Buy Sunteck Realty: target of Rs 590: ICICI Securitiesv

ICICI Securities is bullish on Sunteck Realty recommended buy rating on the stock with a target price of Rs 590 in its research report dated October 11, 2021.

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ICICI Securities research report on Sunteck Realty

As per Sunteck Realty’s (SRIN) Q2FY22 operations update, the company has clocked healthy sales bookings of Rs2.7bn in Q2FY22 (up 36% YoY) along with quarterly collections of Rs2.1bn (up 47% YoY). With sales momentum sustaining for completed/launched inventory, SRIN has done a soft launch for its Vasind project in Sep’21 and is targeting to launch the Naigaon Phase III and Vasai projects in H2FY22 which is expected to boost sales in FY22-23E.

Outlook

We maintain our BUY rating on SRIN with a revised target price of Rs590/share (earlier Rs580) based on 1x NAV incorporating project level adjustments. Post the recent Shahad project addition, the company has a significant presence in peripheral areas of MMR with 11.8msf of area in MMR’s extended Western suburbs and 12.6msf in MMR’s extended Eastern suburbs. Key risks to our call are slowdown in the Mumbai property market volumes and fall in residential/commercial prices.

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