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Last Updated : Apr 01, 2019 03:41 PM IST | Source: Moneycontrol.com

Buy Brigade Enterprises; target of Rs 330: ICICI Direct

ICICI Direct is bullish on Brigade Enterprises has recommended buy rating on the stock with a target price of Rs 330 in its research report dated March 29, 2019.

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ICICI Direct's research report on Brigade Enterprises


Brigade Enterprises (BEL), with over three decades of experience in real estate, is one of the leading property developers in South India primarily in the Bengaluru market. Currently, its business portfolio comprises real estate business (50.6 msf), leasing portfolio (8.9 msf) and hospitality business (1788 keys). We like BEL given its focus on ramping up the leasing portfolio. We expect its share of lease income to grow at 20.6% CAGR to Rs 560.1 crore in FY18-23E. In the residential business, we expect BEL’s sales volume to grow at a CAGR of 30.8% at 3.5 msf in FY18-21E on the back of a healthy launch pipeline and more focus towards the affordable housing segment.


Outlook


Hence, we initiate coverage on Brigade Enterprises with a BUY recommendation and an NAV based target price of Rs 330/share.


For all recommendations report, click here


Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.



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First Published on Apr 1, 2019 03:41 pm
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