Research Report on DLF : CMP 750
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K.Karthik Raja
Mar 11, 2008, 7:10:21 AM3/11/08
to Kences1
Research Report on DLF : CMP 750
Fundamental Research
---------------------------------------
The DLF group is a leading real estate developer in India. The group
has over 224 million sq.
ft. of existing development and 748 million sq. ft. of planned
projects. DLF is committed to
quality, trust and customer sensitivity, and deliver on promises with
agility, financial
prudence and in tune with the highest global standards. The company
has also entered into
several strategic alliances with global industry leaders.
The core business traditionally has been into three prime divisions:
Homes, Offices and Shopping
Malls. To these DLF has added three more divisions: Hotels,
Infrastructure and SEZs
INDUSTRY :Construction and Contracting - Real Estate
Executive Chairman : K P Singh
Mkt Cap : 142,157.47
P/E : 0.00
Div : 100.00
EPS : 0.00
TTM : 0.00
B/V : 4.27
Mkt Lot : 1.00
FV : 2.00
Financials of DLF Quarterly Annual
Income Statement (Dec '07) (Mar '07)
Net Sales 1676.51 1101.66
Other Income 136.08 327.48
PBDIT 943.10 985.92
Net Profit 605.84 405.77
Major Products Manufactured
Product Name Sales (Rs.in Crores)
Constructed Property/Others 1,074.88
Fee Income 31.82
Constructed Properties/plots/L 17.45
Services Receipts 6.47
Property Development Business 2.86
% Foreign Holdings 5.95
Govt. / Financial Institutions 0.82
Corporate Bodies(not covered above) 0.64
Directors and their Relatives 88.24
Other including Indian Public 4.35
Return on Total Assets (ROTA) 3.88%
Return on capital employed (ROCE) 5.46%
Net profit margin 28.38%
The key short-term liquidity ratios are:
Current Ratio 2.50
Quick Ratio 1.36
The key long-term liquidity ratios are:
Gearing Ratio 95.67%
Interest Cover 1.14
Mutual Funds holding
SBI Infrastructure Fund - Series I (G)
UTI India Lifestyle Fund(G)
DSP-ML India T.I.G.E.R. Fund - Regular Plan (G)
UTI Mastershare (G)
UTI Wealth Builder Fund (G)
BSE NSE
period close price change period close price change
3 Months 897.95 -7.10 3 Months 900.45 -7.32
6 Months 595.75 40.03 6 Months 596.55 39.90
12 Months NA NA 12 Months NA NA
How does the company stack up against it peers?
Company Sales (rs cr.) PAT (rs cr.) Market Cap
(rs cr.)
DLF Ltd. 1,101.66 405.77 142,217.14
Housing Development &
Infrastructure Ltd 1,203.45 541.81 17,646.38
Indiabulls Real Estate Ltd 13.91 13.10 13,931.10
Anant Raj Industries Ltd. 41.04 100.73 8,790.23
Akruti City Ltd. 174.34 75.48 7,540.10
Technicals Research
------------------------
Simple Moving Averages
Days BSE NSE
30 888.65 888.20
50 959.45 959.42
150 837.71 837.89
200 0.00 0.00
DLF has been underperforming the broader market for quite a few
trading session. There had not been any recovery following the recent
announcement of its quarter earning which had been in-line
with the market expectations. The stock had been haunted by the
weakness prevailing in the Construction sector. However, the decline
has been on the back of lower volumes indicating limited downsides
from the current levels as the worst is already factored into the
price.
The stock is already trading below all the moving averages. The stock
is struggling hard to stabilize around the 800 levels. The 14-day RSI
has also bottomed out in the oversold territory and has triggered
a strong buy signal from the current levels. The recent bounces in
the
stock are backed by increasing volumes suggesting value
buying at lower levels. Immediate resistance is placed at around 750
levels. A sustained move above that level will induce fresh buying
interest in the stock which might guide it to test higher levels
of 800 and 900 in a medium-term scenario. Investors are advised to
assume long positions in the stock in the range of 675-700 levels for
an upside target of 800 - 850 in a medium-term scenario.
All long positions in the stock should be protected with a stop loss
placed below 627 levels on a closing basis.
