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Last Updated : Oct 25, 2018 12:28 PM IST | Source: Moneycontrol.com

Buy Oberoi Realty; target of Rs 515: JM Financial

JM Financial is bullish on Oberoi Realty has recommended buy rating on the stock with a target price of Rs 515 in its research report dated October 23, 2018.

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JM Financial's research report on Oberoi Realty


Oberoi reported steady operations with pre-sales value at INR 5.7bn (INR 3.5bn 2QFY18) primarily on improvement in pre-sales across projects. Oberoi recognised Eternia revenues in 2QFY19 as project crossed 25% construction threshold. While company’s performance continues to improve post RERA/GST implementation, Mulund projects remain slow moving. Collections remained stable at INR 5.6bn (INR 5.7bn in 1QFY19). Net debt was reported at INR 4.1bn. Operating cash flows declined on TDR payments and higher construction spends. Company has received 97% lease commitment in Commerz II (63% at present). We believe current liquidity crisis will give lucrative business development opportunities for branded developers like Oberoi.


Outlook


Operations momentum will be contingent on launch of Goregaon ph 3, JVLR and Thane project. We maintain Buy with INR 515 TP.


For all recommendations report, click here


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




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First Published on Oct 25, 2018 12:28 pm
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