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$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

Mid-Small Cap specialist | Equities | India, Nurture Capital Advisory

Nurture Capital Advisory

Mid-Small Cap specialist | Equities | India

Buyside Outfit and Advisory Services

We are a Buyside outfit and also offer Advisory services. Most notes published here are written for our consumption. These notes offer readers a perspective of our approach to scanning sectors and distilling ideas to constructing a bottom-up Equity portfolio. Combining top down and bottom-up approaches to identifying themes/ value stocks at inflexion Sector agnostic | Value oriented - Inflexion approach | Bottom-Up Ideas Biased towards Sustainability, ESG Team is Wall Street Journal, ET Now - Star mine Lipper, Asia money rated.

Equity Bottom-Up

Crompton Greaves Consumer Electricals / Equity Bottom-Up

<ul>
<li>Era of the value stocks! Inflation feeds interest rates, raises cost of capital and risks equity multiples. Headwinds to earnings growth - risks sustenance of pricey valuations.  </li>
<li>Key risks: Stocks face material headwinds on cost pressure, competition, valuations </li>
<li>Stocks covered: Crompton Greaves, Stove Kraft, Lemon Tree, Jubilant Ingrevia</li>
</ul>


Era of the value stocks! Inflation feeds interest rates, raises cost of capital and risks equity multiples. Headwinds to earnings growth - risks sustenance of pricey valuations.  
Key risks: Stocks face material headwinds on cost pressure, competition, valuations 
Stocks covered: Crompton Greaves, Stove Kraft, Lemon Tree, Jubilant Ingrevia


Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

<ul>
<li>Travel and Tourism was one of the forefronts in the 2023-24 union budget speech.</li>
<li>While majority of the sectors have seen revival, the travel and tourism sector is still in recovery mode that awaits extraordinary growth.</li>
<li>Given the recent uptick in sectoral tailwinds and the conscious push by the government, travel and tourism looks set to be one of the 'Theme of the year'.</li>
</ul>


Travel and Tourism was one of the forefronts in the 2023-24 union budget speech.
While majority of the sectors have seen revival, the travel and tourism sector is still in recovery mode that awaits extraordinary growth.
Given the recent uptick in sectoral tailwinds and the conscious push by the government, travel and tourism looks set to be one of the 'Theme of the year'.


Forensic Accounting

Lemon Tree Hotels Ltd / Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lemon-tree-hotels-ltd" target="_blank" data-smartkarma-citation="entities:26159:1" rel="noopener">Lemon Tree Hotels Ltd (LEMONTRE IN)</a> ("LTHL") is India’s largest mid-market hotel chain with 7 brands and 87 properties across 54 destinations and 8,489 rooms as at F22.</li>
<li>We noticed few setbacks on the forensics, particularly with respect to impairment in subsidiary and unusual accounting with revaluation of PPE.</li>
<li>While the operations have seen a revival in terms of ARR and margins, LTHL however is yet to reach occupancy levels of pre-covid.</li>
</ul>



Lemon Tree Hotels Ltd (LEMONTRE IN) ("LTHL") is India’s largest mid-market hotel chain with 7 brands and 87 properties across 54 destinations and 8,489 rooms as at F22.
We noticed few setbacks on the forensics, particularly with respect to impairment in subsidiary and unusual accounting with revaluation of PPE.
While the operations have seen a revival in terms of ARR and margins, LTHL however is yet to reach occupancy levels of pre-covid.


India

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.

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.

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.

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

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.

Oriental Hotels Limited owns and operates hotels and resorts.

EIH Associated Hotels Ltd. owns and operates hotels and tourist complexes in India.

Taj GVK Hotels and Resorts Ltd. owns and operates hotels in the southern Indian city of Hyderabad. The Company is a member of the Taj Group of Hotels.

RESORTTRUST, INC. plans, develops, markets, and operates timeshare resort hotels under the "XIV" and "SUN MEMBERS" brand name.  The Company's resort facilities are located in the suburb of major Japanese cities.  Resorttrust operates golf courses.

ICHIBANYA CO., LTD. operates a chain of restaurants specialized in curry dishes nationwide.  The Company operates both franchise and directly managed restaurants.  The Company also sells its curry by mail order.

Monarch Casino & Resort, Inc., through its wholly owned subsidiary, owns and operates the tropically-themed Atlantis Casino Resort in Reno, Nevada.  The resort features a casino, a hotel and motor lounge, restaurants, bars, a nightclub, a swimming pool and health club, a gift shop, a family entertainment center, banquet and meeting space, and surface parking spaces.

The Hongkong and Shanghai Hotels, Limited, through its subsidiaries, operates and manages hotels, food, beverage outlets, and clubs. The Company also invests in properties.

Hotel Properties Limited, through its subsidiaries, operates and manages hotels. The Company also operates restaurants and retails and distributes food and fashion merchandise.  In addition, Hotel Properties trades shares, develops and invests in properties, hotels, and resorts.

ROUND ONE Corporation operates bowling alleys and video game arcades.  The Company operates primarily in the Osaka area.

Corporate Travel Management Ltd. offers corporate travel management services. The Company operates on a fee for service model and provides business travel advice and services; bookings; ticketing, and ancillary services; and offers travel data diagnostics and recommendations.

Papa John's International, Inc. operates and franchises pizza delivery and carry-out restaurants under the Papa John's trademark.  The Company operates restaurants in the United States and international markets.

create restaurants holdings inc. operates direct-run Western, Chinese, and Japanese restaurants.  The Company also operates fast food restaurants.

create restaurants holdings inc. (3387 JP)

COLOWIDE CO., LTD. manages, as a holding company, its group companies that operate Japanese style pub restaurant chain named Kantaro and Italian restaurant chain named Itameshiya La Pausa primarily in Tokyo.  The Company also operates KARAOKE business.

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.

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Lemon Tree Hotels Ltd (LEMONTRE IN)

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

Era of the Value Stocks

Era of the value stocks! Inflation feeds interest rates, raises cost of capital and risks equity multiples. Headwinds to earnings growth - risks...

Nurture Capital Advisory

Travel and Tourism: Theme of the Year

Given the recent uptick in sectoral tailwinds and the conscious push by the government, travel and tourism looks set to be one of the 'Theme of the...

Nitin Mangal

Lemon Tree Hotels Ltd- Forensic Analysis

We noticed few setbacks on the forensics, particularly with respect to impairment in subsidiary and unusual accounting with revaluation of PPE.

Nitin Mangal

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