Buy Sunteck Realty, target price Rs 437: ICICI Securities

0
1
Buy Sunteck Realty, target price Rs 437:  ICICI Securities


ICICI Securities has buy call on with a target price of Rs 437. The current market price of Sunteck Realty Ltd. is Rs 344.55.

Sunteck Realty Ltd., incorporated in the year 1981, is a Mid Cap company (having a market cap of Rs 5043.97 Crore) operating in Real Estate sector.

Financials
For the quarter ended 31-12-2020, the company reported a Consolidated Total Income of Rs 208.66 Crore, up 40.93 % from last quarter Total Income of Rs 148.05 Crore and up 4.67 % from last year same quarter Total Income of Rs 199.35 Crore. Company reported net profit after tax of Rs 21.01 Crore in latest quarter.

Investment Rationale
With sales momentum sustaining for completed/launched inventory, SRIN is targeting to launch the Naigaon Phase III and Vasai/Vasind projects in H1FY22 which is expected to boost sales in FY22-23E. It maintains BUY rating on SRIN with a revised target price of Rs 437/share (earlier Rs303) based on 1x NAV. The increase in target price is driven by assuming higher market value for land for 3msf of rental FSI in its ODC, Goregaon project and including business development value of new projects additions in Vasai/Vasind. Key risks to the call are slowdown in the Mumbai property market volumes and fall in residential/commercial prices.

Promoter/FII Holdings
Promoters held 67.2 per cent stake in the company as of Dec 30, 2020, while FIIs held 23.6 per cent, DIIs 3.6 per cent and public and other 5.6 per cent.





Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here