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Strong operational momentum sustains Net debt up by INR9b on higher land investments Strong response to launch drives pre-sales growth * Prestige Estates Projects (PEPL) maintained strong momentum in pre-sales, with bookings up 30% YoY at INR39b (5% above estimate), in line with the quarterly run rate of the company’s FY24 guidance of INR160b. * Growth was largely driven by strong response to its Bengaluru project launch (Prestige Lavender fields), which contributed over 5...
Buy Prestige Estates Projects Ltd For Target Rs.750 - Motilal Oswal Financial Services
Pending annuity capex to drive debt higher Our view Prestige Estates Projects (PEPL) achieved stellar pre-sales Rs39.15bn in Q1FY24 and collected Rs27.41bn while launched 3.11msf (Prestige Lavender Fields). Also delivered 5.90msf of projects in Bangalore. PEPL is geared up to launch ~35msf of residential projects across geographies in next 12-15months with sales potential of Rs320bn. PEPL is confident to achieve 25% presales growth guidance on the back strong launch pipeline. To keep th...
Add Prestige Estates Projects Ltd For Target Rs. 673 - Yes Securities Ltd
Sales bookings impress, debt levels the key monitorable Prestige Estates Projects (PEPL) clocked strong Q1FY24 sales bookings worth INR39.1bn (up 30% YoY) driven by new launches of 3.1msf and ongoing project inventory sales. For the remainder of FY24, the company has project launches lined up across South India, Mumbai and NCR having GDV of ~INR400bn. Consolidated net debt levels have risen by INR25.6bn over the last 12 months as the company continues to incur annual land/stake buyout spen...
Add Prestige Estates Projects Ltd For Target Rs.611 - ICICI Securities
Prestige Estates Projects is currently trading at Rs. 476.70, up by 2.00 points or 0.42% from its previous closing of Rs. 474.70 on the BSE. The scrip opened at Rs. 477.05 and has touched a high and low of Rs. 480.00 and Rs. 472.00 respectively. So far 8650 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 520.00 on 16-May-2023 and a 52 week low of Rs. 375.00 on 05-Jul-2022. Last one week high and low of the scri...
Prestige Estates Projects gains on inking pact to increase stake in Prestige (BKC) Realtors
Prestige Estates Projects is currently trading at Rs. 461.50, up by 3.05 points or 0.67% from its previous closing of Rs. 458.45 on the BSE. The scrip opened at Rs. 457.55 and has touched a high and low of Rs. 465.65 and Rs. 450.60 respectively. So far 18695 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 511.30 on 05-Dec-2022 and a 52 week low of Rs. 375.00 on 05-Jul-2022. Last one week high and low of the scr...
Prestige Estates surges on reporting 25% jump in sales bookings during FY23
Prestige Estates Projects is currently trading at Rs. 448.85, up by 10.60 points or 2.42% from its previous closing of Rs. 438.25 on the BSE. The scrip opened at Rs. 452.45 and has touched a high and low of Rs. 457.75 and Rs. 446.75 respectively. So far 8193 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 511.30 on 05-Dec-2022 and a 52 week low of Rs. 375.00 on 05-Jul-2022. Last one week high and low of the scr...
Prestige Estates Projects soars as its arm acquires 51% stake in Dashanya Tech Parkz
Aggressive growth plans across segments We attended Prestige Estates Projects (PEPL)’s analyst meet held on 21st Feb’23 where the management highlighted its aggressive growth plans across segments: 1) the company aspires to double its annual residential sales bookings to Rs250bn by FY26E from ~Rs120bn in FY23E led by expansion in Mumbai, NCR and Pune markets, 2) incremental rental income of Rs25.5bn from offices/malls by FY28E which would require Rs159bn of capex, 3) company pl...
Buy Prestige Estates Projects Ltd For Target Rs.530 - ICICI Securities
Balancing growth with prudence Prestige Estates (PEPL) reported steady numbers in the residential business backed by new launches (2.49msf in 3QFY23 of for-sale projects) and showed sustained traction across Bangalore and MMR regions. Booking value stood at INR 25.19bn (down 41% YoY; down 28% QoQ on a very high base; broadly in line with target of over INR 120bn worth of bookings; INR 90.24bn in 9MFY23). On the annuity front, PEPL targets INR 30bn of annuity income by FY28 (INR 5bn in reta...
