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

<ul><li>Lemon Tree: Lemon Tree Hotels (LTH) recorded a healthy Q2FY25 as it focusses on renovation and repositioning of the portfolio to command premium rates</li><li>Revenue grew 24% YoY to INR2.8bn, led by a healthy 12% ARR growth but subdued occupancy of 68.4% in Q2FY25, leading to a modest RevPAR growth of +7% YoY</li><li>In our view, key growth drivers for LTH are: (1) ramp-up of Aurika, Mumbai, (2) full availability of renovated “Keys” portfolio leading to ARR/occupancy increase, and (3) growth in fee income from managed portfolio</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.

Lemon Tree: Lemon Tree Hotels (LTH) recorded a healthy Q2FY25 as it focusses on renovation and repositioning of the portfolio to command premium ratesRevenue grew 24% YoY to INR2.8bn, led by a healthy 12% ARR growth but subdued occupancy of 68.4% in Q2FY25, leading to a modest RevPAR growth of +7% YoYIn our view, key growth drivers for LTH are: (1) ramp-up of Aurika, Mumbai, (2) full availability of renovated “Keys” portfolio leading to ARR/occupancy increase, and (3) growth in fee income from managed portfolioContent 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: Lemon Tree, Ahluwalia Contracts

<ul><li>Bharat Forge: Bharat Forge’s consolidated revenue grew 6% YoY to INR 41.1bn, aided by recovery in its oil &amp; gas vertical</li><li>Due to benign material costs, EBITDA at INR 7.4bn beat our estimate of INR 6.6bn</li><li>The outlook remains positive, with growth across forgings, castings, and defence and improvement in the operational performance of overseas subsidiaries</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.

Bharat Forge: Bharat Forge’s consolidated revenue grew 6% YoY to INR 41.1bn, aided by recovery in its oil &amp; gas verticalDue to benign material costs, EBITDA at INR 7.4bn beat our estimate of INR 6.6bnThe outlook remains positive, with growth across forgings, castings, and defence and improvement in the operational performance of overseas subsidiariesContent 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: Bharat Forge, Deepak Nitrite, Bata India, Century Plyboards India

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

HSIE Results Daily: Lemon Tree, Ahluwalia Contracts

Lemon Tree: Lemon Tree Hotels (LTH) recorded a healthy Q2FY25 as it focusses on renovation and repositioning of the portfolio to command premium rates

HDFC Securities

HSIE Results Daily: Bharat Forge, Deepak Nitrite, Bata India, Century Plyboards India

Bharat Forge: Bharat Forge’s consolidated revenue grew 6% YoY to INR 41.1bn, aided by recovery in its oil & gas vertical

HDFC Securities

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