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Hold Sobha; target of Rs 735: ICICI Direct

ICICI Direct recommended hold rating on Sobha with a target price of Rs 735 in its research report dated August 12, 2022.

August 14, 2022 / 11:15 AM IST
 
 
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ICICI Direct's research report on Sobha


Sobha Ltd (Sobha) is a leading real estate player with ongoing real estate projects with ~13.5 mn sq feet (msf) of unsold saleable area and ongoing contractual projects aggregating to 3.1 msf in various stages of construction. As on Q1FY23, the company has delivered ~120+ msf of developable area. It has a real estate presence in 10 cities, viz. Bengaluru, Gurugram, Chennai, Pune, Coimbatore, Thrissur, Kozhikode, Kochi, Gift City and Mysore.


Outlook


We incorporate higher sales volumes and remove discount to NAV. We maintain HOLD, given the ~30% run up in the last three months. We value Sobha at Rs 735/share.


For all recommendations report, click here

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Sobha - 120822 - ic

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first published: Aug 14, 2022 11:11 am
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