MakeMyTrip: Positive On Planned Indian Listing And Operational Resilience

MakeMyTrip Limited remains a Buy, considering the planned capital markets event and its diversified business profile. The proposed IPO of MMYT's Indian subsidiary could unlock value, fund convertible redemptions, and narrow the valuation gap with local peers. MMYT's diversified business model, especially in hotels and buses, offsets air ticketing headwinds and supports upward-trending take rates.

I've kept MakeMyTrip Limited ( MMYT ) as a 'Buy-rated' name. My April 24, 2024, initiation piece referred to MMYT as "India's largest online travel agency (OTA)," highlighting its bright "revenue and margin outlook." This update