Revising my outlook on SAMHI
SAMHI seemed to have entered the party a little late with the big boys already enjoying rich valuations...much of what it got in the IPO went for debt cleanup and it still has a good pile of debt left relative to its maketcap.
The biggest drawback of this company is that it does not have a promoter with skin in the game. Who but the MD calls the shots here? Ashish Jakhanwala poses a keyman risk that I previously didnt think of. goldman sach left in a tearing hurry and now with the dollar doing what it is quite a big chunk of FII are exiting.
Amongst the Institutional Investors, Govt of Singapore with 8% equity and ACIC Blue Chandra & GTI with 22.47% equity seem to be the steady ones but the latter only because the lock in period of their shareholding is till March 2025. Then there are investors like SBI MF, Aditya Birla MF, Lion, TT that have a 10.6% stake which are reducing their holding every quarter.
The slide in share price wont stop until this 10.6% changes hands and Blue, GTI an ACIC decide to wait it out for some appreciation.
Another drawback is that it is present primarily in 6 cities. bengaluru, hyderabad, pune, ahmedabad, chennai & gurgaon will account for 87% of its portfolio. It doesnt have any presence in mumbai and only one midscale hotel in delhi. It doesnt have leisure or theme travel as its core strategies.
Fundamentally, the company is set to make the most of operating leverage in the quarters to come. It is continuously upgrading its portfolio of rooms and in 3 years time it is set to nearly double the rooms in the premium upscale and upper upscale category with that becoming 33% of its portfolio..
I expect it to churn out nearly 100 crores of net profit in this FY. And with that get te ball rolling for years of growth and entering new markets and territories. This concall I would like to ask the management of how they would tackle keyman risk and the possibility of roping in promoters as it has a danger of disintegrating if there do not remain sticky institional investors here.
The biggest drawback of this company is that it does not have a promoter with skin in the game. Who but the MD calls the shots here? Ashish Jakhanwala poses a keyman risk that I previously didnt think of. goldman sach left in a tearing hurry and now with the dollar doing what it is quite a big chunk of FII are exiting.
Amongst the Institutional Investors, Govt of Singapore with 8% equity and ACIC Blue Chandra & GTI with 22.47% equity seem to be the steady ones but the latter only because the lock in period of their shareholding is till March 2025. Then there are investors like SBI MF, Aditya Birla MF, Lion, TT that have a 10.6% stake which are reducing their holding every quarter.
The slide in share price wont stop until this 10.6% changes hands and Blue, GTI an ACIC decide to wait it out for some appreciation.
Another drawback is that it is present primarily in 6 cities. bengaluru, hyderabad, pune, ahmedabad, chennai & gurgaon will account for 87% of its portfolio. It doesnt have any presence in mumbai and only one midscale hotel in delhi. It doesnt have leisure or theme travel as its core strategies.
Fundamentally, the company is set to make the most of operating leverage in the quarters to come. It is continuously upgrading its portfolio of rooms and in 3 years time it is set to nearly double the rooms in the premium upscale and upper upscale category with that becoming 33% of its portfolio..
I expect it to churn out nearly 100 crores of net profit in this FY. And with that get te ball rolling for years of growth and entering new markets and territories. This concall I would like to ask the management of how they would tackle keyman risk and the possibility of roping in promoters as it has a danger of disintegrating if there do not remain sticky institional investors here.
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