is buying the 10% stake in Vienna Hotels for 810.03 million yuan, making Vienna Hotels a wholly owned subsidiary.
Carnival Set to Report Q3 Earnings Tuesday as Shares Sit Near 52-Week Lows
Carnival Corporation is scheduled to report fiscal third-quarter results on Tuesday, Sept. 29, with its shares trading near 52-week lows. The Zacks Consensus Estimate calls for Carnival to post Q3 EPS of $1.36, down roughly 5% year over year, even as quarterly revenue is projected to rise over 2% to $8.36 billion, with higher costs and Middle East-related disruptions to European and Mediterranean itineraries weighing on results. Carnival has exceeded earnings expectations for 15 consecutive quarters, posting an average EPS surprise of 18.15% in its last four quarterly reports, and has beaten top-line estimates in three of the last four quarters with an average sales surprise of 0.45%. At around $22 a share, CCL trades at 10X forward earnings, roughly on par with Norwegian Cruise Line and slightly below Royal Caribbean's 13X and the Zacks Leisure and Recreation Services Industry average of 17X, while Carnival's full-year EPS is projected to be down 2% to $2.20 per share. Carnival stock currently carries a Zacks Rank #3 (Hold).
CCL · Capital · Neutral Carnival is set to report Q3 earnings with EPS seen down ~5% YoY on higher costs and Middle East itinerary disruptions, though it has a long beat streak and trades near 52-week lows at 10X forward earnings.
Carnival Set to Report Q3 Results Tuesday Before Market Open
Carnival will report its third-quarter results on Tuesday before market hours, with the market expecting revenue to grow 2.4% year on year. Last quarter the cruise ship company reported revenues of $6.66 billion, up 5.3% year on year, and 25.7 million passenger cruise days, up 1.6% year on year, a mixed quarter in which it beat analysts' EPS estimates but full-year EBITDA guidance slightly missed expectations. Analysts have generally reconfirmed their estimates over the last 30 days, though Carnival has missed Wall Street's revenue estimates multiple times over the last two years. Among its consumer discretionary peers, only Scholastic has reported so far, missing revenue estimates with a 3.9% year-on-year sales decline and a 7.8% stock drop on the results. Carnival shares are down 6.7% over the last month, versus a 6.8% average decline for the group, and the stock carries an average analyst price target of $33.99 compared to a current share price of $22.29.
DAOL assesses floods in 25 provinces, short-term impact on SET, lists stocks set to gain and lose
DAOL Securities (Thailand), or DAOL, assessed the flood situation in Thailand, which has now spread to 25 provinces covering 128 districts, affecting the SET Index in the short term from negative sentiment toward economic activity. However, the impact on the operating results of listed companies is expected to be limited. Bangkok and its vicinity faced continuous heavy rain during 25-27 September 2026, causing flooding in many areas, and the government declared Bangkok, Nonthaburi, Pathum Thani and Samut Prakan as special public holidays on 28-29 September to ease the impact and reduce travel by the public. The research department stated that the groups expected to benefit after the water recedes include the Home Improvement group such as HMPRO, GLOBAL and DOHOME from demand to repair homes and replace damaged goods, with a boost expected in 4Q26E. NEO, which derives 100% of its total revenue from consumer products, will benefit as consumers must buy new household items. TFMAMA benefits from consumers stockpiling goods, and TASCO benefits from road repairs after the water recedes. The groups expected to be negatively affected include the Ground Transport group such as BEM and BTS from a possible short-term decline in passenger volumes, although the waiver of expressway tolls until 29 September at 24.00 will have a limited impact because the Expressway Authority of Thailand will compensate the companies. The tourism group ERW, CENTEL, AAV and AOT is seen as slightly negative from travel concerns. The Energy group such as OR and PTG is expected to see a temporary drop in downstream oil sales volumes, with total daily retail oil sales volumes of OR and PTG at approximately 29.4 million and 15.8 million liters in 2Q26, and the number of service stations in the central, eastern and western regions of the two companies accounting for approximately 45% and 37% of their total service stations. The insurance group TIPH, TVH, MTI, BKI and AYUD must pay compensation for the floods, and the Commerce group such as CPALL, CPAXT and BJC faces rain and flooding pressuring traffic, forcing some branches to temporarily close, although stockpiling of essential goods will help offset some of the impact.
DOHOME.BK · Demand · Positive DOHOME named among home improvement stocks expected to benefit from post-flood home repair and replacement demand in 4Q26E.
ERW.BK · Demand · Negative ERW listed in tourism group seen slightly negative from travel concerns during the floods.
GLOBAL.BK · Demand · Positive GLOBAL named among home improvement stocks expected to gain from post-flood repair and replacement demand.
HMPRO.BK · Demand · Positive HMPRO named among home improvement stocks expected to benefit from post-flood home repair and replacement demand.
NEO.BK · Demand · Positive NEO derives 100% of revenue from consumer products and is expected to benefit as consumers buy new household items after the floods.
AAV.BK · Demand · Negative AAV is in the tourism group seen as slightly negative from travel concerns due to flooding.
