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Hold HDIL: PINC
PINC Research has recommended a hold rating on Housing Development and Infrastructure (HDIL). Net profit was lower by 16.4% on a QoQ basis. The research firm have valued HDIL’s projects at Rs 285/sh.
PINC Research has recommended a hold rating on Housing Development and Infrastructure (HDIL) in its November 12, 2008 research report. "Net sales rose 3% YoY to Rs 4.8 billion. Net profit was lower by 16.4% on a QoQ basis. We have valued HDIL's projects at Rs 285/sh. Over the next few quarters matching the fund inflows and outflows can be a concern. The airport project is expected to add another Rs 25/sh, taking its total NAV to Rs 310/sh."
"We assign a 50% disc. to NAV citing challenging property markets especially in the B2B segment (HDIL sells TDRs to other developers who themselves are under considerable pressure) and tight liquidity conditions. At CMP of Rs 109, HDIL trades at a 30% disc. to its value/sh estimate of Rs 155. Despite this, we revise our recommendation downwards to 'HOLD' and would revisit our recommendation on more visibility on revenues, debt obligations/management and interest rate front," says PINC's research report.
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