External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank 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>The total hospitality industry in India currently comprises 212,000 rooms, translating to an industry size of ~Rs 82,000 Cr.</li><li>The industry is projected to experience a CAGR of 10.5% over the next three financial years.</li><li>This growth is expected to generate an annual incremental demand of Rs 8,200 Cr.</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.

The total hospitality industry in India currently comprises 212,000 rooms, translating to an industry size of ~Rs 82,000 Cr.The industry is projected to experience a CAGR of 10.5% over the next three financial years.This growth is expected to generate an annual incremental demand of Rs 8,200 Cr.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.

Hotel Sector - Structural Tailwinds Intact; Up-Cycle Expected to Continue

Equity Bottom-Up

<ul><li>Strong ARR Growth with Stabilised Occupancy: Juniper Hotels reported a 9% YoY increase in consolidated ADR to Rs 10,568, driven by higher room rates across key properties.</li><li>Grand Hyatt Mumbai posted a 13% rise in ARR, outperforming its competitors.</li><li>Andaz Delhi grew 9%, above the city average of 7%, while Hyatt Regency Ahmedabad increased 8%, exceeding its comp set’s 7% growth. </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.

Strong ARR Growth with Stabilised Occupancy: Juniper Hotels reported a 9% YoY increase in consolidated ADR to Rs 10,568, driven by higher room rates across key properties.Grand Hyatt Mumbai posted a 13% rise in ARR, outperforming its competitors.Andaz Delhi grew 9%, above the city average of 7%, while Hyatt Regency Ahmedabad increased 8%, exceeding its comp set’s 7% growth. 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.

Juniper Hotel Ltd - Expansion Pipeline Driving Juniper’s Next Leg of Growth

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

Prestige Hospitality Ventures Ltd (1831338D IN)

<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

<ul><li>Juniper reported a 6.9%/17.7 QoQ/YoY growth, with ARR increasing to Rs 11,714 (+6.7% YoY) and occupancy reaching 75% during the quarter.</li><li>However, certain key rooms that were out of service were restored early during the quarter, so the like-to-like occupancy rate would then be 77%.</li><li>The luxury and upper upscale/upper segment reported RevPAR growth rates of 6% and 7% YoY, respectively. </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.

Juniper reported a 6.9%/17.7 QoQ/YoY growth, with ARR increasing to Rs 11,714 (+6.7% YoY) and occupancy reaching 75% during the quarter.However, certain key rooms that were out of service were restored early during the quarter, so the like-to-like occupancy rate would then be 77%.The luxury and upper upscale/upper segment reported RevPAR growth rates of 6% and 7% YoY, respectively. 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.

Juniper Hotel Ltd - Expansion Fuels Juniper’s Momentum

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Juniper Hotels (6593708Z IN)

Hotel Sector - Structural Tailwinds Intact; Up-Cycle Expected to Continue

Given the limited supply of luxury rooms in the market, this growth cycle has the potential to extend further, ensuring robust demand and expansion...

Axis Direct

Juniper Hotel Ltd - Expansion Pipeline Driving Juniper’s Next Leg of Growth

Strong ARR Growth with Stabilised Occupancy: Juniper Hotels reported a 9% YoY increase in consolidated ADR to Rs 10,568, driven by higher room...

Axis Direct

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

Juniper Hotel Ltd - Expansion Fuels Juniper’s Momentum

Juniper reported a 6.9%/17.7 QoQ/YoY growth, with ARR increasing to Rs 11,714 (+6.7% YoY) and occupancy reaching 75% during the quarter.

Axis Direct

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