Investec initiates Indian hotels with 'buy'; backs Leela, ITC Hotels on pricing power
BUZZ-Investec initiates Indian hotels with 'buy'; backs Leela, ITC Hotels on pricing power ** Investec starts Leela Palaces LEEA.NS, ITC Hotels ITCT.NS, Ventive Hospitality VENE.NS and SAMHI Hotels SAMH.NS with "Buy"; names Leela and ITC Hotels as top picks
** Brokerage sets PT of 649 rupees for Leela Palaces, 201 rupees for ITC Hotels, 700 rupees for Ventive Hospitality and 208 rupees for SAMHI Hotels
** Says Leela is best placed to benefit from luxury-room scarcity, with its flagship palace hotels commanding a 1.4x industry revenue per available room (revPAR) premium and a pipeline supporting growth through FY31E
** Adds ITC Hotels combines established earnings with capital-efficient expansion, Sri Lanka asset ramp-up and valuation comfort, supporting earnings growth
** Sees upside in Ventive from luxury RevPAR growth, annuity-like cash flows and a pipeline that nearly doubles inventory; while SAMHI's rebranding, new hotel openings and deleveraging are seen supporting faster earnings growth
** YTD, Leela gains 21.4%, while Ventive, ITC Hotels and SAMHI fall 26%, 23% and 11%, respectively
(Reporting by Kashish Tandon in Bengaluru)
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