Disc:
Trimmed / Exited my positions in – KVB, ICICI BANK
Added small cap hotels / Restaurant stocks –
UP Hotels – present in fast growing UP Mkt with 04 hotels – Clarks brand
Kamat Hotels – have finally sorted out their Debt problems. Operate Hotels under the ORCHID brand plus a few boutique hotels
SAMHI Ltd – this is a turnaround bet where I am betting on management being able to use IPO proceeds and operating cash to retire debt. This one is a little risky kind of bet. However, the brands that they operate – Hyatt, Marriot , Holiday INN etc – give me the confidence to look fwd for a turnaround
Speciality restaurants – finally getting their act and unit economics right – specially the Mainland China, Oh Calcutta, Sweet Bengal brands
Already holding –
Taj GVK
EIH
EIH Associated
Royal Orchid
Benares Hotels
The commentary from travel / tourism sector sounds really bullish. These small caps are avlb at sub 25 times kind of valuations. Plus the growth can be high for next 1-2-3 yrs. Plus most of these guys are sitting on valuable real estate assets
Disc: biased, not SEBI registered
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