Moneycontrol PRO

Buy Prestige Estates Projects; target of Rs 280: HDFC Securities

HDFC Securities is bullish on Prestige Estates Projects has recommended buy rating on the stock with a target price of Rs 280 in its research report dated August 15, 2020.

August 19, 2020 / 11:06 AM IST
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

HDFC Securities' research report on Prestige Estates Projects


PEPL pre-COVID rerating was backed by robust expansionary plans on asset build-out and likely deleveraging through REIT, but COVID-19 has now put a spanner in the wheel. As such, FY21E residential collections will remain subdued, and headwinds like work from home and retail footfall/hotel occupancy normalisation will take time. PEPL continues to evaluate monetisation opportunities in the rental business and potential REIT listing over the medium term. Labour availability has now ramped up to ~65%, with normalisation expected by 3QFY21.


Outlook


We maintain BUY on PEPL with an SOTP of Rs 280/sh. No change in FY21/22 estimates.


For all recommendations report, click here

Close

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.

Broker Research
first published: Aug 19, 2020 11:06 am
Sections
ISO 27001 - BSI Assurance Mark