ICICI Securities begins coverage of Chalet Hotels with 'buy'

Chalet Hotels

03/07/2023 10:15

** ICICI Securities initiates coverage on Indian luxury hotels
developer Chalet Hotels  CHAL.NS  with 'buy' rating, and a
target price of 603 rupees
    ** Brokerage expects co's operational hotels to clock 11%
revenue CAGR over FY23-26; pegs FY26 revenue of 13.9 bln rupees
on a 6% CAGR in average room rates and occupancy ramp-up
    ** Company's expansion plan envisages taking operational
hotel portfolio to 3,760 keys by FY26 from 2,634 as of March -
ICICI Securities
    ** Shares rise as much as 2.3% to 439 rupees, touching their
highest level since June 9
    ** Stock on track for a fifth consecutive session of gains
if trends hold 
    ** Stock up ~24% YTD, as of last close



 (Reporting by Navamya Ganesh Acharya in Bengaluru)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))