Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

Lemon Tree Hotels Ltd / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/26159" target="_blank" data-smartkarma-citation="entities:26159:1">Lemon Tree Hotels Ltd (778410Z IN)</a> plans to raise US$160m in its IPO via a sell down of share by its financial investors, led by Warburg Pincus.We had covered the deal in our earlier write-up, <a href="https://www.smartkarma.com/insights/lemon-tree-hotels-pre-ipo-review-moving-up-the-value-chain-within-its-segment" target="_blank">Lemon Tree Hotels Pre-IPO Review - Moving up the Value Chain Within Its Segment</a>. In this insight, we will run the deal through our IPO framework, comments on updates since the last filing and compare the company's operations with some of its listed peers.

Lemon Tree Hotels Ltd (778410Z IN) plans to raise US$160m in its IPO via a sell down of share by its financial investors, led by Warburg Pincus.We had covered the deal in our earlier write-up, Lemon Tree Hotels Pre-IPO Review - Moving up the Value Chain Within Its Segment. In this insight, we will run the deal through our IPO framework, comments on updates since the last filing and compare the company's operations with some of its listed peers.

Lemon Tree Hotels IPO - A Lot to like but Valuation Isn't on the List

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Equity Bottom-Up

LT Foods - an established Indian player in the branded staples segment - has benefited from strong growth in demand for packaged food in the country.  Expanding presence of organised modern retail, rise in family income, increasing number of double income households, need for convenience and consequently greater ability/willingness of consumers to upgrade spending on branded/processed/packaged foods have been contributing factors. LT Foods appears well positioned to benefit from this structural shift in domestic Indian consumption pattern. It has also strong branded presence in basmati rice category in the US, Europe and Middle East.  Stock's current valuations seem more reflective of its single product agri-processor past than its present multi product branded player profile.

LT Foods - an established Indian player in the branded staples segment - has benefited from strong growth in demand for packaged food in the country.  Expanding presence of organised modern retail, rise in family income, increasing number of double income households, need for convenience and consequently greater ability/willingness of consumers to upgrade spending on branded/processed/packaged foods have been contributing factors. LT Foods appears well positioned to benefit from this structural shift in domestic Indian consumption pattern. It has also strong branded presence in basmati rice category in the US, Europe and Middle East.  Stock's current valuations seem more reflective of its single product agri-processor past than its present multi product branded player profile.

LT Foods: Riding the Change in India's Food Shopping Trends

Global Head of Research, Smartkarma

Mark Artherton

Global Head of Research

LR Research

Thematic (Sector/Industry)

In Today's Issue<table class="table table-striped"><tbody>
<tr>
<td>Area</td>
<td>Item</td>
</tr>
<tr>
<td>Economic/Commodities</td>
<td>
REMITTANCES TO INDIA ARE DOWN
BRAZIL SOYBEAN EXPORTS ARE UP
PRECIOUS METALS PRICES FLIRT WITH SUPPORT _ COULD BREAKDOWN
PEMEX MAKES SIZEABLE OIL DISCOVERY
</td>
</tr>
<tr>
<td>Policy Led</td>
<td>
SAUDI PURGE
CHINA'S PARIS OUTPERFORMANCE
PBoC LOOKING AT ITS OWN DIGITAL CURRENCY
VENEZUELA SEEKS EXTERNAL DEBT RESTRUCTURING
CHINA'S MAINLAND LAW ON THE NATIONAL ANTHEM TO APPLY TO HK AND MACAU
</td>
</tr>
<tr>
<td>Management Specific</td>
<td>
AMAZON INTO HEALTH INSURANCE IN EUROPE?
CJ CHEILJIDANG SELLING CJ HEALTH?
HDFC STANDARD…
</td>
</tr>
</tbody></table>

In Today's Issue

Area
Item


Economic/Commodities

REMITTANCES TO INDIA ARE DOWN
BRAZIL SOYBEAN EXPORTS ARE UP
PRECIOUS METALS PRICES FLIRT WITH SUPPORT _ COULD BREAKDOWN
PEMEX MAKES SIZEABLE OIL DISCOVERY



Policy Led

SAUDI PURGE
CHINA'S PARIS OUTPERFORMANCE
PBoC LOOKING AT ITS OWN DIGITAL CURRENCY
VENEZUELA SEEKS EXTERNAL DEBT RESTRUCTURING
CHINA'S MAINLAND LAW ON THE NATIONAL ANTHEM TO APPLY TO HK AND MACAU



