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Aug 28, 2012, 09.28 AM IST
Bank of America Merrill Lynch has initiated a coverage on Bangalore-based realty firm Prestige Estates Projects with a "Buy" rating, with an upside potential of 38% from current levels.
"We expect Bangalore real estate sector growth to remain slow but steady over the next 12 months with flat residential volume for the second year in a row, while favorable office demand-supply fundamentals will likely lead to a further fall in vacancy levels," the report said.
The investment bank thinks Prestige Estates is better placed than its regional peer Sobha Developers to capitalize the limited growth opportunities that are on offer in Bangalore. "Its exposure to office should help reap benefits of demand-supply mismatch. Also, presence across residential segments (affordable to luxury) will help post better sales booking against Sobha’s focus on luxury segment," BoAML said.
May 23 2013, 10:43
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