External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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><strong>ONGC:</strong> We maintain our ADD rating on ONGC with a target price of INR 208, based on oil and gas production growth at 6/9% CAGR over FY24-26E, attractive valuation of 4.7x Mar-25 EPS, a ~10% discount to 5-year average P/E of 5.2x, 0.7x Mar-25 P/Bv with RoE of ~16%, and a dividend yield of ~6%</li><li>However, this is offset by limited earnings potential, owing to the levy of a windfall tax on crude oil prices and a decline in the price of domestically produced APM gas</li><li>Q2FY24 reported EBITDA at INR 184bn (-2% YoY, -6% QoQ), coming in marginally below our estimate, owing to higher-than-expected statutory levies and other expenses</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>

ONGC: We maintain our ADD rating on ONGC with a target price of INR 208, based on oil and gas production growth at 6/9% CAGR over FY24-26E, attractive valuation of 4.7x Mar-25 EPS, a ~10% discount to 5-year average P/E of 5.2x, 0.7x Mar-25 P/Bv with RoE of ~16%, and a dividend yield of ~6%However, this is offset by limited earnings potential, owing to the levy of a windfall tax on crude oil prices and a decline in the price of domestically produced APM gasQ2FY24 reported EBITDA at INR 184bn (-2% YoY, -6% QoQ), coming in marginally below our estimate, owing to higher-than-expected statutory levies and other expensesContent 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: ONGC, Eicher Motors, Trent, Berger Paints, BSE,

<ul><li>ONGC: We maintain our ADD rating on ONGC with a target price of INR 208, based on oil and gas production growth at 6/9% CAGR over FY24-26E, attractive valuation of 4.7x Mar-25 EPS, a ~10% discount to 5-year average P/E of 5.2x, 0.7x Mar-25 P/Bv with RoE of ~16%, and a dividend yield of ~6%</li><li>However, this is offset by limited earnings potential, owing to the levy of a windfall tax on crude oil prices and a decline in the price of domestically produced APM gas</li><li>Q2FY24 reported EBITDA at INR 184bn (-2% YoY, -6% QoQ), coming in marginally below our estimate, owing to higher-than-expected statutory levies and other expenses</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>

HSIE Results Daily: ONGC, Eicher Motors, Trent, Berger Paints, BSE

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

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<li>IHCL: IHCL has a total of 19,417 rooms (as per its FY21 annual report) across four brands.</li>
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<li>Chalet: Chalet has 2,554 owned rooms (as per FY21 annual report).</li>
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<li>EIH Ltd: EIH Ltd has a total of 4,572 rooms (as per FY21 annual report).</li>
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<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>






IHCL: IHCL has a total of 19,417 rooms (as per its FY21 annual report) across four brands.





Chalet: Chalet has 2,554 owned rooms (as per FY21 annual report).






EIH Ltd: EIH Ltd has a total of 4,572 rooms (as per FY21 annual report).












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.

Hospitality Sector: Leisure Demand Remains Strong; Corporate Travel Rebounds

<ul><li>In 4QFY22, we expect the Hotel sector to report healthy improvement in RevPAR post the third covid wave, supported by: (a) leisure travel (b) festive and wedding season (c) MICE events and (d) corporate travel.</li><li>Post the Omicron wave, there has been a steady increase in corporate travel, with easing of regulatory restrictions.</li><li>Leisure travel continues to be strong due to vacations, staycations and weddings etc.</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>

In 4QFY22, we expect the Hotel sector to report healthy improvement in RevPAR post the third covid wave, supported by: (a) leisure travel (b) festive and wedding season (c) MICE events and (d) corporate travel.Post the Omicron wave, there has been a steady increase in corporate travel, with easing of regulatory restrictions.Leisure travel continues to be strong due to vacations, staycations and weddings etc.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.

Hospitality and Logistics: Leisure Demand Remains Strong; Corporate Travel Rebounds

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

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

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<li>Promoted by Patanjali Keswani, Lemon Tree is the largest hotel chain in the mid-priced segment in India.</li>
<li>It operates 8,489 rooms in 87 hotels across 54 destinations in India and abroad under brands like Aurika (premium), Lemon Tree premier, Lemon Tree (midscale), RedFox (economy) and Keys.</li>
<li>The favourable location of its properties in prominent business and tourist districts supports revenue growth prospects and reduces concentration risk </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>


Promoted by Patanjali Keswani, Lemon Tree is the largest hotel chain in the mid-priced segment in India.
It operates 8,489 rooms in 87 hotels across 54 destinations in India and abroad under brands like Aurika (premium), Lemon Tree premier, Lemon Tree (midscale), RedFox (economy) and Keys.
The favourable location of its properties in prominent business and tourist districts supports revenue growth prospects and reduces concentration risk 

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 - Lean Cost, Firm Room Rates Drive Profitability…

India

Lemon Tree Hotels operates as an Indian hotel chain, owning, leasing, and managing hotels across the upscale, upper-midscale, midscale, and economy segments under seven distinct brands. The company provides accommodation, dining, and banquet facilities, catering to both business and leisure travelers. Lemon Tree Hotels is headquartered in New Delhi, India, and was founded in 2002.

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Lemon Tree Hotels (LEMONTRE IN)

HSIE Results Daily: ONGC, Eicher Motors, Trent, Berger Paints, BSE,

We maintain our ADD rating on ONGC with a target price of INR 208, based on oil and gas production growth at 6/9% CAGR over FY24-26E, attractive...

HDFC Securities

HSIE Results Daily: ONGC, Eicher Motors, Trent, Berger Paints, BSE

We maintain our ADD rating on ONGC with a target price of INR 208, based on oil and gas production growth at 6/9% CAGR over FY24-26E, attractive...

HDFC Securities

Hospitality Sector: Leisure Demand Remains Strong; Corporate Travel Rebounds

The Hospitality sector has shown healthy improvement in RevPar post the third covid wave; Post the Omicron wave, there has been a steady increase...

Nirmal Bang

Hospitality and Logistics: Leisure Demand Remains Strong; Corporate Travel Rebounds

In 4QFY22, we expect the Hotel sector to report healthy improvement in RevPAR post the third covid wave, supported by: (a) leisure travel (b)...

Nirmal Bang

Lemon Tree Hotels - Lean Cost, Firm Room Rates Drive Profitability…

Promoted by Patanjali Keswani, Lemon Tree is the largest hotel chain in the mid-priced segment in India.It operates 8,489 rooms in 87 hotels across...

ICICI Securities Limited

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