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Last Updated : Sep 18, 2018 02:12 PM IST | Source: Moneycontrol.com

Buy Prestige Estates Projects; target of Rs 316: HDFC Securities

HDFC Securities is bullish on Prestige Estates Projects has recommended buy rating on the stock with a target price of Rs 316 in its research report dated July 31, 2018.

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HDFC Securities's research report on Prestige Estates Projects


1QFY19 Revenue came in at Rs 8.6bn. The prior quarters are not comparable due to 1st time adoption of IND AS 115. Impact (1QFY19): Lower revenue by Rs 1.7bn and higher net profit by Rs 23mn). Even as 1mn sqft was launched in 1QFY19 in Chennai and Bangalore, PEPL’s share of pre-sales decreased QoQ to 1.1mn sqft (vs 1.6mn sqft QoQ).


Outlook


We continue to closely monitor the pace of new launches along with disposal of existing inventory of Rs 18bn. Value unlocking in office portfolio will help reduce debt. Due to the recent price correction, we upgrade PEPL from NEU to BUY with a NAV-based TP of Rs 316/sh.


For all recommendations report, click here


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First Published on Aug 1, 2018 04:39 pm
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