Sunteck Realty- Jefferies says recent revamp plans to support growth, see 28% upside and maintains ‘Buy’ at Rs 555
时间:2024-09-27 19:14:59 阅读(143)
Jefferies see 28% upside potential in Sunteck Realty stocks on account of Improved growth and governance prospects. The share price of Sunteck Realty surged nearly 7% to hit a 52-week high of Rs 481.90 during the intra-day trade on Wednesday. Jefferies has maintained ‘Buy’ rating on the scrip with a revised upside target or Rs 555.
“Sunteck’s deal with IFC comes as a boost to perceived Corporate Governance for the company. The platform, alongside any affordable housing policy benefits, raise visibility on growth and land monetization. We roll forward our NAV to Sep’23 and cut our target discount to 10% from 30%, implying a target price of Rs 555,” said Jefferis in its report.
Jefferies anticipated the FY24E sales projections of Rs 2000 crore in revenue reflecting a 25% on-year growth, and builds-in new launches for the second half of the fiscal year. “As of Jun’23, Tr-4Q pre-sales of Rs 160 crore, were up 14% year-on-year. Previous launch at Mira Road (Mar’23) has done well,” said the report.
Jefferies expected the company to capitalise on the residential upcycle and said the company should get help to procure market share in Mumbai from demands for affordable and mid-income projects. “We also believe that the partnership model for growth is the right path and that the company is unlikely to seek higher gearing,” said the report.
Jefferies further cautioned about the key risks which include, “any issues such as regulatory or lockdowns which may impact project cash flows and sales pace, high exposure to Mumbai market; and interest rate risks inherent to the real estate business.”
上一篇:RIL spurs Street sentiment as Sensex soars over 1%
下一篇:Zee’s Punit Goenka pays Rs 50 lakh to settle insider trading case
猜你喜欢
- Banking stocks get a breather after Friday’s rout
- Sensex, Nifty fall over 1 pc on selling in banking, auto shares
- Reliance Industries stock climbs to record high, Mcap hits $247 billion
- Rating- Neutral; Maruti Suzuki’s premium variants cater to high-mileage customers
- Reliance Industries, Sun Pharma, HDFC Bank, Wipro, Adani Ports, ICICI Bank stocks in focus
- Auto industry hits coronavirus, lockdown roadblock; here’s what will get it up to speed in two years
- Sebi seeks higher accountability for REIT, InvIT sponsors
- RIL Results Highlights- Reliance net profit up 22
- Bank of Baroda, Axis Bank among 131 BSE stocks to hit 52-week highs, 10 fall to 52-week lows