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

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

Equity Bottom-Up

Apeejay Surrendra Park Hotel / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/apeejay-surrendra-park-hotel" target="_blank" data-smartkarma-citation="entities:40871:1" rel="noopener">Apeejay Surrendra Park Hotel (PARK IN)</a>, With a sharp pivot post-IPO, it has deleveraged, scaled Flurys to 100 outlets, and launched ARR-led palace properties, all while staying asset-light and cash-smart.  </li>
<li>F&amp;B now contributes nearly half of revenues, ARRs are climbing, and legacy land is being monetised to fund INR 500 crore of capex without debt. </li>
<li>Earlier seen as a traditional hotel chain, Park now to be looked as a brand with strong visibility, smart capital use, and fresh retail momentum.</li>
</ul>



Apeejay Surrendra Park Hotel (PARK IN), With a sharp pivot post-IPO, it has deleveraged, scaled Flurys to 100 outlets, and launched ARR-led palace properties, all while staying asset-light and cash-smart.  
F&amp;B now contributes nearly half of revenues, ARRs are climbing, and legacy land is being monetised to fund INR 500 crore of capex without debt. 
Earlier seen as a traditional hotel chain, Park now to be looked as a brand with strong visibility, smart capital use, and fresh retail momentum.


The Beat Ideas: Park Hotels: Serving Long-Term Value

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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>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><p><em>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.</em></p>

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

<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?

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)

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

The Beat Ideas: Park Hotels: Serving Long-Term Value

Apeejay Surrendra Park Hotel (PARK IN) undergoes successful post-IPO pivot, focusing on F&B, ARRs, and asset-light strategy to drive growth and...

Sudarshan Bhandari

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

The Beat Ideas: Park Hotels: Serving Long-Term Value

​Apeejay Surrendra Park Hotel (PARK IN) undergoes successful post-IPO pivot, focusing on F&B, ARRs, and asset-light strategy to drive growth and...

Sudarshan Bhandari

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

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

Apeejay Surrendra Park Hotel (PARK IN) undergoes successful post-IPO pivot, focusing on F&B, ARRs, and asset-light strategy to drive growth and...

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