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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samhi-hotels-ltd" target="_blank" data-smartkarma-citation="entities:28359:1" rel="noopener">SAMHI Hotels (SAMHI IN)</a> plans to raise around US$165m in its Indian IPO.</li>
<li>Samhi is India’s third-largest hotel asset owner, by number of keys, with a portfolio of 25 operating hotel assets comprising 3,839 keys, as of Feb 2023.</li>
<li>In this note, we talk about the updates from the recent filings and our final thoughts on valuations.</li>
</ul>



SAMHI Hotels (SAMHI IN) plans to raise around US$165m in its Indian IPO.
Samhi is India’s third-largest hotel asset owner, by number of keys, with a portfolio of 25 operating hotel assets comprising 3,839 keys, as of Feb 2023.
In this note, we talk about the updates from the recent filings and our final thoughts on valuations.


Samhi Hotels IPO - Taking a Large Hair Cut, Now at a Decent Discount

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samhi-hotels-ltd" target="_blank" data-smartkarma-citation="entities:28359:1" rel="noopener">SAMHI Hotels (SAMHI IN)</a> plans to raise around US$200m (estimated) in its Indian IPO.</li>
<li>Samhi is India’s third-largest hotel asset owner, by number of keys, with a portfolio of 25 operating hotel assets comprising 3,839 keys, as of Feb 2023.</li>
<li>In this note, we will undertake a peer comparison and provide our thoughts on valuation.</li>
</ul>



SAMHI Hotels (SAMHI IN) plans to raise around US$200m (estimated) in its Indian IPO.
Samhi is India’s third-largest hotel asset owner, by number of keys, with a portfolio of 25 operating hotel assets comprising 3,839 keys, as of Feb 2023.
In this note, we will undertake a peer comparison and provide our thoughts on valuation.


Samhi Hotels Pre-IPO - The Negatives - Peer Comp and Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samhi-hotels-ltd" target="_blank" data-smartkarma-citation="entities:28359:1" rel="noopener">SAMHI Hotels (SAMHI IN)</a>  plans to raise around US$200m (estimated) in its Indian IPO.</li>
<li>Samhi is India’s third-largest hotel asset owner, by number of keys, with a portfolio of 25 operating hotel assets comprising 3,839 keys, as of Feb 2023.</li>
<li>In this note, we look at its updated filings and discuss the changes since its last filing in 2019.</li>
</ul>



SAMHI Hotels (SAMHI IN)  plans to raise around US$200m (estimated) in its Indian IPO.
Samhi is India’s third-largest hotel asset owner, by number of keys, with a portfolio of 25 operating hotel assets comprising 3,839 keys, as of Feb 2023.
In this note, we look at its updated filings and discuss the changes since its last filing in 2019.


Samhi Hotels Pre-IPO - Refiling Updates - Bigger Portfolio, Smaller Deal

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Thematic (Sector/Industry)

<ul>
<li>Improved connectivity has led to an increase in leisure travel, resulting in reduced seasonality of the hotel business.</li>
<li>Premium branded hotels have seen an increase in ARR due to an increase in customers' spending power and demand for value.</li>
<li>While entering the industry poses no major challenges, running a hotel is becoming increasingly difficult due to rising costs and competition.</li>
</ul>


Improved connectivity has led to an increase in leisure travel, resulting in reduced seasonality of the hotel business.
Premium branded hotels have seen an increase in ARR due to an increase in customers' spending power and demand for value.
While entering the industry poses no major challenges, running a hotel is becoming increasingly difficult due to rising costs and competition.


India Channel Insight #49 | Hotels - Demand and Occupancy Trends

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

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<li>IHCL: IHCL has a total of 19,417 rooms (as per its FY21 annual report) across four brands.</li>
</ul>
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<li>Chalet: Chalet has 2,554 owned rooms (as per FY21 annual report).</li>
</ul>
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<li>EIH Ltd: EIH Ltd has a total of 4,572 rooms (as per FY21 annual report).</li>
</ul>
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<p><em>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.</em></p>






IHCL: IHCL has a total of 19,417 rooms (as per its FY21 annual report) across four brands.





Chalet: Chalet has 2,554 owned rooms (as per FY21 annual report).






EIH Ltd: EIH Ltd has a total of 4,572 rooms (as per FY21 annual report).












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.

Hospitality Sector: Leisure Demand Remains Strong; Corporate Travel Rebounds

India

Chalet Hotels Limited operates as a hotel real estate investment company. The Company acquires, develops, and manages hotels. Chalet Hotels serves customers in India.

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Chalet Hotels Ltd (CHALET IN)

Samhi Hotels IPO - Taking a Large Hair Cut, Now at a Decent Discount

SAMHI Hotels (SAMHI IN) plans to raise around US$165m in its Indian IPO. In this note, we talk about the RHP updates and provide our thoughts on...

Sumeet Singh

Samhi Hotels Pre-IPO - The Negatives - Peer Comp and Valuation

SAMHI Hotels (SAMHI IN) plans to raise around US$200m (estimated) in its Indian IPO. In this note, we undertake a peer comparison and provide our...

Sumeet Singh

Samhi Hotels Pre-IPO - Refiling Updates - Bigger Portfolio, Smaller Deal

SAMHI Hotels (SAMHI IN) plans to raise around US$200m (estimated) in its Indian IPO. In this note, we talk about the updates from its recent filing.

Sumeet Singh

India Channel Insight #49 | Hotels - Demand and Occupancy Trends

Travel industry trends in India: Improved connectivity leads to rise in leisure destinations, seasonal fluctuations reduced, customers seek value.

Pranav Bhavsar

Hospitality Sector: Leisure Demand Remains Strong; Corporate Travel Rebounds

The Hospitality sector has shown healthy improvement in RevPar post the third covid wave; Post the Omicron wave, there has been a steady increase...

Nirmal Bang

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