Buy Sobha; target of Rs 520: Edelweiss
Edelweiss is bullish on Sobha has recommended buy rating on the stock with a target price of Rs 520 in its research report dated May 17, 2017.
Edelweiss' research report on Sobha
We expect Sobha’s operations to scale up in view of steady execution of ongoing projects and expected uptick in Bangalore residential demand driven by strong office space leasing in past few years coupled with better affordability.
We have raised our FY18E real estate NAV to INR 640 (INR 573 earlier) and our new TP is INR 520 (INR 410 earlier). The revision is led by improved demand outlook, lowering of discount rate and tailwinds from affordable housing benefits. Maintain ‘BUY’.
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