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

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

<ul><li>Booking Holdings had a strong quarter and managed an all-around beat as a result of the new quarterly highs of 274 million hotel nights and $39.4 billion in gross bookings, with yearly growth rates of 38% and 44%, respectively.</li><li>In constant currency, the first quarter gross bookings increase was 52% higher than a year ago.</li><li>Although the trends in travel booking have remained strong, Booking Holdings acknowledges that there is uncertainty over the direction of the global economy.</li></ul>

Booking Holdings had a strong quarter and managed an all-around beat as a result of the new quarterly highs of 274 million hotel nights and $39.4 billion in gross bookings, with yearly growth rates of 38% and 44%, respectively.In constant currency, the first quarter gross bookings increase was 52% higher than a year ago.Although the trends in travel booking have remained strong, Booking Holdings acknowledges that there is uncertainty over the direction of the global economy.

Booking Holdings Inc.: Encouraging Progress in Alternative Accommodations – Key Drivers

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>Recent pullback of <a href="https://www.smartkarma.com/entities/trip-com-group-ltd-23a341d0-4f63-4175-a8c5-ee990906cacd" target="_blank" data-smartkarma-citation="entities:36424:1" rel="noopener">Trip.com (9961 HK)</a> has made this China's tourism recovery play even more attractive.  Since end-Feb, consensus earnings forecasts have been upgraded by 19-20%.</li>
<li>It is best positioned to capture the revival in China's domestic and outbound travels. Forward booking data has pointed to very solid momentum over the next few months.</li>
<li>We anticipate good margin expansion going forward, and its resilient financial position provides opportunities for value-enhancing M&amp;As. These all justify a premium valuation over peers. </li>
</ul>


Recent pullback of Trip.com (9961 HK) has made this China's tourism recovery play even more attractive.  Since end-Feb, consensus earnings forecasts have been upgraded by 19-20%.
It is best positioned to capture the revival in China's domestic and outbound travels. Forward booking data has pointed to very solid momentum over the next few months.
We anticipate good margin expansion going forward, and its resilient financial position provides opportunities for value-enhancing M&amp;As. These all justify a premium valuation over peers. 


Trip.com (9961 HK): The Best Is yet to Come

<ul><li>Booking reported a strong finish to 2022 as it delivered revenue and adjusted EBITDA above Wall Street expectations.</li><li>Gross Booking increased as compared to the pre-pandemic time.</li><li>Room night growth trends have strengthened in the quarter, with the improvements driven by the U.S. and Asia.</li></ul>

Booking reported a strong finish to 2022 as it delivered revenue and adjusted EBITDA above Wall Street expectations.Gross Booking increased as compared to the pre-pandemic time.Room night growth trends have strengthened in the quarter, with the improvements driven by the U.S. and Asia.

<ul><li>Booking Holdings delivered a positive set of results in the quarter and managed an all-around beat.</li><li>Their consumers reserved 240 million room nights in Q3, just under 0.25 million more than in Q3 2019.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

Booking Holdings delivered a positive set of results in the quarter and managed an all-around beat.Their consumers reserved 240 million room nights in Q3, just under 0.25 million more than in Q3 2019.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

United States

Booking Holdings Inc. operates as an online travel company. The Company offers a platform that allows to make travel reservations with providers of travel services, as well as provides accommodation reservations, rentals cars, airline tickets, and vacation packages. Booking Holdings serves customers worldwide.

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Booking Holdings (BKNG US)

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

Booking Holdings Inc.: Encouraging Progress in Alternative Accommodations – Key Drivers

Booking Holdings had a strong quarter and managed an all-around beat as a result of the new quarterly highs of 274 million hotel nights and $39.4...

Baptista Research

Trip.com (9961 HK): The Best Is yet to Come

Trip.com is best positioned to capture revival in China's domestic and outbound travels. Booking data pointed to good forward momentum, and recent...

Osbert Tang, CFA

Booking Holdings Inc.: Major Drivers

Booking reported a strong finish to 2022 as it delivered revenue and adjusted EBITDA above Wall Street expectations. Gross Booking increased as...

Baptista Research

Booking Holdings: Major Drivers

Booking Holdings delivered a positive set of results in the quarter and managed an all-around beat. Their consumers reserved 240 million room...

Baptista Research

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