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Buy Prajay Engineers Syndicate: ICICI Sec
ICICI Securities has maintianed buy rating on Prajay Engineers Syndicate. We estimate Prajay’s fair value at Rs 23.5 billion or Rs 592/share based on discounted value of projects under planning and development over the next 4-5 years at Rs 13.4 billion or Rs337/share.
ICICI Securities has maintianed buy rating on Prajay Engineers Syndicate in its December 11, 2007 report. "We are upgrading our NAV estimates on Prajay Engineers Syndicate (Prajay) 23% to Rs 23.5 billion or Rs 592/share from Rs 19.1 billlion or Rs 480/share mainly on account of increase in FSI of Prajay's properties in Maheswaram and in outer Hyderabad. This has resulted in increase in total saleable area to 39.5 million sqft from 26mn sqft, leading to Rs112/share upside. Prajay is one of the largest real estate developers in Hyderabad, offering differentiated real estate and hospitality products. The company has made significant capital gains on the back of its well located land bank of 800acres. We remain upbeat on Prajay's strong project pipeline and discount to NAV. Maintain Buy," according to ICICI Sec report.
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