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Oberoi Realty Is An Outperformer Stock With Good Upside: IDFC Sec



IDFC Sec has issued a research report claiming that Oberoi Realty is an outperformer with 23% upside




Oberoi scores high on operational transparency and disclosures, a key differentiator in the sector. Also, a conservative land acquisition strategy has helped Oberoi remain less levered. With ~Rs20bn of revenue recognition (+3x FY14 development revenues) pending and a growing number of projects (Esquire and Worli) reaching revenue recognition threshold, we expect a strong 44% CAGR in earnings over FY14-17E. Though FY14-H1FY15 was subdued, H2FY15-FY16 would be stronger given likely new launches (strong response to Mulund and JVLR Prisma project), improvement in cash flow and strong earnings momentum. Reiterate Outperformer, with a target price of Rs340 (1x 1-year forward NAV).

Click here to download IDFC Sec’s report on Oberoi Realty
investments, Mid Cap, Multibagger, Portfolio, Top Picks   

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