Prabhudas Lilladher's research report on Sunteck Realty
Sunteck Reality (SRIN) reported healthy pre-sales (40% YoY) and steady collections (up 26% QoQ) in Q3. SRIN’s proven ability to market ultra-luxury projects, aggressive and multi-pronged land acquisition capabilities in various micro markets across Mumbai Metropolitan Region (MMR) is an interesting play on Mumbai’s high value real estate market. We expect company’s presales to grow +35% CAGR over FY24-27E aided by ongoing projects and strong new launches pipeline including new Dubai JV project.
Outlook
Further given likely strong cash flow generation and JV with IFC, we see SRIN to step up new project additions which will be a key catalyst for stock performance. Adoption of asset light model has enabled the company to acquire scale without straining its balance sheet. Maintain ‘Buy’ rating with a TP of Rs. 700/share.
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