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

Thematic (Sector/Industry)

<ul><li>Axis Top Picks: We are proud to share that our Axis Top Picks basket delivered impressive returns of 43% over the last one year, beating the benchmark Nifty 50 index (21.6% return over the same period) by a wide margin.</li><li>A few picks that reported excellent returns included PNC Infratech (15.5%), CIE Automotive India (8.5%), Coal India (8.1%), TVS Motor Company (5.8%), and Bharti Airtel (3.8%).</li><li>You can refer to our latest report here. Pick of the Week (PoW): POW calls delivered an astounding monthly strike rate of 88% in May’24. </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.

Axis Top Picks: We are proud to share that our Axis Top Picks basket delivered impressive returns of 43% over the last one year, beating the benchmark Nifty 50 index (21.6% return over the same period) by a wide margin.A few picks that reported excellent returns included PNC Infratech (15.5%), CIE Automotive India (8.5%), Coal India (8.1%), TVS Motor Company (5.8%), and Bharti Airtel (3.8%).You can refer to our latest report here. Pick of the Week (PoW): POW calls delivered an astounding monthly strike rate of 88% in May’24. 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.

Key Highlights of the Month – Fundamental

India

Jubilant Foodworks Ltd. owns and operates fast food chains. The Company offers donuts, baked goods, coffee, bagels, muffin, fruit milkshakes, smoothies, tea, sandwiches, pizza, and beverages. Jubilant Foodworks serves its products to customers throughout India.

EIH Limited owns and operates luxury hotels and resorts in India under the name "Oberoi."  The Company also manages a mid-price hotel chain in India, in addition to hotels in Egypt, Australia, Sri Lanka, Indonesia and Saudi Arabia.

Thomas Cook (India) Ltd. operates as an authorized dealer in foreign exchange and as a travel agent. The Company also offers packaged tours, cargo services and travel related insurance. Thomas Cook (India) has offices and foreign exchange counters at various international airports in major cities in India.

Mahindra Holidays & Resorts India Ltd. provides leisure hospitality. The Company offers family holidays with a range of services through vacation memberships. Mahindra Holidays gives its members the choice to stay at resorts with furnished accommodations, such as apartments and cottages, and resort amenities, such as restaurants, kids clubs, and other activities.

Westlife Development Limited is an operating-cum-investment company that puts up and operates quick service restaurants. The Company, through its subsidiary, operates fast food franchise restaurants across western and southern India.

Lemon Tree Hotels Limited owns and operates a chain of hotels and resorts. The Company offers room accommodations, resorts, transportation, swimming pools, on-site restaurants, meeting rooms, fitness gym, and spa facilities. Lemon Tree Hotels serves customers in India.

India Tourism Development Corp Ltd (known as ITDC) develops tourism infrastructure and promotes India  as a tourist destination. ITDC provides tourism services including accommodation, catering, travel-related services, event management, publicity, hotel consultancy, duty free shops, in-house travel agency, entertainment and shopping.

Wonderla Holidays Limited owns and operates two amusement parks in Kochi and Bangalore, India.

Delta Corp Limited a diversified business group having a presence in the entertainment and gaming, real estate business in India and Kenya. The Company's business includes offshore casinos, and real estate consulting & development.

Adlabs Entertainment, Ltd. operates a theme park. The Company manages a theme park with rides, shopping, dining, accommodation, and other entertainment services. Adlabs Entertainment serves customers near Mumbai, India.

Genting Singapore Limited, through its subsidiaries, develops resort properties as well as operates casinos. The Company has casinos and integrated resorts in different parts of the world, including Australia, the Americas, Malaysia, the Philippines and the United Kingdom.

MGM China Holdings Ltd. owns a luxury resort, hotel, and casino located in Macau. The Company is also exploring other casino gaming development opportunities in Macau.

Wynn Resorts, Limited owns and operates luxury hotels and destination casino resorts in Las Vegas, Nevada, Macau, and China. The Company offers amenities such as guest rooms and suites, restaurants, golf course, and an on-site luxury automotive dealership.

Hyatt Hotels Corp. is a global hospitality company. The Company manages, franchises, owns, and develops branded hotels, resorts and residential and vacation ownership properties around the world.

ZENSHO Holdings CO., LTD. operates a fast food chain specialized in GYUDON which serves bowls of rice topped with seasoned beef based in Kanto.      The Company operates also diversifying into other types of food chains such as "Coco's" and "Big Boy" in Japan.

Norwegian Cruise Line Holdings Ltd. operates a fleet of passenger cruise ships. The Company offers an array of cruise itineraries as well as theme cruises, while markets its services through various distribution channels including retail and travel agents, consumer direct, international sales, as well as incentive sales. Norwegian Cruise extends its services worldwide.

Wingstop Inc. owns and operates restaurants. The Company specializes in cooked-to-order, hand-sauced, and tossed chicken wings. Wingstop serves customers worldwide.

Planet Fitness, Inc. owns and operates a chain of fitness clubs. The Company offers offers personal fitness training programs for its members. Planet Fitness serves customers in the United States.

Scientific Games Corporation provides services, systems, and products to both the pari-mutuel gaming and instant ticket lottery industries.  The Company operates an instant ticket and online lottery products, systems, and services business.  Scientific also operates wagering and communications, venue management, and telecommunications products businesses.

Churchill Downs Incorporated is a horse racing company whose flagship operation, Churchill Downs, is the home of the Kentucky Derby.  The Company has additional racing and simulcast-wagering operations in Kentucky, Indiana, and Florida, as well as interests in various racing services companies.

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

Key Highlights of the Month – Fundamental

We are proud to share that our Axis Top Picks basket delivered impressive returns of 43% over the last one year, beating the benchmark Nifty 50...

Axis Direct

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