Last Updated : Apr 05, 2018 05:43 PM IST | Source:

Buy Sunteck Realty; target of Rs 508: Edelweiss

Edelweiss is bullish on Sunteck Realty has recommended Buy rating on the stock with a target price of Rs 508 in its research report dated February 20, 2018.

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Edelweiss 's research report on Sunteck Realty

Sunteck Realty’s (SRL) Q3FY18 profit was in line with estimate (surged 239% YoY, down 3% QoQ). New sales at INR1bn were however muted (fell 18% YoY, 39% QoQ) with Signia Isles and Avenue 1/2 projects contributing to bulk of the bookings. The company has ventured into the affordable housing segment via the JDA route for a project in Naigaon (10msf saleable area), in the extended Western suburbs in MMR; we believe this will broaden its growth horizon.


We expect SRL to perform well driven by: (a) launch of Goregaon future phases; (b) sales pick up in Goregaon & BKC projects; and (c) entry into affordable housing segment. A strong balance sheet (post QIP) and preference for organised players post RERA are other key positives. We incorporate the Naigaon project in our valuation, roll over to FY20E and maintain ‘BUY/SP’ with a SoTP-based target price of INR508.

For all recommendations report, click here

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First Published on Feb 20, 2018 04:29 pm
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