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Last Updated : Aug 13, 2020 02:55 PM IST | Source: Moneycontrol.com

Buy Sobha; target of Rs 348: HDFC Securities

HDFC Securities is bullish on Sobha has recommended buy rating on the stock with a target price of Rs 348 in its research report dated August 11, 2020.

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HDFC Securities' research report on Sobha


Amidst challenging COVID-19 environment, SDL reported operationally robust 1QFY21 with pre-sales of 0.65mn sq ft (-39% YoY) aided by resilient sales in Bengaluru (70% of sales in 1QFY20), lower de-growth 35% YoY (74.5% of sales in 1QFY21). Despite the first half of lQFY21 facing lockdown related issues, total collections for the quarter stood at Rs 5.5bn (-39/-42% YoY/QoQ), this is commendable. Sales activity has picked up in June and trend is flowing into 2QFY21, with SDL indicating a better 2QFY21.



Outlook


Whilst sales inquiries have reached pre-COVID levels, the conversion is yet to happen as buyers want to visit the site physically. We maintain BUY with NAV of Rs 348/sh.


For all recommendations report, click here


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First Published on Aug 13, 2020 02:55 pm
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