Samhi Hotels Ltd. share price target

Unlocking Value in an expanding business hospitality landscape

We increase our PAT estimates after accounting for minority interest by 20.6%/12.7% for FY26E/FY27E as we re-align our debt & interest forecast post fund infusion by GIC into a newly created JV platform for upscale hotel assets. SAMHI reported an in-line operating performance with EBITDA margin of 38.1% (PLe 36.9%) while PAT was impacted by an exceptional charge of Rs194mn; offset by a tax write back of Rs233mn. We expect top-line CAGR of 12.9% over the next 2 years led by addition of 245 keys with an EBITDA margin of...

Hotel industry is in an upturn amid muted supply growth ............................................ 7 Strategically located portfolio in key commercial hubs ................................................. 8 New room supply CAGR at 4.7% over FY24-29E in key markets............................... 9 Strong brand equity via global partnerships ...................................................................... 10 Proven track record in turnaround-led acquisitions ........................................................ 11 Portfolio pivot towards premiumization to aid revenue & margins ......................... 13 Twin buyouts in Bengaluru to aid inventory growth ...................................................... 15 Capital-efficient inorganic expansion in Hyderabad market ...................................... 16...

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