Buy DLF, target of Rs 330: Emkay Global

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Emkay Global Financial Services has maintained its buy rating on DLF with a target of Rs 330 in its November 4, 2008 research report. "Revenue and net profit for the quarter stood at Rs 37.4 billion and Rs 19.3 billion respectively (against our estimates of Rs 40.2 billion and Rs 20.9 billion)."

"We expect the company to report revenue of Rs 206.4 billion in FY09 and Rs 312.9 billion in FY10. Net profit for FY09 and FY10 is estimated to be Rs 104.5 billion and Rs 146.0 billion respectively. The stock trades at 4.7 x FY09 and 3.4 x FY10. We are revising our NAV estimates from Rs 840 earlier to Rs 660, due to a) higher cost of funds b) excluding long gestation projects like Biddadi from our estimates. We maintain our BUY on the stock with target price of Rs 330 (earlier Rs 672) based on 50% discount to NAV," says Emkay Global Financial Services' research report.

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