Buy Brigade Enterprises; target of Rs 346: Edelweiss
Edelweiss is bullish on Brigade Enterprises has recommended buy rating on the stock with a target price of Rs 346 in its research report dated May 17, 2018.
May 29, 2018 / 03:13 PM IST
Edelweiss' research report on Brigade Enterprises
Brigade Enterprises’ (BEL) Q4FY18 net profit of INR184mn stood below our INR478mn estimate due to: (a) fewer projects reaching revenue recognition stage; and (b) INR115mn one-off expense. New sales at INR2.3bn (up 7% YoY, down 10% QoQ) were impacted by cancellations due to delays in approvals of some projects which were booked in pre-RERA period. Despite a muted Q4FY18, we expect BEL’s operations to strengthen going ahead, led by planned new launches (~11.6msf) over next few years. A strong Bengaluru market, strong office space leasing and steady traction in its leasing and hospitality portfolios are key positives.
We maintain ‘BUY’ with a revised TP of INR346 (INR362 earlier).
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