Oberoi Realty |
Strong execution boots results |
ACCUMULATE
CMP: Rs235 Target Price: Rs275
n Q2FY12 results much above our expectations, predominantly due to higher execution of Oberoi Exquisite boosting revenue under % completion method
n Sales booking slowed down, as expected. Company sold 1,86,036 sf in Q2FY12 against 2,10,346 sf in Q1FY12 and 1,70,399 sf our expectation
n OBRE acquires 50% stake in Oberoi Skyz for ~Rs 2.8bn, adds Rs 3 / share to NAV. Assumption of 2.7 FSI (Parking Policy), avg. rate of Rs 37500 / sf and project timeline of FY18
n Maintain our Accumulate rating with upgrade in TP to Rs 275. Increase in TP pertains to new acquisition only
Regards,
Tejas Sheth |
Research Analyst | Emkay Global Financial Services Ltd. | www.emkayglobal.com | Email : tejas...@emkayglobal.com |
Board No. : +91-22-66121212 | Extn.: 482 : | DID : 66242482 | Mob : +919920314167 | |
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