Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Equity Bottom-Up

PNB Housing Finance Ltd / Equity Bottom-Up

<ul>
<li>Since inception on February 27, our equal-weighted Indian Mid-Cap basket has appreciated 29.4%, sharply outperforming the BSE Mid-Cap Index (18.6%). We revisit our basket and apply the relevant screens again. </li>
<li>We screen on minimum 10% EPS CAGR over next two years, maximum PEG of 1.3x, consensus rating of buy/overweight and upward revision in consensus EPS estimate over past 6 months.</li>
<li>14 stocks come up in our new India Mid-Caps basket - fewer than the 20 that we had earlier. Four stocks are common with the previous basket.</li>
</ul>


Since inception on February 27, our equal-weighted Indian Mid-Cap basket has appreciated 29.4%, sharply outperforming the BSE Mid-Cap Index (18.6%). We revisit our basket and apply the relevant screens again. 
We screen on minimum 10% EPS CAGR over next two years, maximum PEG of 1.3x, consensus rating of buy/overweight and upward revision in consensus EPS estimate over past 6 months.
14 stocks come up in our new India Mid-Caps basket - fewer than the 20 that we had earlier. Four stocks are common with the previous basket.


Asian Equities: Revisiting Indian Mid-Caps After Sharp Outperformance – A New Quant Screen

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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

Prestige Hospitality Ventures Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/prestige-hospitality-ventures-ltd" target="_blank" data-smartkarma-citation="entities:45138:1" rel="noopener">Prestige Hospitality Ventures Ltd (1831338D IN)</a> is looking to raise about US$317m in its upcoming India IPO.</li>
<li>Prestige Hospitality Ventures Ltd (PHVL) is part of the Prestige Group. It is a hospitality asset owner and developer focused on luxury, upper upscale, and upper midscale properties in India.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Prestige Hospitality Ventures Ltd (1831338D IN) is looking to raise about US$317m in its upcoming India IPO.
Prestige Hospitality Ventures Ltd (PHVL) is part of the Prestige Group. It is a hospitality asset owner and developer focused on luxury, upper upscale, and upper midscale properties in India.
In this note, we talk about the company’s historical performance.


Prestige Hospitality Ventures Pre-IPO-Marriott-Heavy Portfolio with Other Operating Revenue Concerns

Schloss Bangalore Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/schloss-bangalore-ltd" target="_blank" data-smartkarma-citation="entities:43983:1" rel="noopener">Schloss Bangalore Ltd (SCHBL IN) </a>is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.</li>
<li>It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.</li>
<li>In this note, we will talk about the IPO valuations.</li>
</ul>



Schloss Bangalore Ltd (SCHBL IN) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.
It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.
In this note, we will talk about the IPO valuations.


Schloss Bangalore IPO - Thoughts on Peer Comp and Valuation

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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

Thematic (Sector/Industry)

<ul>
<li>Mid-Market players <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> and <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> led FY18-24 revenue and EBITDA growth with 16%/31% and 14%/25% CAGRs respectively, reflecting aggressive expansion. </li>
<li>FY24 saw strong average occupancy of 72% with rising RevPAR across luxury (high ARR) and mid-scale (volume) segments. </li>
<li>
<a href="https://www.smartkarma.com/entities/indian-hotels-co-ltd" target="_blank" data-smartkarma-citation="entities:5774:1" rel="noopener">Indian Hotels (IH IN)</a> and Lemon Tree lead the pipeline with 74% and 59% key growth, driven by asset-light strategies for faster scale-up.</li>
</ul>


Mid-Market players SAMHI Hotels (SAMHI IN) and Lemon Tree Hotels Ltd (LEMONTRE IN) led FY18-24 revenue and EBITDA growth with 16%/31% and 14%/25% CAGRs respectively, reflecting aggressive expansion. 
FY24 saw strong average occupancy of 72% with rising RevPAR across luxury (high ARR) and mid-scale (volume) segments. 

Indian Hotels (IH IN) and Lemon Tree lead the pipeline with 74% and 59% key growth, driven by asset-light strategies for faster scale-up.


