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>As of Sep’24, Lemon Tree Hotels (LEMONTRE) has 10,318 operational keys across 112 hotels.</li><li>The company has an aggressive room expansion plan for H2FY25–FY29 with an incremental 5,220 keys – should take overall operational keys to 15,538 by FY29–30E.</li><li>In the near term, FY25E operations may remain constrained by ongoing renovations in its Keys portfolio and other owned/leased hotels.</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.

As of Sep’24, Lemon Tree Hotels (LEMONTRE) has 10,318 operational keys across 112 hotels.The company has an aggressive room expansion plan for H2FY25–FY29 with an incremental 5,220 keys – should take overall operational keys to 15,538 by FY29–30E.In the near term, FY25E operations may remain constrained by ongoing renovations in its Keys portfolio and other owned/leased hotels.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 - Keys to Success: Strong Room Pipeline; Demand Outlook Remains Robust

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

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.

<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>State Bank of India: SBIN’s Q3FY25 earnings missed our estimates owing to lower treasury/MTM gains and softer margins, offset by strong operational performance and reversal of standard asset provisions</li><li>Loan growth (~13.8% YoY) was healthy across all segments, while the growth in Xpress credit portfolio decelerated further</li><li>Deposit growth (+9% YoY, +2.2% QoQ) was marginally soft as the CASA ratio dropped further to 37.6% (-84bps QoQ), due to weaker traction in SA balances</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.

State Bank of India: SBIN’s Q3FY25 earnings missed our estimates owing to lower treasury/MTM gains and softer margins, offset by strong operational performance and reversal of standard asset provisionsLoan growth (~13.8% YoY) was healthy across all segments, while the growth in Xpress credit portfolio decelerated furtherDeposit growth (+9% YoY, +2.2% QoQ) was marginally soft as the CASA ratio dropped further to 37.6% (-84bps QoQ), due to weaker traction in SA balancesContent 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: State Bank of India, Trent, BSE, Gujarat Gas, Motherson Sumi Wiring India

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>India’s economy is facing a temporary slowdown but there is one sector which ditched the slowdown trend </li>
<li>The leader of sector just said their upcoming quarter Q4FY25 will be similar to Q3FY25.</li>
<li>The hotel sector is slowly turning into a non-cyclical sector from a cyclical sector.</li>
</ul>


India’s economy is facing a temporary slowdown but there is one sector which ditched the slowdown trend 
The leader of sector just said their upcoming quarter Q4FY25 will be similar to Q3FY25.
The hotel sector is slowly turning into a non-cyclical sector from a cyclical sector.


Thematic Report: How Indian Hotel Sector Is Bucking the Trend of Slowdown?

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/itc-ltd" target="_blank" data-smartkarma-citation="entities:327:1" rel="noopener">ITC Ltd (ITC IN)</a> Hotels demerger aims to unlock the intrinsic value of the hotels business and enable a sharper focus on growth.</li>
<li>ITC Hotels is aiming to reach a portfolio of 200+ hotels with 18,000+ keys by 2030 from a robust pipeline of 140 Hotels with about 13000 Keys in 2024.</li>
<li>ITC Hotels inheriting a strong balance sheet with zero debt and cash reserves may list around 113-170 per share.</li>
</ul>



ITC Ltd (ITC IN) Hotels demerger aims to unlock the intrinsic value of the hotels business and enable a sharper focus on growth.
ITC Hotels is aiming to reach a portfolio of 200+ hotels with 18,000+ keys by 2030 from a robust pipeline of 140 Hotels with about 13000 Keys in 2024.
ITC Hotels inheriting a strong balance sheet with zero debt and cash reserves may list around 113-170 per share.


ITC Hotels Demerger: An Emerging Behemoth & Hospitality Play

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.

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Lemon Tree Hotels Ltd (LEMONTRE IN)

Lemon Tree Hotels - Keys to Success: Strong Room Pipeline; Demand Outlook Remains Robust

The company has an aggressive room expansion plan for H2FY25–FY29 with an incremental 5,220 keys – should take overall operational keys to 15,538...

ICICI Securities Limited

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: State Bank of India, Trent, BSE, Gujarat Gas, Motherson Sumi Wiring India

SBIN’s Q3FY25 earnings missed our estimates owing to lower treasury/MTM gains and softer margins, offset by strong operational performance

HDFC Securities

Thematic Report: How Indian Hotel Sector Is Bucking the Trend of Slowdown?

Despite India's temporary economic slowdown, the hotel sector remains resilient and is transitioning into a non-cyclical industry.

Nimish Maheshwari

ITC Hotels Demerger: An Emerging Behemoth & Hospitality Play

ITC Hotels Limited(ITCHL) has informed us today that ITCHL has received approval from the NSE and BSE for listing and trading of its equity shares...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Lemon Tree Hotels - Keys to Success: Strong Room Pipeline; Demand Outlook Remains Robust

The company has an aggressive room expansion plan for H2FY25–FY29 with an incremental 5,220 keys – should take overall operational keys to 15,538...

ICICI Securities Limited

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: State Bank of India, Trent, BSE, Gujarat Gas, Motherson Sumi Wiring India

SBIN’s Q3FY25 earnings missed our estimates owing to lower treasury/MTM gains and softer margins, offset by strong operational performance

HDFC Securities

Thematic Report: How Indian Hotel Sector Is Bucking the Trend of Slowdown?

​Despite India's temporary economic slowdown, the hotel sector remains resilient and is transitioning into a non-cyclical industry.

Nimish Maheshwari

ITC Hotels Demerger: An Emerging Behemoth & Hospitality Play

ITC Hotels Limited(ITCHL) has informed us today that ITCHL has received approval from the NSE and BSE for listing and trading of its equity shares...

Nimish Maheshwari

Despite India's temporary economic slowdown, the hotel sector remains resilient and is transitioning into a non-cyclical industry.