Axis Direct's research report on Oberoi Realty
Oberoi Realty is to buy GSK Pharma’s 60 acre land parcel at Thane for Rs 5.5 bn. The deal is in line with company’s strategy of continued focus on the Mumbai Metropolitan Region (MMR). Adding a new micro-market to the portfolio will boost sales traction FY19 onwards. While we await further clarity on the transaction, our preliminary analysis suggests the project can add ~Rs 56/ share of value.
Our revised TP stands at Rs 471 (vs. Rs 415 earlier). Upgrade to BUY (from HOLD earlier).
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