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Last Updated : Aug 09, 2020 01:23 PM IST | Source: Moneycontrol.com

Buy Sobha Developers; target of Rs 348: HDFC Securities

HDFC Securities is bullish on Sobha Developers has recommended buy rating on the stock with a target price of Rs 348 in its research report dated August 03, 2020.

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HDFC Securities' research report on Sobha Developers


Sobha Developers Limited’s (SDL) FY20 annual report is more an annual ritual with clear cut disclosures and conservative treatment of real estate sales. The pre-sales for FY20 remained flattish at 4.1mn sqft. A few yellow flags do require further clarity in (1) SEBI emails seeking clarifications on certain business transactions done in earlier years (SDL has mentioned no adverse financial impact of it) and (2) related party dealings with promoter entity Sobha Projects and Trade Pvt Ltd. SDL, with a strong brand positioning, robust unused bank limits (Rs 15bn), and premium positioning in the residential segment, is well-placed to ride the COVID headwinds.


Outlook


We maintain BUY with a target price of Rs 348/sh.


For all recommendations report, click here


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First Published on Aug 9, 2020 01:23 pm
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