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Last Updated : Aug 09, 2020 01:22 PM IST | Source: Moneycontrol.com

Buy DLF; target of Rs 219: HDFC Securities

HDFC Securities is bullish on DLF has recommended buy rating on the stock with a target price of Rs 219 in its research report dated August 07, 2020.

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HDFC Securities' research report on DLF


DLF reported revenue of Rs 5.5bn (-59%/-68% YoY/QoQ, 12% miss). Issuance of the possession letters got adversely affected during the lockdown and, hence, impacted revenue recognition. Rental business was impacted owing to the retail malls remaining shut due to lockdown and waivers given by DLF to tenants. Construction has recommenced at all sites, and DLF is operating at ~ 65% of pre-COVID levels. The company has not availed interest moratorium. Office segment remains robust with longer-term drivers in place and robust collections of 95%.



Outlook


We do believe that rental escalation may remain soft. Retail recovery will be much more protracted as its worst hit. Balance sheet remains comfortable with net D/E of ~0.1x.


For all recommendations report, click here


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First Published on Aug 9, 2020 01:22 pm
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