Anand Rathi's research report on Indian Hotels
After Covid subsides, we expect Indian Hotels to outclass others, driven by its dominance in the Indian hotel sector, strong brand equity, well-diversified portfolio across business segments and price points. We reckon that complete revival in demand will be from Q1 FY23 subject to the speed of vaccination. In our view, the company has enough liquidity to tide as earnings will take time to recover; particularly cross-border travel led and is discounted in the price. We introduce our FY23e and retain our Buy on the stock with a new TP of Rs130, earlier Rs100 (sum-of-parts).
Outlook
We maintain our Buy call with a new TP of Rs130. Risk: A slow-down in the economy would lead to curtailed demand.
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