Quote on BUY rating on Sobha Developers Limited by Mr. Yash Gupta, Angel Broking Ltd
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Below is quote on BUY rating on Sobha Developers Limited by Mr. Yash Gupta, Equity Research Associate, Angel Broking Ltd
Sobha Developers limited operates in Residential & Commercial real-estate along with Contractual business. Companies 65%-70% of residential pre-sales come from the Bangalore market which is one of the IT hubs in India, we expect new hiring by the IT industry will increase residential demand in Bangalore, Pune and Chennai. We have seen a strong consolidation in top-10 cities in India towards organized players post Demon, RERA, IL&FS crisis. Listed players have gained market share in new launches in the last 2-3 years, we expect this to continue.
Company having very strong pipeline in key geographic area, company expected to launch 17 new projects/phase spread over 12.56mn sqft across various geographies. Majority of launches will be coming from existing land banks. Company having land bank of approx. 200mn Sqft of salable area. Customers are now having preference for ready to move property or about to complete. As of June 2021, the company has a total unsold inventory of 14.37mn Sqft.
We have a buy rating on sobha developers at 625 with targets of 770.
Above views are of the author and not of the website kindly read disclaimer
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