External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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>Prabhudas Lilladher's research report on Lemon Tree Hotels Lemon Tree’s (LTHL) operational performance was better than estimates with EBITDA margin of 52.4% (PLe 49.7%), despite higher renovation expense and deflationary impact of Aurika, Mumbai, which opened in Oct-23, but is not yet stable.</li><li>Nonetheless, Aurika’s 4QFY24 KPIs are encouraging with occupancy of ~66% and ARR of Rs9,000, and we expect revenues of Rs2.4bn/Rs2.8bn and EBITDA margin of 55%/60% in FY25E/FY26E, respectively.</li><li>Backed by the opening of Aurika, Mumbai, and expansion in managed room portfolio, we expect revenue/EBITDA CAGR of 18%/23% over FY24-FY26E.</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.

Prabhudas Lilladher's research report on Lemon Tree Hotels Lemon Tree’s (LTHL) operational performance was better than estimates with EBITDA margin of 52.4% (PLe 49.7%), despite higher renovation expense and deflationary impact of Aurika, Mumbai, which opened in Oct-23, but is not yet stable.Nonetheless, Aurika’s 4QFY24 KPIs are encouraging with occupancy of ~66% and ARR of Rs9,000, and we expect revenues of Rs2.4bn/Rs2.8bn and EBITDA margin of 55%/60% in FY25E/FY26E, respectively.Backed by the opening of Aurika, Mumbai, and expansion in managed room portfolio, we expect revenue/EBITDA CAGR of 18%/23% over FY24-FY26E.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  - Decent Operating Performance

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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.

Thematic (Sector/Industry)

<ul><li>Lupin: EBITDA growth (+98% YoY and +11% QoQ) was led by 20% YoY sales growth (US: flat QoQ, India +13% YoY, EMEA: +36% YoY and +71% RoW), higher GM (+629 bps YoY), but it was partly offset by higher costs (staff/R&amp;D/SG&amp;A up +16/ 23/ 15% YoY)</li><li>LPC expects the US business to see single-digit growth on traction in gSpiriva (targets ~40% market share in FY25) and new launches (opthal, injectable, respiratory, etc.)</li><li>It expects its India business to see double-digit growth as slower growth in anti-diabetic (patent expiry of in-licensing products in FY25) is expected to be offset by traction in key therapies and new launches</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.

Lupin: EBITDA growth (+98% YoY and +11% QoQ) was led by 20% YoY sales growth (US: flat QoQ, India +13% YoY, EMEA: +36% YoY and +71% RoW), higher GM (+629 bps YoY), but it was partly offset by higher costs (staff/R&amp;D/SG&amp;A up +16/ 23/ 15% YoY)LPC expects the US business to see single-digit growth on traction in gSpiriva (targets ~40% market share in FY25) and new launches (opthal, injectable, respiratory, etc.)It expects its India business to see double-digit growth as slower growth in anti-diabetic (patent expiry of in-licensing products in FY25) is expected to be offset by traction in key therapies and new launchesContent 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.

HSIE Results Daily: Lupin, Cummins, Apollo Tyres, Kalpataru Projects International

<ul><li>ONGC: We maintain our ADD rating on ONGC with a target price of INR 208, based on oil and gas production growth at 6/9% CAGR over FY24-26E, attractive valuation of 4.7x Mar-25 EPS, a ~10% discount to 5-year average P/E of 5.2x, 0.7x Mar-25 P/Bv with RoE of ~16%, and a dividend yield of ~6%</li><li>However, this is offset by limited earnings potential, owing to the levy of a windfall tax on crude oil prices and a decline in the price of domestically produced APM gas</li><li>Q2FY24 reported EBITDA at INR 184bn (-2% YoY, -6% QoQ), coming in marginally below our estimate, owing to higher-than-expected statutory levies and other expenses</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.

ONGC: We maintain our ADD rating on ONGC with a target price of INR 208, based on oil and gas production growth at 6/9% CAGR over FY24-26E, attractive valuation of 4.7x Mar-25 EPS, a ~10% discount to 5-year average P/E of 5.2x, 0.7x Mar-25 P/Bv with RoE of ~16%, and a dividend yield of ~6%However, this is offset by limited earnings potential, owing to the levy of a windfall tax on crude oil prices and a decline in the price of domestically produced APM gasQ2FY24 reported EBITDA at INR 184bn (-2% YoY, -6% QoQ), coming in marginally below our estimate, owing to higher-than-expected statutory levies and other expensesContent 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.

HSIE Results Daily: ONGC, Eicher Motors, Trent, Berger Paints, BSE,

<ul><li>ONGC: We maintain our ADD rating on ONGC with a target price of INR 208, based on oil and gas production growth at 6/9% CAGR over FY24-26E, attractive valuation of 4.7x Mar-25 EPS, a ~10% discount to 5-year average P/E of 5.2x, 0.7x Mar-25 P/Bv with RoE of ~16%, and a dividend yield of ~6%</li><li>However, this is offset by limited earnings potential, owing to the levy of a windfall tax on crude oil prices and a decline in the price of domestically produced APM gas</li><li>Q2FY24 reported EBITDA at INR 184bn (-2% YoY, -6% QoQ), coming in marginally below our estimate, owing to higher-than-expected statutory levies and other expenses</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.

HSIE Results Daily: ONGC, Eicher Motors, Trent, Berger Paints, BSE

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

ICICI Securities Limited

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.

<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>
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.


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 - Lean Cost, Firm Room Rates Drive Profitability…

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 - Decent Operating Performance

Backed by the opening of Aurika, Mumbai, and expansion in managed room portfolio, we expect revenue/EBITDA CAGR of 18%/23% over FY24-FY26E.

Prabhudas Lilladhar

HSIE Results Daily: Lupin, Cummins, Apollo Tyres, Kalpataru Projects International

Lupin: EBITDA growth (+98% YoY and +11% QoQ) was led by 20% YoY sales growth (US: flat QoQ, India +13% YoY, EMEA: +36% YoY and +71% RoW),

HDFC Securities

HSIE Results Daily: ONGC, Eicher Motors, Trent, Berger Paints, BSE,

We maintain our ADD rating on ONGC with a target price of INR 208, based on oil and gas production growth at 6/9% CAGR over FY24-26E, attractive...

HDFC Securities

HSIE Results Daily: ONGC, Eicher Motors, Trent, Berger Paints, BSE

We maintain our ADD rating on ONGC with a target price of INR 208, based on oil and gas production growth at 6/9% CAGR over FY24-26E, attractive...

HDFC Securities

Lemon Tree Hotels - 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

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