HDFC Securities is bullish on Oberoi Realty has recommended buy rating on the stock with a target price of Rs 552 in its research report dated October 23, 2018.
HDFC Securities' research report on Oberoi Realty
After an impressive 1QFY19, ORL posted strong growth in certain pockets (Borivali /Worli) leading to 0.2mnsqft of sales vs (0.3mnsqft QoQ). Revenue came in at Rs 5.9bn in 2QFY19 (lower by Rs 1.1bn due to IND AS 115). During 2QFY19 Eternia project reached the profit recognition threshold while Enigma is pending. APAT came in at Rs 2.1bn in 2QFY19 (lower by Rs 78.6mn due to IND AS 115).
Outlook
With surplus liquidity ORL may gain bargain deals on new land acquisitions. In the near term the short term shock may impact equally as reflected in t he stock price correction. We maintain BUY with a TP of Rs 552/sh.
For all recommendations report, click here
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