Hold Sobha; target of Rs 275: ICICI Direct
ICICI Direct recommended hold rating on Sobha with a target price of Rs 275 in its research report dated November 29, 2016.
ICICI Direct's research report on Sobha
Currently, the stock is trading at attractive valuation of 0.9x FY17E P/BV and 0.5x of its NAV (after adjusting the construction business valuation). Though currently it is trading at attractive valuations, sales volume can remain under pressure post demonetisation. Hence, we continue maintain our HOLD recommendation on the stock with a revised target price of Rs 275 (RE business - Rs 241.1/share at 0.5x its NAV and construction business - Rs 33.3/share).
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