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Last Updated : Aug 10, 2018 04:34 PM IST | Source: Moneycontrol.com

Buy Sobha; target of Rs 644: HDFC Securities

HDFC Securities is bullish on Sobha has recommended buy rating on the stock with a target price of Rs 644 in its research report dated 09 Aug 2018.

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HDFC Securities' research report on Sobha

1QFY19 Revenue (not comparable on account of IND AS 115 transition) came in at Rs 6.0bn (-12.0% YoY, -22.3% QoQ). IND AS-115 adjustments resulted in SDL reversing Rs 32.6bn revenue and Rs 7.6bn of profits and this will be re-recognized over the next 8-10 quarters depending on individual project completion.

Outlook

Affordable segment (Rs  50-60L/  unit) will drive the volumes in key markets. Over longer term SDL  wants to multiply volumes 2x to ~6mn sqft. We maintain BUY with NAV of Rs 644/share.

For all recommendations report, click here

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First Published on Aug 10, 2018 04:34 pm
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