Buy Prestige Estates Projects Ltd For Target Rs.620 - JM Financial Institutional Securities
On track to achieve guidance, focusing on BD Our view Prestige Estates Projects (PEPL) continued strong pre-sales by achieving over Rs25bn in Q3FY23 and collected Rs23bn while launched 4.06msf across segments and geographies. Also delivered 11.04msf of projects in Bangalore & Kochi. PEPL is geared up to launch another 10-15msf of residential projects across geographies in next 3- 6months. PEPL is confident to achieve Rs120bn presales guidance (9MFY23 Rs90.4bn) as the compa...
Buy Prestige Estates Projects Ltd For Target Rs. 617- Yes Securities Ltd
CY23: To be a defining year Scale-up in residential segment to reduce concerns around leverage PEPL stock has not seen any major re-rating despite continued strong performance in its residential business. In our opinion, this is likely due to concerns over leverage given a heavy capex cycle ahead of us. We expect CY23 to be a defining year for PEPL as it looks to grow its pre-sales on a strong base, provide growth visibility, and allay concerns of rise in leverage beyond a comfortable l...
Investment Idea : Buy Prestige Estates Projects Ltd For Target Rs.675 - Motilal Oswal Financial Services
Sales roll-on; debt under check for now Prestige Estates (PEPL) continues to report healthy numbers on the residential front backed by sustained traction across Bangalore / MMR regions with booking value at INR 35.11bn (+66% YoY; +17% QoQ on a very high base). In FY23, PEPL targets bookings of over INR 120bn (Bangalore: INR 80-85bn + MMR: INR 25-30bn and balance from other cities including Delhi NCR and Hyderabad). Going forward, PEPL plans to create an Alternate Investment Fund (AIF) that...
Buy Prestige Estates Projects Ltd For Target Rs.625 - JM Financial Services
Business development & launches a focus area Our view Prestige Estates Projects (PEPL) continued strong pre-sales by achieving over Rs35bn in Q2FY23 and collected Rs26bn while launched 7.39msf across segments and geographies. Also delivered 2.58msf of projects in Bangalore. PEPL is geared up to launch 10-15msf of residential projects across geographies in the remainder of FY23 which will aid to achieve Rs120bn presales guidance. PEPL is evaluating potential projects/land parcels in ...
Buy Prestige Estates Projects Ltd For Target Rs.625 - Yes Securities Ltd
Demand momentum intact; net debt flat QoQ Strong launch pipeline to aid in sustaining sales run-rate * Prestige Estates Projects (PEPL) reported the second-best quarterly pre-sales performance with total booking value of INR35b (10% beat), up 17% QoQ /66% YoY in 2QFY23. * PEPL generated 75% of sales from Bengaluru led by continued momentum at Prestige City, Bengaluru while Mumbai and Hyderabad contributed 12% and 9%, respectively, during the quarter. * Sales volume rose 20% YoY to...
Buy Prestige Estates Projects Ltd For Target Rs.675 - Motilal Oswal Financial Services
Prestige Estates Projects is currently trading at Rs. 450.50, up by 0.85 points or 0.19% from its previous closing of Rs. 449.65 on the BSE. The scrip opened at Rs. 460.85 and has touched a high and low of Rs. 460.85 and Rs. 445.90 respectively. So far 22105 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 553.40 on 18-Jan-2022 and a 52 week low of Rs. 375.00 on 05-Jul-2022. Last one week high and low of the scr...
Prestige Estates Projects rises as its arm acquires 30% stake in Prestige OMR Ventures
Has emerged as the largest realty company Prestige Estates Projects Ltd (PEPL) is India’s largest developer in terms of booking value for FY22. Much of PEPL’s growth is fueled by the projects in Bengaluru and Hyderabad. The company has embarked in to Mumbai and NCR region, and targeting aggressive growth in these geographies. * Pre-sales increased from 1.1 msf in Q1FY22 to 3.6 msf in Q1FY23 (+230% YoY) and we expect these healthy sales to continue. * Management expects to...
