Anand Rathi's research report on Suraj Estates
Its choice of micro-markets and differentiated products make Suraj Estate stand out. On its long-standing operations (over 38 years’ delivery) in south-central Mumbai (high barriers to entry, paucity of land parcels), cost and time effective redevelopment model, keen focus on the value-luxury category (conforming to demographics) and select luxury developments, it has emerged as a real estate supplier of choice in its chosen markets. On its strong project pipeline with a much-anticipated launch of key projects like Suraj Vibe (Mahim, commercial) and Bandra luxury projects, it will further strengthen its leading position.
Outlook
We initiate coverage on the stock with a Buy rating and a TP of Rs 442, based on discounted cash flow methodology. At CMP of Rs314, we understand stock is mispriced taking into consideration the bear case TP of Rs372/share where launches of marquee projects are delayed.
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