Ashiana Housing Research Report By Religare

Tagged: Ashiana Housing, Religare

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December 1, 2014 at 8:50 pm #1234

Vidhi Khanna
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Quality mid-income housing play – initiate with BUY

We initiate coverage on ASFI with BUY and a Mar’16 TP of Rs 245, offering 40% upside from current levels. ASFI is the only pure play on mid-income housing in industrial townships in India. We like the company for: (1) its mid-income product positioning (sub-Rs 5.5mn ticket size), (2) strong brand and customer-centric approach, (3) a lean B/S (net cash of Rs 876mn in Mar’14), and (4) a superior ROE profile (20%/37% in FY15/FY16).

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