Mid Cap : Buy Prestige Estates Projects Ltd For Target Rs.611 - Geojit Financial Services
Falcon to focus on Pune & NCR market now Our view Prestige Estates Projects (PEPL) continued strong pre-sales by achieving over Rs30bn in Q1FY23 and collected Rs21.46bn while launched 9.67msf across Bangalore & Mumbai. Post PEPL’s successful launch in Mumbai, is geared up to launch more projects in reminder of FY23. Additionally, PEPL is evaluating potential projects/land parcels in NCR and Pune to expand geographically. PEPL’s annuity is expected to rise with the co...
Buy Prestige Estates Projects Ltd For Target Rs.655 - Yes Securities Ltd
Prestige Estates Projects is currently trading at Rs. 437.90, up by 24.20 points or 5.85% from its previous closing of Rs. 413.70 on the BSE. The scrip opened at Rs. 416.95 and has touched a high and low of Rs. 451.10 and Rs. 413.75 respectively. So far 63307 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 553.40 on 18-Jan-2022 and a 52 week low of Rs. 315.80 on 23-Aug-2021. Last one week high and low of the sc...
Prestige Estates Projects moves up on acquiring 10% stake in Prestige Sterling Infraprojects
Our view Prestige Estates Projects (PEPL) clocked best pre-sales in its history crossing Rs100bn in FY22 and collected Rs74.66bn while launched 16.77msf in FY22 across the geographies of operation. PEPL achieved its pre-sales guidance for FY22 by recording Rs10.38bn sales. Blackstone’s Phase-II deal concluded in the Q4FY22 which will further help to deleverage. Commissioning of annuity assets should start gradually which will generate cashflow and support capex going ahead. PEPL plan...
Buy Prestige Estates Projects Ltd For Target Rs.653 - Yes Securities
Key News LIC Housing Finance plans to expand project loan business in FY23 With an upturn in the real estate cycle, LIC Housing Finance plans to step up project finance lending and increase the share of such disbursements to 10 per cent in 2022-23 (FY23), from the present-day 5 per cent. On the project loan side, in the first half of 2021-22 (FY22), activities were not in full swing. Also, business was impacted by the third wave in the second half of FY22. Now the business environmen...
Key News - LIC Housing Finance Ltd, Hinduja Leyland Finance Ltd, Tata Motors Ltd, Prestige Group, By ARETE Securities
Resi. sales in different trajectory, sustenance is key; MMR projects progressing with good pace Our view PEPL recorded best pre-sales in its history crossing Rs42.6bn in single quarter and collected Rs24.3bn while launched 8.3msf in Q3FY22 across the geographies of operation. PEPL has raised its FY22 sales guidance of Rs70-80bn to Rs100bn as already achieved Rs71.1bn in 9MFY22. Phase-II of Blackstone deal concluded in the current quarter which will further help to deleverage. The commis...
Buy Prestige Estates Projects Ltd For Target Rs.653 - Yes Securities
Smartly manoeuvring through real estate cycle Prestige Estates (PEPL) reported a standout quarter in the residential business backed by highest ever quarterly sales of INR 42.67bn (+111% YoY; +102% QoQ; c.78% of FY21 sales) coupled with strong collections of INR 24.3bn (+70% YoY; 57% QoQ). PEPL management has further upped the guidance for booking values to INR 100bn in FY22 (INR 70-80bn earlier guidance; 9MFY22: 71.1bn) on the back of strong traction across projects especially Prestige Ci...
Buy Prestige Estates Projects Ltd For Target Rs.595 - JM Financial Services
Prestige Estates Projects is currently trading at Rs. 540.35, up by 27.80 points or 5.42% from its previous closing of Rs. 512.55 on the BSE. The scrip opened at Rs. 532.00 and has touched a high and low of Rs. 553.40 and Rs. 532.00 respectively. So far 183079 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 553.40 on 18-Jan-2022 and a 52 week low of Rs. 260.15 on 04-May-2021. Last one week high and low of the s...
Prestige Estates Projects soars on reporting over two-fold jump in sales bookings in Q3
Technical Observations * The realty sector has undergone healthy retracement after a sharp rally in September-October. The realty stocks in the last couple of weeks has witnessed renewed buying interest as the index rebounded taking support at the 100 days EMA. Among the Realty stocks Prestige Estate in one of out preferred picks which we expect to outperform * The share price of prestige estate is seen rebounding taking support at the rising demand line joining lows since August 2...
