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 June 07, 2020.
June 09, 2020 / 10:28 AM IST
HDFC Securities' research report on DLF
DLF Ltd (DLF) reported better than expected Rev/EBIDTA/APAT 24/37/45% beat. One time DTA reversals on new ETR migration of Rs 19.2bn and exceptional impairment of certain Hotels/Clubs investment worth Rs 3.3bn let to reported loss of Rs 18.6bn. DLF Phase V saw buyers cancellation worth Rs 3.9bn, reporting negative sales of Rs 80mn, new buying of Rs 3.8bn is positive. Office rental collections remain robust at 90/80% for Apr/May-20 and may touch 90% for May-20 by first week of June-20. Malls are expected to open with strict social distancing norms by mid Jun-20. Balance sheet remains comfortable net D/E of 0.1x.
We maintain BUY on DLF with SOTP of Rs 219/sh (vs. Rs 224/sh earlier).
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