External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

PSP Projects Limited operates as a construction company. The Company offers industrial, institutional, government, and residential projects construction, as well as allied services including planning, designing, and post-construction activities. PSP Projects serves the private and public sectors in India.

<ul><li>PSP Projects Limited (PSP) has entered into a SPA with Adani Infra (India) Limited wherein the promoter of PSP Mr Prahaladbhai S Patel, will be selling 30.07% equity share capital of PSP, triggering an open offer for public shareholders</li><li>As informed by the management, the shareholding of the promoters PSP and Adani will continue to remain the same for the next 5 years, post the closure of transaction, and the management will be continued to be led by Mr Patel</li><li>The acquisition by Adani group and the partnership between the promoter groups is expected to complement each other’s capabilities, with PSP lending its expertise in the buildings construction segment and Adani group providing it with group orders in the building segment only.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PSP Projects Limited (PSP) has entered into a SPA with Adani Infra (India) Limited wherein the promoter of PSP Mr Prahaladbhai S Patel, will be selling 30.07% equity share capital of PSP, triggering an open offer for public shareholdersAs informed by the management, the shareholding of the promoters PSP and Adani will continue to remain the same for the next 5 years, post the closure of transaction, and the management will be continued to be led by Mr PatelThe acquisition by Adani group and the partnership between the promoter groups is expected to complement each other’s capabilities, with PSP lending its expertise in the buildings construction segment and Adani group providing it with group orders in the building segment only.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PSP Projects: Signs SPA with Adani Group. Maintain ADD

Century Plyboards India / Equity Bottom-Up

Century Plyboards India Ltd. manufactures, sells, and exports plywood and veneer. The Company offers commercial, marine, concrete, shuttering, and decorative plywood. Century Plyboards products also include veneer, block board, timber, decorative laminates, prelaminated boards, fire safe plywood, flexible plywood, cement, clinker, adhesives, and chemicals.

<ul><li>Century Plyboards India: In Q2FY25, Century’s revenue grew 19% YoY, led by healthy growth in ply and MDF segments</li><li>EBITDA declined 23% YoY, owing to multi-quarter low MDF, laminate and particle board margin</li><li>APAT declined 59% YoY, owing to weak EBITDA, higher capital charges, lower other income, and higher tax rate</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Century Plyboards India: In Q2FY25, Century’s revenue grew 19% YoY, led by healthy growth in ply and MDF segmentsEBITDA declined 23% YoY, owing to multi-quarter low MDF, laminate and particle board marginAPAT declined 59% YoY, owing to weak EBITDA, higher capital charges, lower other income, and higher tax rateContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Century Plyboards India - Healthy Ply Result; Other Segments Disappointed

Thematic (Sector/Industry)

<ul><li>Lemon Tree: Lemon Tree Hotels (LTH) recorded a healthy Q2FY25 as it focusses on renovation and repositioning of the portfolio to command premium rates</li><li>Revenue grew 24% YoY to INR2.8bn, led by a healthy 12% ARR growth but subdued occupancy of 68.4% in Q2FY25, leading to a modest RevPAR growth of +7% YoY</li><li>In our view, key growth drivers for LTH are: (1) ramp-up of Aurika, Mumbai, (2) full availability of renovated “Keys” portfolio leading to ARR/occupancy increase, and (3) growth in fee income from managed portfolio</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Lemon Tree: Lemon Tree Hotels (LTH) recorded a healthy Q2FY25 as it focusses on renovation and repositioning of the portfolio to command premium ratesRevenue grew 24% YoY to INR2.8bn, led by a healthy 12% ARR growth but subdued occupancy of 68.4% in Q2FY25, leading to a modest RevPAR growth of +7% YoYIn our view, key growth drivers for LTH are: (1) ramp-up of Aurika, Mumbai, (2) full availability of renovated “Keys” portfolio leading to ARR/occupancy increase, and (3) growth in fee income from managed portfolioContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Lemon Tree, Ahluwalia Contracts

<ul><li>Century Plyboards India: In Q2FY25, Century’s revenue grew 19% YoY, led by healthy growth in ply and MDF segments</li><li>EBITDA declined 23% YoY, owing to multi-quarter low MDF, laminate and particle board margin</li><li>APAT declined 59% YoY, owing to weak EBITDA, higher capital charges, lower other income, and higher tax rate</li><li> </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Century Plyboards India: In Q2FY25, Century’s revenue grew 19% YoY, led by healthy growth in ply and MDF segmentsEBITDA declined 23% YoY, owing to multi-quarter low MDF, laminate and particle board marginAPAT declined 59% YoY, owing to weak EBITDA, higher capital charges, lower other income, and higher tax rate Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Century Plyboards India- Healthy Ply Result; Other Segments Disappointed

Sapphire Foods India Limited owns and operates quick service restaurants. The Company offers prepared food and beverages to be served on premise. Sapphire Foods serves clients in India and Sri Lanka.

<ul><li>We recently met the senior leadership team of Sapphire Foods to gain insights on the weakness in SSSg and the company’s strategy to address it</li><li>Management expressed caution about near-term demand trends due to weak macros and increased competitive intensity but remained confident about medium- and long-term prospects, as they are taking appropriate actions to further strengthen their “right to win”: 1) focusing on delighting customers with best-in-class quality products and improving the customer experience, and 2) continuing with calibrated store expansion.</li><li>We maintain an ADD rating with a target price of Rs 345 (25x FY27 EV/EBITDA), as the stock is expected to remain sideways given weaker SSSg in near term despite reasonable valuations (23x FY27 pre-IND AS EV/EBITDA).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We recently met the senior leadership team of Sapphire Foods to gain insights on the weakness in SSSg and the company’s strategy to address itManagement expressed caution about near-term demand trends due to weak macros and increased competitive intensity but remained confident about medium- and long-term prospects, as they are taking appropriate actions to further strengthen their “right to win”: 1) focusing on delighting customers with best-in-class quality products and improving the customer experience, and 2) continuing with calibrated store expansion.We maintain an ADD rating with a target price of Rs 345 (25x FY27 EV/EBITDA), as the stock is expected to remain sideways given weaker SSSg in near term despite reasonable valuations (23x FY27 pre-IND AS EV/EBITDA).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sapphire Foods: Wait before you take a bite! Maintain ADD