Arihant Capital is bullish on Sunteck Realty has recommended buy rating on the stock with a target price of Rs 608 in its research report dated April 22, 2019.
Arihant Capital's research report on Sunteck Realty
We recently met the management of Sunteck Realty Ltd. (SRL) to understand the current demand environment prevailing in the real estate market in the wake of election related uncertainty and also to get some grip on the future strategy and growth plans of the company. We have also visited the Naigaon Site of the company to get some on ground information on the current execution pace and schedule of the Sunteck West World Project of the company. Post our management meeting and site visit we reiterate our positive stance on the company and revise our target price upwards by reducing our discount to NAV from 50% to 30% to factor in our bullish stance on the stock.
Outlook
Our revised target price for Sunteck stands at Rs 608/share. Post our Q3FY19 result update report (dated 28th Jan, 2019) the stock has already rallied 48% surpassing our earlier target of Rs 434. Despite the recent rally in the stock, we keep our bullish view intact and maintain our Buy rating on the stock.
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