External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

Embassy Office Parks REIT / Equity Bottom-Up

<ul><li>The company’s commercial office business grew by 10.8% YoY to Rs 839 Cr, and the hotel business grew to Rs 116 Cr from Rs 100 Cr YoY.</li><li>The company has offered a total dividend of Rs 553 Cr (payout ratio of 100%), which resulted in a distribution of Rs 5.8/unit.</li><li>Hotel revenue also increased due to an improvement in average occupancy to 67% YoY (vs. 53%) and average daily rates to Rs 10,664 YoY (vs. Rs 10,383).</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.

The company’s commercial office business grew by 10.8% YoY to Rs 839 Cr, and the hotel business grew to Rs 116 Cr from Rs 100 Cr YoY.The company has offered a total dividend of Rs 553 Cr (payout ratio of 100%), which resulted in a distribution of Rs 5.8/unit.Hotel revenue also increased due to an improvement in average occupancy to 67% YoY (vs. 53%) and average daily rates to Rs 10,664 YoY (vs. Rs 10,383).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.

Embassy Office Parks REIT - Well-Aligned with the Guidance

<ul><li>EMBASSY reported revenue of Rs 946 Cr, up 9.0% YoY, which was above our estimates.</li><li>The company’s commercial office business grew by 8.6% YoY to Rs 650 Cr, and the hotel business grew to Rs 120 Cr from Rs 102 Cr in the previous year.</li><li>Its NOI increased by 12.6% YoY, whereas the EBITDA margins stood almost flat at 75.2% (+367bps YoY). </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.

EMBASSY reported revenue of Rs 946 Cr, up 9.0% YoY, which was above our estimates.The company’s commercial office business grew by 8.6% YoY to Rs 650 Cr, and the hotel business grew to Rs 120 Cr from Rs 102 Cr in the previous year.Its NOI increased by 12.6% YoY, whereas the EBITDA margins stood almost flat at 75.2% (+367bps YoY). 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.

Embassy Office Parks REIT - Encouraging Guidance For the Next Year

<ul><li>EMBASSY reported revenue of Rs 936 Cr, up 8.2% YoY, which was in line with our estimates.</li><li>The company’s commercial office business grew by 8.1% YoY to Rs 649 Cr, and the hotel business grew to Rs 115 Cr from Rs 90 Cr YoY.</li><li>Its NOI increased by 7.8% YoY, whereas the EBITDA margins stood almost flat at 75.7% (+37bps QoQ). </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.

EMBASSY reported revenue of Rs 936 Cr, up 8.2% YoY, which was in line with our estimates.The company’s commercial office business grew by 8.1% YoY to Rs 649 Cr, and the hotel business grew to Rs 115 Cr from Rs 90 Cr YoY.Its NOI increased by 7.8% YoY, whereas the EBITDA margins stood almost flat at 75.7% (+37bps QoQ). 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.

Embassy Office Parks REIT - Yearly Guidance Achieved in Nine Months

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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

Embassy Office Parks REIT / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, things started to cool down into the year end with some smaller issuers still trying their luck to get listed before the year ends.</li>
<li>On the placement front, most of the action continued to come from India. </li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, things started to cool down into the year end with some smaller issuers still trying their luck to get listed before the year ends.
On the placement front, most of the action continued to come from India. 


ECM Weekly (24th Dec 2023) - Embassy REIT, Muthoot Microfin, India Shelter, Inox, UBTech

<ul>
<li>
<a href="https://www.smartkarma.com/entities/blackstone-inc" target="_blank" data-smartkarma-citation="entities:27166:1" rel="noopener">Blackstone (BX US)</a> is looking to raise around US$834m through a secondary block deal. This will be a clean-up as Blackstone fully exits from <a href="https://www.smartkarma.com/entities/embassy-office-parks-reit" target="_blank" data-smartkarma-citation="entities:27925:1" rel="noopener">Embassy Office Parks REIT (EMBASSY IN)</a>.  </li>
<li>The deal is a large one to digest, at approximately 397.2 days of three month ADV and 20.7% of current mcap.  </li>
<li>In this note, we will talk about the selldown and run the deal through our ECM framework.</li>
</ul>



Blackstone (BX US) is looking to raise around US$834m through a secondary block deal. This will be a clean-up as Blackstone fully exits from Embassy Office Parks REIT (EMBASSY IN).  
The deal is a large one to digest, at approximately 397.2 days of three month ADV and 20.7% of current mcap.  
In this note, we will talk about the selldown and run the deal through our ECM framework.


Embassy Office Parks REIT Block - Likely Well Flagged and Overhang Will Be Removed

India

Embassy Office Parks REIT operates as a real estate investment trust. The Company acquires and develops commercial buildings, offices, IT parks, and industrial areas. Embassy Office Parks serves customers in India.

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Embassy Office Parks REIT (EMBASSY IN)

Embassy Office Parks REIT - Well-Aligned with the Guidance

The company’s commercial office business grew by 10.8% YoY to Rs 839 Cr, and the hotel business grew to Rs 116 Cr from Rs 100 Cr YoY.

Axis Direct

Embassy Office Parks REIT - Encouraging Guidance For the Next Year

Encouraging Guidance For the Next YearThe company’s commercial office business grew by 8.6% YoY to Rs 650 Cr, and the hotel business grew to Rs 120...

Axis Direct

Embassy Office Parks REIT - Yearly Guidance Achieved in Nine Months

The company’s commercial office business grew by 8.1% YoY to Rs 649 Cr, and the hotel business grew to Rs 115 Cr from Rs 90 Cr YoY.

Axis Direct

ECM Weekly (24th Dec 2023) - Embassy REIT, Muthoot Microfin, India Shelter, Inox, UBTech

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Ethan Aw

Embassy Office Parks REIT Block - Likely Well Flagged and Overhang Will Be Removed

Blackstone (BX US) is looking to raise around US$834m through a secondary block deal. This will be a clean-up as Blackstone fully exits from...

Ethan Aw

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