Buy Sobha; target of Rs 317: Axis Direct

Axis Direct is bullish on Sobha has recommended buy rating on the stock with a target price of Rs 317 in its research report dated February 15, 2017.

February 20, 2017 / 17:34 IST

26 Aug, 2025 12:21

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Axis Direct's research report on Sobha

While Sobha saw sharp decline in pre-sales in Q3 (down 22% YoY) post demonetization, it is seen improving in Q4. Management indicated pre-sales in Q4 will be better than Q3. However, it highlighted that FY17 pre-sales guidance (Rs 20 bn) is likely to be missed.

Outlook

Management highlighted it is keenly looking at the affordable housing space. With its huge land bank and expertise gained from its “Dream Acres” project, we believe Sobha is well placed to capitalize on the affordable housing opportunity.

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first published: Feb 20, 2017 05:34 pm

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