Anand Rathi is bullish on Sunteck Realty has recommended buy rating on the stock with a target price of Rs 545 in its research report dated November 17, 2018.
Anand Rathi's research report on Sunteck Realty
With an inspiring response to its maiden launch in affordable housing, Sunteck’s Q2 value bookings were dominated by ‘Sunteck West World’ phase-1, Naigaon (~75% of the total). The company, indeed, has done better than what we expected, with such a high velocity (1,015 units sold of 2,476 units launched). The benefit of the Naigaon launch, the and steady pace of sales at its BKC projects and the focus now on the ODC project would lead to a better H2 FY19, we feel. We maintain our Buy for its strong balance sheet, upgraded rating, visible launch pipeline and ready inventory providing free-cashflow potential.
At the ruling price, the stock trades at 1.6x FY20e P/BV. We maintain our Buy rating, with a TP of `545.
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