ICICI Securities’ top real estate picks: DLF, Oberoi Realty, and more

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DLF DLF:

The brokerage has an ‘add’ rating on the stock. The company intends to launch new projects of over 8 million square feet (msf). It is also targeting an annual booking run-rate of at least Rs 40 billion. This is against the pre-COVID levels of  Rs 20-25 bullion. “With new inventory released for sale in its independent floors across DFL City, Gurugram, new Gurugram, and Tri-City, Chandigarh, we expect DLF to clock Rs 10 billion in Q2 FY22 as well,” ICICI Securities said.

Oberoi Realty: The brokerage has a ‘buy’ rating on the stock. It says the company is targeting launches in H2FY22 across Thane and Borivali/Goregaon and other ongoing projects once lockdowns are eased.
Macrotech (Lodha) Developers: The brokerage has an ‘add’ rating on the stock. ICICI Securities says the company has already started marketing new and upcoming phases in Phase 2, Palava. The brokerage expects this launch to take Lodha’s monthly sales run rate to Rs 10 billion from October 2021. The company is on track to achieve its FY22 sales guidance of Rs 90 billion, it said.
Mahindra Lifespaces Developers: The brokerage has a ‘Buy’ rating on the stock. ICICI Sec says, considering its lunches lined up for H2 FY22, the company can clock gross sales bookings of over Rs 12 billion in FY22E vs Rs 7 billion in FY21.
Godrej Properties: The brokerage has a ‘Sell’ rating on the stock. It says the company’s launches have picked up pace in Aug-Sep. So the brokerage expects it to clock Rs 21-22 billion of sales bookings in Q2 FY22.
Prestige Estates Projects: ICICI Securities has an ‘Add’ rating on the stock as it expects the company to clock Rs 20 billion of gross sales bookings in Q2 FY22 with company share between Rs 16-17 billion.
Brigade Enterprises: ICICI Sec has a ‘Buy’ rating on the stock given that it has been able to clock sales worth Rs 4 billion in Aug-Sep from its launch of 12 new properties. The brokerage expects the company to clock Rs 10 billion of sales during the quarter and Rs 30 billion in FY22.
Sunteck Realty: ICICI Sec has a ‘Buy’ rating on the stock. The brokerage has seen an encouraging initial response to its latest project launch and expects Rs 1 billion of sales bookings from Vasind launch in Q2FY22.
Real estate growth Shobha Ltd: ICICI Sec has an ‘Add’ rating on the stock as it expects Q2 FY22 will be better than the corresponding quarter of FY21. The brokerage has seen a decent response to its latest launch of Shobha Manhattan Towers in Bangalore.

(Edited by : Ajay Vaishnav)



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