Jun 19, 2013, 02.29 PM IST
Brokerage house Motilal Oswal is bullish on Oberoi Realty (OBER) and has recommended buy rating on the stock with a price target of Rs 290, in its research report dated June 17, 2013.
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Buy Oberoi Realty; target Rs 290: Motilal Oswal
Brokerage house Motilal Oswal is bullish on Oberoi Realty (OBER) and has recommended buy rating on the stock with a price target of Rs 290, in its research report dated June 17, 2013.
Like this story, share it with millions of investors on M3
Buy Oberoi Realty; target Rs 290: Motilal Oswal
Brokerage house Motilal Oswal is bullish on Oberoi Realty (OBER) and has recommended buy rating on the stock with a price target of Rs 290, in its research report dated June 17, 2013.
"Oberoi Realty (OBER) has underperformed the Sensex by 24 percent and BSE Realty Index by 12 percent since April 2013. Despite approval hassles and operational delays, we believe the correction is overdone and offers smart entry points for medium-term horizon. OBER's long stalled project, Esquire (Goregaon) has received IOD and construction work should resume by July 2013, reviving sales velocity and customer collections. A few other operational headwinds viz. MoEF approval in Mulund project, weak leasing at Commerz II, delay in launches continue to remain elusive, albeit the management has shown conviction over resolution in FY14-15, with a potential favorable Supreme Court Verdict on Mulund MoEF by July 2013. Success on operational improvement hinges on new launches with potential to augment operational cash flow significantly in FY15. At the current valuations of 8.4x FY15E EPS (v/s historical average of 15x) and 1.3x FY15E BV (v/s historical average of 2x), we reiterate Buy. Our target price of INR290 implies 37 percent upside."
"We cut our NAV estimate by 10 percent to INR290 and our EPS estimates for FY14/15 by 6-7 percent to factor in delay in launch of Garden City Phase III than earlier expectations and muted outlook for commercial leasing. However, at the current valuations of 8.4x FY15E EPS (v/s historical average of 15x), 1.3x FY15E BV (v/s historical average of 2x) and EV of 5.6x FY15E cash EBITDA (base case), we reiterate Buy. Our target price of INR290 implies 37 percent upside," says Motilal Oswal research eport.
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To read the full report click here
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