Stock Picks - Buy Prestige Estates Projects Ltd For Target Rs.535 - ICICI Direct
Rescued from debt trap, Ready to soar high * Post the first tranche of Blackstone deal worth Rs74.7bn, PEPL’s net debt stands at Rs10bn and after the second tranche, PEPL will turn net cash positive. Additionally, PEPL has resolved to stay within the 0.5x net D/E post FY23. Moreover, it intends to keep residential business debt-free in the long run. * Blackstone deal perfectly timed as immediate demand outlook for office and retail assets has decelerated and expected to recover fu...
Buy Prestige Estates Projects Ltd For Target Rs.621 - Yes Securities
Festive fervour kicks in Along expected lines, Prestige Estates Projects (PEPL) has seen Q2FY22 gross residential bookings rising 88% YoY in value terms to Rs21.1bn (Isec estimate of Rs20bn) on the back of Rs8.5bn of sales from the Great Acres plotted development in the Prestige City, Bengaluru project. With a strong pipeline of launches of 10msf in H2FY22, this momentum in residential sales is expected to sustain heading into the festive season. The company has recently launched its first...
Reduce Prestige Estates Projects Ltd For Target Rs.469 - ICICI Securities
Technical Observations * The realty index has shown resilience by retracing merely 38% (of mid Sept-Oct 35% rally) during the recent corrective phase, highlighting robust price structure. One of the preferred pick within the realty space is Prestige estate which we expect to outperform. * The stock has generated a breakout above the falling channel containing last two weeks breather signaling resumption of up move and offers fresh entry opportunity * The stock during current wee...
Stock Picks - Buy Prestige Estates Projects Ltd For Target Rs.498 - ICICI Direct
Robust Residential sales and launches to aid annuity CAPEX with net gearing under 0.6x Our view PEPL recorded best pre-sales in its history crossing Rs21bn in single quarter and delivered 8.08msf while launched cumulatively 3.49msf in Q2FY22 across the geographies of operation. PEPL further increased depth of Mumbai portfolio by acquiring residential project from ARC confirms long terms play. PEPL plans to commission annuity assets of 49.3msf (Cos. shares 33.5msf) which will take curren...
Buy Prestige Estates Projects Ltd For Target Rs.621 - Yes Securities
Below is quote on Prestige Estates Projects Ltd by Mr. Yash Gupta, Equity Research Analyst, Angel One Ltd Prestige Estates reported the highest quarterly sales of ₹2111.9 cores and collections of ₹1551.5 crores in Q2FY22. Prestige Estates Projects Limited has reported pre-sales growth of 88% at ₹2,111.9 crores as compared to ₹1,123.3 crores in Q2FY21, along with this company has reported 100% growth in volume at 3.54 mn sqft as...
Quote on Prestige Estates Projects Ltd by Mr. Yash Gupta, Angel One Ltd
All eyes on upcoming Mumbai launches Q1FY22 saw Prestige Estates Projects’ (PEPL) gross residential bookings rising 59% YoY in value terms to Rs7.3bn on the back of 75% of sales coming from ongoing and completed projects in spite of the second Covid wave. With a strong pipeline of launches of 12-15msf in H2FY22, this momentum in residential sales is expected to sustain. The company is gearing up to launch three new projects in Mumbai across 6msf in Mulund, Byculla and Bandra and t...
Hold Galaxy Surfactants Ltd For Target Rs.3,076 - ICICI Securities
Our view: Strong residential sales, office leasing picking up but need to monitor Capex cycle PEPL achieved pre‐sales of 1.1msf for Q1FY22 witnessing growth of 69%YoY translating sales in value terms to Rs7.34bn (59.2%YoY) amid subsequent lockdown due to covid second wave; collections too remained robustforthe quarterto Rs10.2bn (40%YoY) on the back of continued execution. Management retained guidance of achieving presales of Rs65bn in FY22 and not to exceed Net D/E...
Buy Prestige Estates Projects Ltd For Target Rs.404 - Yes Securities
Technical Observations * The real estate space is witnessing a breakout above a decade long consolidation with most of the stocks forming higher peak and higher trough in all time frame. * The share price of Prestige Estates has generated a resolute breakout above a five months consolidation range | 325-263 signalling resumption of up move and offers fresh entry opportunity. * It is expected to continue with its positive momentum and head towards | 365 levels as it is the 161.8%...