Management Specific

AMAZON INTO HEALTH INSURANCE IN EUROPE?
CJ CHEILJIDANG SELLING CJ HEALTH?
HDFC STANDARD…




Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Churning of the Indian economy’s ecosystem over the past two years has delivered two major reforms in taxation and accounting. The Goods and Services Tax (GST) and the paradigm shift in the accounting standards adopted by the Indian companies have in them inherent drive potent enough to usher in far-reaching implications on both sides of the scale. These shifts also lead to major changes in the presentation of financial statements, which makes them non-comparable with historical financials. One…

Churning of the Indian economy’s ecosystem over the past two years has delivered two major reforms in taxation and accounting. The Goods and Services Tax (GST) and the paradigm shift in the accounting standards adopted by the Indian companies have in them inherent drive potent enough to usher in far-reaching implications on both sides of the scale. These shifts also lead to major changes in the presentation of financial statements, which makes them non-comparable with historical financials. One…

The First Impact Of GST And Ind-AS Combine: Visible During Q2F18

India - Politics, Industrials, IT and Large Caps, EMAlpha

Pankaj Sharma

India - Politics, Industrials, IT and Large Caps

<div class="content-highlight">This is Part 4 in a series which focuses on abrupt changes in government policies affecting the industries and Indian economy. In Part 1, we discussed U-turn on GST on cigarettes (<a href="https://www.smartkarma.com/insights/which-is-worse-bad-policies-or-inconsistent-polices-ask-itc-and-investors-in-cigarette-companies" target="_blank">Which Is Worse, Bad Policies or Inconsistent Polices? Ask ITC and Investors in Cigarette Companies) </a>and in Part 2, the increase in GST on high-end cars (<a href="https://www.smartkarma.com/insights/the-gst-saga-first-cigarettes-and-now-autos-which-is-worse-bad-or-inconsistent-policies-part-2" target="_blank" data-smartkarma-citation="insights:12701">The GST Saga - First, Cigarettes and Now Autos. Which Is Worse -Bad or Inconsistent Policies? Part 2)</a> followed by Part 3 about the ultimatum from a senior minister to…</div>

This is Part 4 in a series which focuses on abrupt changes in government policies affecting the industries and Indian economy. In Part 1, we discussed U-turn on GST on cigarettes (Which Is Worse, Bad Policies or Inconsistent Polices? Ask ITC and Investors in Cigarette Companies) and in Part 2, the increase in GST on high-end cars (The GST Saga - First, Cigarettes and Now Autos. Which Is Worse -Bad or Inconsistent Policies? Part 2) followed by Part 3 about the ultimatum from a senior minister to…

The Story of GE and Indian Railways. Which Is Worse, Bad Policies or Inconsistent Polices - Part 4

India

ITC Limited, a member of BAT Group of UK, is a holding company, which has a diversified presence in Cigarettes, Hotels, Paperboards & Specialty Papers, Packaging, Agri Business, Packaged Foods & Confectionery, Branded Apparel, Greeting Cards and other FMCG products.

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ITC Ltd (ITC IN)

Lemon Tree Hotels IPO - A Lot to like but Valuation Isn't on the List

Lemon Tree Hotels Ltd (778410Z IN) plans to raise US$160m in its IPO via a sell down of share by its financial investors, led by Warburg Pincus.We...

Sumeet Singh

LT Foods: Riding the Change in India's Food Shopping Trends

LT Foods - an established Indian player in the branded staples segment - has benefited from strong growth in demand for packaged food in the...

Devi Subhakesan

21 Things Worth Knowing (#8)

In Today's Issue1. Saudi Crown Prince kick starts an anti-corruption drive in a bid to cement his power. So far 11 princes, 4 ministers and a...

Mark Artherton

The First Impact Of GST And Ind-AS Combine: Visible During Q2F18

Churning of the Indian economy’s ecosystem over the past two years has delivered two major reforms in taxation and accounting. The Goods and...

Nitin Mangal

The Story of GE and Indian Railways. Which Is Worse, Bad Policies or Inconsistent Polices - Part 4

This is Part 4 in a series which focuses on abrupt changes in government policies affecting the industries and Indian economy. In Part 1, we...

Pankaj Sharma

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52-week Range

Market Cap (USDm)

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