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>Promoted by Patanjali Keswani, Lemon Tree is the largest hotel chain in the mid-priced segment in India.</li><li>It operates 8,489 rooms in 87 hotels across 54 destinations in India and abroad under brands like Aurika (premium), Lemon Tree premier, Lemon Tree (midscale), RedFox (economy) and Keys.</li><li>The favourable location of its properties in prominent business and tourist districts supports revenue growth prospects and reduces concentration risk </li></ul><p><em>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.</em></p>

Promoted by Patanjali Keswani, Lemon Tree is the largest hotel chain in the mid-priced segment in India.It operates 8,489 rooms in 87 hotels across 54 destinations in India and abroad under brands like Aurika (premium), Lemon Tree premier, Lemon Tree (midscale), RedFox (economy) and Keys.The favourable location of its properties in prominent business and tourist districts supports revenue growth prospects and reduces concentration risk 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.

Lemon Tree Hotels (LEMTRE) - Lean Cost, Firm Room Rates Drive Profitability…

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>Revenue declines by 16.8% QoQ but increases by 25.7% YoY to Rs1,195mn: Revenue at Rs1,195mn declined by 16.8% QoQ but increased by 25.7% YoY in 4QFY22.</li></ul><div><div><div><div><ul><li>EBITDA margin declines by 3,180bps QoQ and 1,770bps YoY in 4QFY22 to 12.3%: The company reported EBITDA margin of 12.3% in 4QFY22 vs 44.1%/30% in 3QFY22/4QFY21.</li></ul><div><div><div><div><ul><li>Net loss at Rs367mn in 4QFY22 vs a net loss of Rs52mn/Rs267mn in 3QFY22/4QFY21: The net loss stood at Rs367mn in 4QFY22 v/s Rs52mn/Rs267mn in 3QFY22/4QFY21.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>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.</em></p>

Revenue declines by 16.8% QoQ but increases by 25.7% YoY to Rs1,195mn: Revenue at Rs1,195mn declined by 16.8% QoQ but increased by 25.7% YoY in 4QFY22.EBITDA margin declines by 3,180bps QoQ and 1,770bps YoY in 4QFY22 to 12.3%: The company reported EBITDA margin of 12.3% in 4QFY22 vs 44.1%/30% in 3QFY22/4QFY21.Net loss at Rs367mn in 4QFY22 vs a net loss of Rs52mn/Rs267mn in 3QFY22/4QFY21: The net loss stood at Rs367mn in 4QFY22 v/s Rs52mn/Rs267mn in 3QFY22/4QFY21.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.

Lemon Tree Hotels - Revival in Corporate Travel Turns Favorable

Thematic (Sector/Industry)

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<li>IHCL: IHCL has a total of 19,417 rooms (as per its FY21 annual report) across four brands.</li>
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<li>Chalet: Chalet has 2,554 owned rooms (as per FY21 annual report).</li>
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<li>EIH Ltd: EIH Ltd has a total of 4,572 rooms (as per FY21 annual report).</li>
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<p><em>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.</em></p>






IHCL: IHCL has a total of 19,417 rooms (as per its FY21 annual report) across four brands.





Chalet: Chalet has 2,554 owned rooms (as per FY21 annual report).






EIH Ltd: EIH Ltd has a total of 4,572 rooms (as per FY21 annual report).












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.

Hospitality Sector: Leisure Demand Remains Strong; Corporate Travel Rebounds

<ul><li>In 4QFY22, we expect the Hotel sector to report healthy improvement in RevPAR post the third covid wave, supported by: (a) leisure travel (b) festive and wedding season (c) MICE events and (d) corporate travel.</li><li>Post the Omicron wave, there has been a steady increase in corporate travel, with easing of regulatory restrictions.</li><li>Leisure travel continues to be strong due to vacations, staycations and weddings etc.</li></ul><p><em>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.</em></p>

In 4QFY22, we expect the Hotel sector to report healthy improvement in RevPAR post the third covid wave, supported by: (a) leisure travel (b) festive and wedding season (c) MICE events and (d) corporate travel.Post the Omicron wave, there has been a steady increase in corporate travel, with easing of regulatory restrictions.Leisure travel continues to be strong due to vacations, staycations and weddings etc.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.

Hospitality and Logistics: Leisure Demand Remains Strong; Corporate Travel Rebounds

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>Sapphire Foods Limited (SFL), one of Yum Brand’s franchisee in the Indian subcontinent, raised around US$280m in its Indian IPO.</li>
<li>Its core business is to operate KFC, Pizza Hut and Taco Bell in the Indian subcontinent.</li>
<li>In this note, we will talk about the subscription levels and the trading dynamics.</li>
</ul>


Sapphire Foods Limited (SFL), one of Yum Brand’s franchisee in the Indian subcontinent, raised around US$280m in its Indian IPO.
Its core business is to operate KFC, Pizza Hut and Taco Bell in the Indian subcontinent.
In this note, we will talk about the subscription levels and the trading dynamics.


Sapphire Foods IPO Trading - Demand Was So So, Peer Performance Might Help

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)

Lemon Tree Hotels (LEMTRE) - Lean Cost, Firm Room Rates Drive Profitability…

Promoted by Patanjali Keswani, Lemon Tree is the largest hotel chain in the mid-priced segment in India.It operates 8,489 rooms in 87 hotels across...

ICICI Securities Limited

Lemon Tree Hotels - Revival in Corporate Travel Turns Favorable

Lemon Tree management’s commentary on the concall and the company’s 4QFY22 results clearly indicate a V-shaped recovery.

Nirmal Bang

Hospitality Sector: Leisure Demand Remains Strong; Corporate Travel Rebounds

The Hospitality sector has shown healthy improvement in RevPar post the third covid wave; Post the Omicron wave, there has been a steady increase...

Nirmal Bang

Hospitality and Logistics: Leisure Demand Remains Strong; Corporate Travel Rebounds

In 4QFY22, we expect the Hotel sector to report healthy improvement in RevPAR post the third covid wave, supported by: (a) leisure travel (b)...

Nirmal Bang

Sapphire Foods IPO Trading - Demand Was So So, Peer Performance Might Help

Sapphire Foods Limited (SFL), one of Yum Brand’s franchisee in the Indian subcontinent, raised around US$280m in its Indian IPO.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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