Stock Picks - Buy Prestige Estates Projects Ltd For Target Rs. 365 - ICICI Direct
Prestige Estates Projects Limited * On the weekly chart, the stock has witnessed “Consolidation Range” (320-260) breakout around 320 levels which signals resumption of the uptrend * Huge volumes on the breakout , signals increased participation near breakout zone * The stock is strong uptrend as it is Prestige Estates Projects Limited Weekly Tech Picks 16 July, 2021 continue to form a series of higher Tops and higher Bottom formation across all the time frames * T...
Weekly Tech Picks - Prestige Estates Projects Ltd, Bata India Ltd, Orient Electric Ltd, Lupin Ltd - Axis Securities
Residential sales see strong uptick Q4FY21 saw Prestige Estates Projects’ (PEPL) gross residential bookings rising 53% YoY in value terms to Rs18.5bn on the back of strong response to new launches of 4.7msf during the quarter and monetisation of completed inventory across projects. With a strong pipeline of launches of 12-15msf in FY22E, this momentum in residential sales is expected to sustain. Post completion of Phase1 of the annuity asset sale transaction to Blackstone group, PEPL...
Add Prestige Estates Projects Ltd For Target Rs. 317 - ICICI Securities
Result Highlights: Strong residential sales driving numbers * PEPL achieved pre‐sales of 2.76msf (‐7%QoQ/35%YoY) for Q4FY21 which took tally for whole year to 8.16msf (25%YoY) and translates in sales value of Rs18.5bn (‐9%QoQ/53%YoY) for Q4FY21 and Rs54.6bn (20%YoY) FY21 respectively. PEPL collected Rs50.8bn (9%YoY) for FY21. * In Q4FY21 PEPL launched two project one each in residential (Prestige Park Drive o.67msf) and commercial (Prestige Lakeshore Drive 4.07msf) segment totaling to 4...
Buy Prestige Estates Projects Ltd For Target Rs.404 - Yes Securities
Key News Ashok Leyland announces senior level organisational changes Hinduja group flagship company Ashok Leyland on Tuesday announced the appointment of Amanpreet Singh as the head and president of human resources. Prior to taking up the new responsibility, Amanpreet Singh served the Hinduja Group as its vice-president (group human resources), the city-based commercial vehicle maker said in a statement. Singh has been with the Hinduja Group in Mumbai since December 2019 and has been wo...
Key News - Ashok Leyland Ltd, Jindal Steel and Power Ltd, Auto Sector, Prestige Estates Projects Ltd, Talbros Automotive Components Ltd by ARETE Securities
Prestige Estate Projects is currently trading at Rs. 279.20, up by 0.70 points or 0.25% from its previous closing of Rs. 278.50 on the BSE. The scrip opened at Rs. 282.25 and has touched a high and low of Rs. 283.00 and Rs. 278.50 respectively. So far 207541 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 322.95 on 09-Apr-2021 and a 52 week low of Rs. 133.85 on 19-May-2020. Last one week high and low of the scr...
Prestige Estate Projects gains on acquiring stake in two partnership firms
Annuity asset sale to drive deleveraging Prestige Estates Projects (PEPL) has informed exchanges that it has completed Phase 1 of the proposed transaction with the Blackstone Group wherein PEPL was targeting to sell stakes in specific office, retail, hotel and /facilities management SPVs for Rs91.6bn. The company has initially received Rs74.7bn in Phase 1 and expects to receive the pending Rs16.8bn by the end of Q1FY22 (June ’22). PEPL had consolidated net debt of Rs84.6bn as of Dec...
Add Prestige Estates Projects Ltd For Target Rs.311 - ICICI Securities
Prestige Estate Projects is currently trading at Rs. 306.80, up by 3.65 points or 1.20% from its previous closing of Rs. 303.15 on the BSE. The scrip opened at Rs. 308.20 and has touched a high and low of Rs. 308.20 and Rs. 303.40 respectively. So far 3588 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 331.25 on 03-Mar-2020 and a 52 week low of Rs. 133.85 on 19-May-2020. Last one week high and low of the scrip...
Prestige Estate Projects rises on signing definitive agreements with Blackstone
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