Indian Hotel Industry: A Comparative Analysis of Top Hotel Chains

<ul>
<li>The Indian hotel sector is set for growth, driven by a demand-supply gap with room demand growing 10%, while supply only increased by 7-9%.</li>
<li>MICE tourism is crucial, contributing 15-20% of hotel revenues, with strong future growth driven by increasing corporate events and international conferences.</li>
<li>Key growth triggers for <a href="https://www.smartkarma.com/entities/indian-hotels-co-ltd" target="_blank" data-smartkarma-citation="entities:5774:1" rel="noopener">Indian Hotels (IH IN)</a> include strategic expansion through capital-light models, while <a href="https://www.smartkarma.com/entities/chalet-hotels-ltd" target="_blank" data-smartkarma-citation="entities:27884:1" rel="noopener">Chalet Hotels Ltd (CHALET IN)</a> focuses on asset-heavy growth and prime location investments.</li>
</ul>


The Indian hotel sector is set for growth, driven by a demand-supply gap with room demand growing 10%, while supply only increased by 7-9%.
MICE tourism is crucial, contributing 15-20% of hotel revenues, with strong future growth driven by increasing corporate events and international conferences.
Key growth triggers for Indian Hotels (IH IN) include strategic expansion through capital-light models, while Chalet Hotels Ltd (CHALET IN) focuses on asset-heavy growth and prime location investments.


Thematic Report: India’s Hotel Industry~ How Demand-Supply Gap, Under-Penetration Can Fuel Growth

India

Chalet Hotels Limited operates as a hotel real estate investment company. The Company acquires, develops, and manages hotels. Chalet Hotels serves customers in India.

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Chalet Hotels Ltd (CHALET IN)

Asian Equities: Revisiting Indian Mid-Caps After Sharp Outperformance – A New Quant Screen

Our Indian Mid-Cap basket (up 29.4% since Feb 27 inception) beat the BSE Mid-Cap Index (up 18.6%) sharply. We revisit the basket with the earlier...

Manishi Raychaudhuri

Prestige Hospitality Ventures Pre-IPO-Marriott-Heavy Portfolio with Other Operating Revenue Concerns

Prestige Hospitality Ventures is looking to raise about US$317m in its upcoming India IPO. In this note, we talk about the company’s historical...

Akshat Shah

Schloss Bangalore IPO - Thoughts on Peer Comp and Valuation

Schloss Bangalore Limited is looking to raise about US$400m in its upcoming India IPO. The deal has been downsized from an earlier size of US$600m....

Akshat Shah

Indian Hotel Industry: A Comparative Analysis of Top Hotel Chains

Mid-Market players SAMHI Hotels and Lemon Tree Hotels show strong revenue and EBITDA growth, with aggressive expansion driving performance in FY18...

Sudarshan Bhandari

Thematic Report: India’s Hotel Industry~ How Demand-Supply Gap, Under-Penetration Can Fuel Growth

Indian hotel sector poised for growth with demand outpacing supply, MICE tourism key revenue driver, Indian Hotels and Chalet Hotels pursuing...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asian Equities: Revisiting Indian Mid-Caps After Sharp Outperformance – A New Quant Screen

​Our Indian Mid-Cap basket (up 29.4% since Feb 27 inception) beat the BSE Mid-Cap Index (up 18.6%) sharply. We revisit the basket with the earlier...

Manishi Raychaudhuri

Prestige Hospitality Ventures Pre-IPO-Marriott-Heavy Portfolio with Other Operating Revenue Concerns

Prestige Hospitality Ventures is looking to raise about US$317m in its upcoming India IPO. In this note, we talk about the company’s historical...

Akshat Shah

Schloss Bangalore IPO - Thoughts on Peer Comp and Valuation

Schloss Bangalore Limited is looking to raise about US$400m in its upcoming India IPO. The deal has been downsized from an earlier size of US$600m....

Akshat Shah

Indian Hotel Industry: A Comparative Analysis of Top Hotel Chains

​Mid-Market players SAMHI Hotels and Lemon Tree Hotels show strong revenue and EBITDA growth, with aggressive expansion driving performance in FY18...

Sudarshan Bhandari

Thematic Report: India’s Hotel Industry~ How Demand-Supply Gap, Under-Penetration Can Fuel Growth

​Indian hotel sector poised for growth with demand outpacing supply, MICE tourism key revenue driver, Indian Hotels and Chalet Hotels pursuing...

Sudarshan Bhandari

Our Indian Mid-Cap basket (up 29.4% since Feb 27 inception) beat the BSE Mid-Cap Index (up 18.6%) sharply. We revisit the basket with the earlier...

Mid-Market players SAMHI Hotels and Lemon Tree Hotels show strong revenue and EBITDA growth, with aggressive expansion driving performance in FY18...

Indian hotel sector poised for growth with demand outpacing supply, MICE tourism key revenue driver, Indian Hotels and Chalet Hotels pursuing...