Asia Plus says tourism stocks face limited impact from Bangkok floods, recommends CENTEL
Asia Plus Securities assesses that although flooding in Bangkok has caused flight delays, major airports Suvarnabhumi and Don Mueang remain open and operating normally, while inner Bangkok and key destinations such as Chiang Mai, Phuket, and Samui remain safe. If the situation eases quickly, the impact on travel during the fourth quarter of 2026 through the first quarter of 2027, which is the tourism high season, will be limited. The Middle East situation remains the main factor shaping the direction of the tourism sector. For CENTEL, Thailand accounts for about 60% of hotel revenue, split between Bangkok at 22% and the provinces at 38%, which helps cushion the impact of the floods. Its restaurant business has about 34% of restaurant revenue in Bangkok, with average restaurant sales in Bangkok at roughly 12 million baht per day, and every single day that sales are hit by 30% to 50% would affect quarterly sales by only 0.1% to 0.2%. ERW says its Lux to Eco hotels, which account for 74% of revenue, remain open as normal, with about 54% of revenue in Bangkok, while Hop Inn, which accounts for 26% of revenue, has some branches affected but mostly in the provinces. MINT derives about 50% of revenue from hotels in the EU, so it faces a more limited fundamental impact. The research team maintains its view that normal profits for AOT and Thai hotel operators for the October to December period will expand both quarter on quarter and year on year, continuing through the January to March 2027 period in line with the tourism season. Although the market may open risk-off in the short term, the effect on earnings forecasts remains limited. It still favours CENTEL, followed by AOT, while ERW is an event trade and THAI is a tactical buy after its share price fell 12% year to date versus the SET's gain of 28%. If jet fuel rises above its previous peak in April at 209 US dollars per barrel and affects flight capacity, that would be a tactical trigger to consider reducing weightings in the tourism sector.
CENTEL.BK · Demand · Positive Asia Plus favors CENTEL, noting its diversified Bangkok/provincial hotel and restaurant mix cushions flood impact and Q4 earnings should still expand.
ERW.BK · Demand · Neutral ERW's Lux to Eco hotels remain open but some Hop Inn branches are affected; flagged only as an event trade.
AOT.BK · Demand · Positive Research team maintains normal profits for AOT will expand QoQ and YoY through the tourism high season despite Bangkok floods.
MINT.BK · Demand · Positive MINT derives about 50% of hotel revenue from the EU, so it faces a more limited fundamental impact from the Bangkok floods.
THAI.BK · Capital · Neutral THAI is called a tactical buy after its share price fell 12% year to date, with no company-specific operational development cited.
Carnival Faces Fuel Cost Pressure Ahead of September 29 Earnings
Carnival Corporation heads into its September 29 fiscal third-quarter report with its stock down roughly 11% over the past month and more than 24% for the year, even after a quarter that delivered record net income, record yields, and its lowest leverage ratio in years. The company is the only major cruise line that does not hedge fuel, and it guides fuel cost per metric ton at approximately $812 for the third quarter; its own sensitivity table shows a 10% move in that cost swings adjusted net income by $56 million in a single quarter and $102 million across the remainder of the year. That exposure drove BofA, JPMorgan, TD Cowen, Goldman Sachs, Stifel, Barclays, Deutsche Bank and Wells Fargo to trim price targets between September 14 and September 24, with only Deutsche Bank shifting its rating to Hold from Buy. BofA's Andrew Didora cut to $38 from $42 while keeping Buy, JPMorgan went to $39 from $43 on Overweight, and Goldman Sachs holds a $30 target, arguing 2027 estimates may still need to come down further. Susquehanna, cutting to $28 from $33, flagged Royal Caribbean's new joint venture with Sandals Resorts as a long-term threat to Caribbean yields for both Carnival and Norwegian Cruise Line, while Wells Fargo trimmed to $36 from $38 on Overweight. In its second quarter, Carnival absorbed nearly 30% higher fuel prices and extreme Middle East-related disruption to its European deployments yet still beat its own guidance by $100 million, posted a twelfth straight quarter of record net yields, and cut net debt to adjusted EBITDA to 3.1 times from 3.4 times a year earlier. Hedge fund conviction moved opposite the stock, with bullish funds rising to 63 from 57 quarter over quarter, and short interest climbed to 48.18 million shares as of September 15 from 36.81 million a month earlier, or 3.79% of float.
CCL · Capital · Negative BofA, JPMorgan, TD Cowen, Goldman, Stifel, Barclays, Deutsche Bank and Wells Fargo all trimmed price targets between Sept 14-24, with Deutsche Bank downgrading to Hold.
CCL · Supply · Negative Carnival is the only major cruise line that does not hedge fuel, and its ~$812/ton fuel cost exposure drove a wave of analyst price-target cuts ahead of earnings.
NCLH · Competition · Negative Susquehanna flagged Royal Caribbean's new Sandals Resorts joint venture as a long-term threat to Caribbean yields for both Carnival and Norwegian.
RCL · Competition · Negative Royal Caribbean's new joint venture with Sandals Resorts was cited by Susquehanna as a long-term threat to Caribbean yields for Carnival and Norwegian.
Carnival Q3 2026 Revenue Seen at $8.4 Billion as Analysts Trim Estimates
Analysts expect Carnival Corporation to report roughly US$8.4 billion in revenue and earnings per share of about US$1.35 when it releases its fiscal third-quarter 2026 results, with a downward shift in earnings estimates and concerns over itinerary disruptions and fuel costs now central to how investors assess the cruise operator's resilience. The company's longer-term narrative projects $30.6 billion in revenue and $4.0 billion in earnings by 2029, requiring 3.8% yearly revenue growth and about a $0.9 billion earnings increase from $3.1 billion today, while the most optimistic analysts see earnings reaching about US$4.4 billion by 2029. Carnival launched the Carnival Rewards Mastercard in September 2026, a move that ties more guest spending into its ecosystem and supports the loyalty program catalyst even as near-term estimates are cut. The company's forecasts imply a $34.83 fair value, a 57% upside to its current price.
CCL · Capital · Negative Analysts trimmed Carnival's Q3 2026 earnings estimates amid itinerary disruptions and fuel cost concerns, with a $34.83 fair value implying 57% upside.
CCL · Demand · Positive Carnival launched the Carnival Rewards Mastercard in September 2026, tying more guest spending into its ecosystem and supporting the loyalty program catalyst.
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