See good growth potential in Cineline, target Rs 100: SP Tulsian

SP Tulsian of sptulsian.com told CNBC-TV18, "People call Cineline India as an entertainment stock. But I call it as a real estate stock, the existence of this company came when Cineline when they were in the exhibition business, the real estate division of the company was hived off and that company was named as Cineline India. This company owns nine multiplexes in Mumbai. In Mumbai where they have those multiplexes are may be Sion, Andheri, Jogeshwari , Malad, Navi Mumbai and Nashik. I call these each multiplex as an individual property which has potential to develop." "Their multiplex in Thane is now in a dilapidated condition. So, the company will be looking to develop that multiplex at a later date or maybe in due course of time. All these multiplexes are given on long lease to PVR, so they are companies yielding an annuity income and if you see the situation in the shareholding pattern about 70 percent promoters, about 17 percent are held by the high networth individuals (HNI) in which 6.5 percent is held by ICICI Prudential," he said."So I am in fact treating this as a real estate company having a lot of potential to grow as a development as also the annuity income and I'm taking a target of Rs 100 by next Diwali on the stock. Now it is rolling closer to Rs 72."