Motilal Oswal's research report on Oberoi Realty
Oberoi Realty’s (OBER’s) pre-sales more than doubled YoY (12% above estimate) to INR10.7b, driven by strong bookings at the ‘360-West’, Worli project, which contributed INR4.8b to pre-sales across bookings of six units.The sales traction across other projects at Borivali (INR1.9b) and Mulund (INR1.3b) sustained on a YoY basis but was weak sequentially. Elysian Goregaon’s pre-sales grew 64% YoY to INR2b, after the successful launch of the third tower in 4QFY24. Forestville, Thane (launched in 3Q) clocked bookings of INR0.6b across 32 units.
Outlook
At current valuations, OBER’s residential business implies a value of INR450-460b. The estimated value of the existing pipeline, including the Gurugram project, is INR230b, implying ~100% of the going concern premium, which already accounts for prospective business development in the near term.Reiterate Neutral with a TP of INR1,560, indicating a 10% downside potential.
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