Buy Prozone Capital; target of Rs 35: Magnum

Magnum's research report on Prozone Capital Shopping Centres (PCSC)

PCSC strategy to participate & dominate in the retail space in Tier II & III cities thus targeting investment from middle Income group. The company’s strategy to develop large land parcels for mixed use development for Residential, Commercial & Malls. Outlook: "PCSC a turnaround story. PCSC’s large land bank fully paid. Company’s low debt & ability to monetize land bank over next few years gives vision for long term investments. Healthy top-line in to grow from Rs 84 cr in FY13 to Rs 539 cr in FY15E. Bottom-line also will witness significant addition from Rs -14 cr FY13 to Rs 126 cr FY15E. At CMP of Rs 24, the stock is trading at P/E of 2.9x FY15E and P/BV of 0.13x FY15E. We maintain BUY rating for the stock with longer term horizon for target price of Rs 35.00," says Magnum research report. 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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