Buy Housing and Urban Development Corporation; target of Rs 112: ICICI Direct
ICICI Direct has recommended buy rating on Housing and Urban Development Corporation with a target price of Rs 112 in its research report dated July 13, 2017.
ICICI Direct’s research report on Housing and Urban Development Corporation
Hudco,a Miniratna company,plays a key role in various government schemes to develop Indian housing & urban infrastructure. It is the only institutional lender in housing development for government and may be a key beneficiary of the government’spush towards affordable housing.
At |97, the stock is available at ~1.7x FY19E ABV.Even at 2-2.2x FY19EABV,which is at discount to retail housing peers (2.5-5x FY19E ABV), the stock can be expected to reach |112-123 from 12-15 months perspective.
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