K.Karthik Raja
www.kences1.blogspot.com
Fundamental Research
---------------------------------------
The DLF group is a leading real estate developer in India. The group
has over 224 million sq.
ft. of existing development and 748 million sq. ft. of planned
projects. DLF is committed to
quality, trust and customer sensitivity, and deliver on promises with
agility, financial
prudence and in tune with the highest global standards. The company
has also entered into
several strategic alliances with global industry leaders.
The core business traditionally has been into three prime divisions:
Homes, Offices and Shopping
Malls. To these DLF has added three more divisions: Hotels,
Infrastructure and SEZs
INDUSTRY :Construction and Contracting - Real Estate
Executive Chairman : K P Singh
Mkt Cap : 142,157.47
P/E : 0.00
Div : 100.00
EPS : 0.00
TTM : 0.00
B/V : 4.27
Mkt Lot : 1.00
FV : 2.00
Financials of DLF Quarterly Annual
Income Statement (Dec '07) (Mar '07)
Net Sales 1676.51 1101.66
Other Income 136.08 327.48
PBDIT 943.10 985.92
Net Profit 605.84 405.77
Major Products Manufactured
Product Name Sales (Rs.in Crores)
Constructed Property/Others 1,074.88
Fee Income 31.82
Constructed Properties/plots/L 17.45
Services Receipts 6.47
Property Development Business 2.86
% Foreign Holdings 5.95
Govt. / Financial Institutions 0.82
Corporate Bodies(not covered above) 0.64
Directors and their Relatives 88.24
Other including Indian Public 4.35
Return on Total Assets (ROTA) 3.88%
Return on capital employed (ROCE) 5.46%
Net profit margin 28.38%
The key short-term liquidity ratios are:
Current Ratio 2.50
Quick Ratio 1.36
The key long-term liquidity ratios are:
Gearing Ratio 95.67%
Interest Cover 1.14
Mutual Funds holding
SBI Infrastructure Fund - Series I (G)
UTI India Lifestyle Fund(G)
DSP-ML India T.I.G.E.R. Fund - Regular Plan (G)
UTI Mastershare (G)
UTI Wealth Builder Fund (G)
BSE NSE
period close price change period close price change
3 Months 897.95 -7.10 3 Months 900.45 -7.32
6 Months 595.75 40.03 6 Months 596.55 39.90
12 Months NA NA 12 Months NA NA
How does the company stack up against it peers?
Company Sales (rs cr.) PAT (rs cr.) Market Cap
(rs cr.)
DLF Ltd. 1,101.66 405.77 142,217.14
Housing Development &
Infrastructure Ltd 1,203.45 541.81 17,646.38
Indiabulls Real Estate Ltd 13.91 13.10 13,931.10
Anant Raj Industries Ltd. 41.04 100.73 8,790.23
Akruti City Ltd. 174.34 75.48 7,540.10
Technicals Research
------------------------
Simple Moving Averages
Days BSE NSE
30 888.65 888.20
50 959.45 959.42
150 837.71 837.89
200 0.00 0.00
DLF has been underperforming the broader market for quite a few
trading session. There had not been any recovery following the recent
announcement of its quarter earning which had been in-line
with the market expectations. The stock had been haunted by the
weakness prevailing in the Construction sector. However, the decline
has been on the back of lower volumes indicating limited downsides
from the current levels as the worst is already factored into the
price.
The stock is already trading below all the moving averages. The stock
is struggling hard to stabilize around the 800 levels. The 14-day RSI
has also bottomed out in the oversold territory and has triggered
a strong buy signal from the current levels. The recent bounces in
the
stock are backed by increasing volumes suggesting value
buying at lower levels. Immediate resistance is placed at around 750
levels. A sustained move above that level will induce fresh buying
interest in the stock which might guide it to test higher levels
of 800 and 900 in a medium-term scenario. Investors are advised to
assume long positions in the stock in the range of 675-700 levels for
an upside target of 800 - 850 in a medium-term scenario.
All long positions in the stock should be protected with a stop loss
placed below 627 levels on a closing basis.
K.Karthik Raja
www.kences1.blogspot.com
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