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Buy Sunteck Realty; target of Rs 700: Prabhudas Lilladher

Prabhudas Lilladher is bullish on Sunteck Realty has recommended buy rating on the stock with a target price of Rs 700 in its research report dated January 22, 2025.

January 22, 2025 / 11:49 IST
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Buy
Buy

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.

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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.

For all recommendations report, click here