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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
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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).

For all recommendations report, click here

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

Broker Research
first published: Jun 9, 2020 10:11 am

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