India's Chalet Hotels rises as brokerages forecast strong Q3 revenue

Chalet Hotels

28/12/2022 08:05

** Shares of Indian hotel developer Chalet Hotels Ltd
 CHAL.NS  rise as much as 4.5% to 345.40 rupees, as brokerages
forecast strong revenue on business travel recovery
    ** Brokerage Prabhudas Lilladher initiates coverage of stock
with 'buy' rating and target price of 455 rupees, notes that
room expansion plan to aid revenue growth
    ** Chalet's portfolio positioning is difficult to replicate
thereby lowering competitive risks, Prabhudas Lilladher's Jinesh
Joshi says, adding that its affiliation with Mariott, Novotel
hotel brands "lends strong pricing power"
    ** Antique Stock Broking in a note says it expects CHAL to
report all-time-high revenue in the third quarter of fiscal year
2023
    ** Brokerage expects Q3 margins for CHAL to improve by 700
bps sequentially, led by higher room prices and occupancy
    ** Chalet, which operates 7 hotels across 4 cities, Antique
Stock Broking's top pick in hospitality sector
    ** YTD, stock up 58.8% at current levels, on track for best
year since listing in 2019
 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com; +91 9830427878))