Buy Sunteck Realty: target of Rs 580: ICICI Securities

ICICI Securities is bullish on Sunteck Realty recommended buy rating on the stock with a target price of Rs 580 in its research report dated September 16, 2021.

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ICICI Securities research report on Sunteck Realty

Sunteck Realty (SRIN) has announced a new residential project acquisition of 10msf in Shahad, located in Mumbai Metropolitan Region’s (MMR) extended Eastern suburbs. The project has been acquired under the asset light JDA model in which SRIN may have 75-80% revenue share. Assuming development over FY24-35E, we estimate gross revenue of Rs91.2bn (SRIN share at Rs72.6bn) with pre-tax operating surplus of Rs26.6bn and NAV accretion of Rs14.4bn (Rs103/share).

Outlook

We maintain our BUY rating on SRIN with a revised target price of Rs580/share (earlier Rs475) based on 1x NAV incorporating the new Shahad acquisition. SRIN has now added four new projects since Mar’20 with the three earlier projects in Vasai/Vasind/Borivali adding 8msf of saleable area. Key risks to our call are slowdown in the Mumbai property market volumes and fall in residential/commercial prices.

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