November 22, 2018 / 4:34 AM / 3 months ago

BUZZ-Indian Hotels hits over 5-mth high; Motilal Oswal initiates coverage

** Indian Hotels Co Ltd’s stock rises as much as 5.2 pct to 141.85 rupees to its highest since June 11

** Domestic brokerage Motilal Oswal initiates coverage on the stock with “buy” rating and TP of 163 rupees, implying an upside of 21 pct

** Motilal Oswal says co is an attractive investment candidate in the upcoming industry upcycle; says co has an “invaluable asset” in the form of a strong brand name

** Adds strong presence in high-demand, high-occupancy micro markets of Mumbai, NCR, Bangalore and Goa places it well to cater to rapid growth in the domestic market

** Co appears set to benefit from operating leverage in the impending upcycle, led by its higher fixed-cost proportion and efforts to rationalize expenses - Motilal Oswal

** Motilal Oswal expects revenue CAGR for FY18-20 of 9 pct to 49.1 bln rupees and EBITDA CAGR of 25 pct to 10.5 bln rupees

** Stock up 14.5 pct this year as of last close; posts biggest intraday pct gain since Oct 22

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