External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Indian Hotels Co. Ltd.’s (IHCL) Q4FY24 reported in-line consolidated revenue of INR 19bn, as Q4FY24 standalone RevPAR grew 10% YoY with ARRs rising 4% and occupancy by 440bps YoY to 79.1%.</li><li>According to IHCL, demand drivers remain intact heading into FY25, and it is targeting double-digit consolidated revenue growth in FY25 with new businesses expected to grow more than 30% YoY.</li><li>We raise our FY25E/26E revenue by 3%/4%, and FY25E/26E EBITDA by 2% each, building in accelerated room openings and higher standalone ARR growth of 9% for FY25/26E vs. 7% earlier.</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.

Indian Hotels Co. Ltd.’s (IHCL) Q4FY24 reported in-line consolidated revenue of INR 19bn, as Q4FY24 standalone RevPAR grew 10% YoY with ARRs rising 4% and occupancy by 440bps YoY to 79.1%.According to IHCL, demand drivers remain intact heading into FY25, and it is targeting double-digit consolidated revenue growth in FY25 with new businesses expected to grow more than 30% YoY.We raise our FY25E/26E revenue by 3%/4%, and FY25E/26E EBITDA by 2% each, building in accelerated room openings and higher standalone ARR growth of 9% for FY25/26E vs. 7% earlier.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.

Indian Hotels - Strong End to Another Stellar Year

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Indian Hotels (IHCL) reported consolidated revenue growth of 17.2% YoY which stood above our expectations.</li><li>The Q4 is seasonally a strong quarter and this growth was mainly due to the increase in RevPAR to Rs 13,887, up 9.9% YoY in standalone domestic hotels.</li><li>IHCL’ RevPAR in international assets (US) declined by 3.0% YoY but increased by 1% YoY in the UK respectively.</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.

Indian Hotels (IHCL) reported consolidated revenue growth of 17.2% YoY which stood above our expectations.The Q4 is seasonally a strong quarter and this growth was mainly due to the increase in RevPAR to Rs 13,887, up 9.9% YoY in standalone domestic hotels.IHCL’ RevPAR in international assets (US) declined by 3.0% YoY but increased by 1% YoY in the UK respectively.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.

Indian Hotels Company Ltd - Improvement in Occupancies & Stable Realizations

<ul><li>Indian Hotels (IHCL) reported consolidated revenue growth of 16.5% YoY, in line with our expectations.</li><li>The Q3 is seasonally a strong quarter and this growth was mainly due to the increase in RevPAR to Rs 9,840, up 24.9% YoY in domestic hotels.</li><li>IHCL’ RevPAR in international assets, US declined by -3.0% YoY while increasing by 10% YoY in the UK respectively. </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.

Indian Hotels (IHCL) reported consolidated revenue growth of 16.5% YoY, in line with our expectations.The Q3 is seasonally a strong quarter and this growth was mainly due to the increase in RevPAR to Rs 9,840, up 24.9% YoY in domestic hotels.IHCL’ RevPAR in international assets, US declined by -3.0% YoY while increasing by 10% YoY in the UK respectively. 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.

Indian Hotels Company Ltd - Improvement in QoQ Realizations & Occupancies

<ul><li>Indian Hotels (IHCL) reported consolidated revenue growth of 16.3% YoY, in line with our expectations.</li><li>This growth was mainly due to the increase in RevPAR to Rs 9,840, up 17.9% YoY in domestic hotels.</li><li>The company’s international assets in the US declined by 4.0% YoY while increasing by 22% YoY in the UK. </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.

Indian Hotels (IHCL) reported consolidated revenue growth of 16.3% YoY, in line with our expectations.This growth was mainly due to the increase in RevPAR to Rs 9,840, up 17.9% YoY in domestic hotels.The company’s international assets in the US declined by 4.0% YoY while increasing by 22% YoY in the UK. 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.

Indian Hotels Company Ltd - Improvement in QoQ Realizations

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409:1" rel="noopener">Amazon.com Inc (AMZN US)</a> will replace <a href="https://www.smartkarma.com/entities/walgreens-boots-alliance-inc" target="_blank" data-smartkarma-citation="entities:1118:1" rel="noopener">Walgreens Boots Alliance (WBA US)</a> in the <a href="https://www.smartkarma.com/entities/dow-jones-industrial-average" target="_blank" data-smartkarma-citation="entities:22887:1" rel="noopener">Dow Jones Industrial Average (INDU INDEX)</a> at the close on 23 February.</li>
<li>Passives will need to sell a lot of <a href="https://www.smartkarma.com/entities/walmart-inc" target="_blank" data-smartkarma-citation="entities:11134:1" rel="noopener">Walmart (WMT US)</a> following the 3:1 stock split and buy a lot of <a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409:1" rel="noopener">Amazon.com Inc (AMZN US)</a>. </li>
<li>Given the ad hoc nature of the rebalances and the short timeline between announcement and implementation, the stocks could move over the rest of the week.</li>
</ul>



Amazon.com Inc (AMZN US) will replace Walgreens Boots Alliance (WBA US) in the Dow Jones Industrial Average (INDU INDEX) at the close on 23 February.
Passives will need to sell a lot of Walmart (WMT US) following the 3:1 stock split and buy a lot of Amazon.com Inc (AMZN US). 
Given the ad hoc nature of the rebalances and the short timeline between announcement and implementation, the stocks could move over the rest of the week.


Dow Jones Industrials (INDU) Index Rebalance: Amazon (AMZN) Replaces Walgreen Boots (WBA)

India

Indian Hotels Company Limited operates The Taj Group of hotels.  The Company owns or maintains long term leases/licenses for hotels in India, in addition to International hotels.  The Group's hotels are divided into three groups: Luxury, Business, and, Leisure.

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Indian Hotels (IH IN)

Indian Hotels - Strong End to Another Stellar Year

Indian Hotels Co. Ltd.’s (IHCL) Q4FY24 reported in-line consolidated revenue of INR 19bn, as Q4FY24 standalone RevPAR grew 10% YoY with ARRs rising...

ICICI Securities Limited

Indian Hotels Company Ltd - Improvement in Occupancies & Stable Realizations

The company reported consolidated EBITDA margins of 34.6%, up 169bps YoY. This was impacted by EBITDA losses of 9.9% in the US operations.

Axis Direct

Indian Hotels Company Ltd - Improvement in QoQ Realizations & Occupancies

The Q3 is seasonally a strong quarter and this growth was mainly due to the increase in RevPAR to Rs 9,840, up 24.9% YoY in domestic hotels.

Axis Direct

Indian Hotels Company Ltd - Improvement in QoQ Realizations

Indian Hotels (IHCL) reported consolidated revenue growth of 16.3% YoY, in line with our expectations. This growth was mainly due to the increase...

Axis Direct

Dow Jones Industrials (INDU) Index Rebalance: Amazon (AMZN) Replaces Walgreen Boots (WBA)

Amazon replaces Walgreen Boots in the Dow Jones Industrial Average at the close on 23 February following Walmart's stock split. There will be over...

Brian Freitas

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