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Last Updated : Sep 14, 2020 01:40 PM IST | Source: Moneycontrol.com

Buy Mindspace Business Parks REIT: target of Rs 358: ICICI Securities

ICICI Securities is bullish on Mindspace Business Parks REIT recommended buy rating on the stock with a target price of Rs 358 in its research report dated September 14, 2020.

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ICICI Securities research report on Mindspace Business Parks REIT


We initiate coverage on Mindspace Business Parks REIT with a BUY rating based on March 2022 DCF based target price of Rs358/unit. The REIT has a stabilised rentyielding office portfolio spread across Hyderabad, Mumbai Metropolitan Region, Pune and Chennai. With 92% committed occupancy and in-place rent of just Rs52/psf/month, we like the company given 16% NOI CAGR over FY20-23E, a resilient leasing cycle for office assets in India’s tier I cities and low leverage of 0.2x net debt/equity which leaves headroom for injection of new assets in the REIT portfolio.


Outlook


At CMP of Rs302, we estimate NDCF yield of ~7% over FY22-23E of which over 90% is estimated to consist of tax-free dividends. Key risk to our thesis is the large-scale adoption of Work-from-Home by occupiers over the long term.


For all recommendations report, click here


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First Published on Sep 14, 2020 01:40 pm
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