External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<div><ul><li>Strong launch pipeline will continue to drive its sales performance - <span style="font-size: var(--content-font-size);">Sales bookings grew by 2.6x YoY to INR27b (est. INR24b) in 4QFY22. It ended FY22 on a high, with the best ever pre-sales of INR73b (up 136% YoY).</span></li></ul><div><ul><li>Office portfolio on track to deliver 19% rental CAGR over FY22-24 - <span style="font-size: var(--content-font-size);">Occupancy in DCCDL’s Office portfolio increased by 200bp QoQ to 88%, but sustained at 97% in Retail, resulting in a marginal rise in portfolio occupancy to 89%.</span></li></ul><div><ul><li>Key highlights from the management call - <span style="font-size: var(--content-font-size);">Cash flow: DLF is generating an FCF of INR5-7b per quarter and is confident about maintaining a similar run-rate. </span></li></ul></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Strong launch pipeline will continue to drive its sales performance - Sales bookings grew by 2.6x YoY to INR27b (est. INR24b) in 4QFY22. It ended FY22 on a high, with the best ever pre-sales of INR73b (up 136% YoY).Office portfolio on track to deliver 19% rental CAGR over FY22-24 - Occupancy in DCCDL’s Office portfolio increased by 200bp QoQ to 88%, but sustained at 97% in Retail, resulting in a marginal rise in portfolio occupancy to 89%.Key highlights from the management call - Cash flow: DLF is generating an FCF of INR5-7b per quarter and is confident about maintaining a similar run-rate. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

DLF - Rising Interest Rate Risk Overshadows Strong Performance

<p>DLF reported strong performance in its residential business as new sales value doubled YoY driven by new launches and robust cash flow generation. This led to further reduction in net debt in its development (DevCo) arm. Sales traction remained intact despite 12% price hike taken at the portfolio level since beginning of the year and DLF further plans to take 10-12% price hike in its key projects (Camellias and the recently launched ONE-Midtown). DLF's commercial portfolio (DCCDL) performance remained stable with marginal increase in occupancy to 88% v/s 87% in 2QFY22.</p><div><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

DLF reported strong performance in its residential business as new sales value doubled YoY driven by new launches and robust cash flow generation. This led to further reduction in net debt in its development (DevCo) arm. Sales traction remained intact despite 12% price hike taken at the portfolio level since beginning of the year and DLF further plans to take 10-12% price hike in its key projects (Camellias and the recently launched ONE-Midtown). DLF's commercial portfolio (DCCDL) performance remained stable with marginal increase in occupancy to 88% v/s 87% in 2QFY22.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Strong demand traction and launches propelling pre-sales growth

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<p>GAIL (India): Our BUY recommendation on GAIL with a price target of INR 210 is based on 9% CAGR expansion in gas transmission volume over FY22-24E to 136mmscmd on the back of (1) increase in domestic gas production, (2) increase in demand of RLNG, and (3) completion of major pipelines in eastern and southern India. Q2FY22 EBITDA/APAT were 34/47% above our estimates, owing to a 7% higher revenue, lower-than-expected raw material cost, higher-than-expected other income, and lower-than-expected tax outgo.</p>
<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

GAIL (India): Our BUY recommendation on GAIL with a price target of INR 210 is based on 9% CAGR expansion in gas transmission volume over FY22-24E to 136mmscmd on the back of (1) increase in domestic gas production, (2) increase in demand of RLNG, and (3) completion of major pipelines in eastern and southern India. Q2FY22 EBITDA/APAT were 34/47% above our estimates, owing to a 7% higher revenue, lower-than-expected raw material cost, higher-than-expected other income, and lower-than-expected tax outgo.
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: NTPC, DLF, InterGlobe Aviation, Tata Power, GAIL (India), JSW Energy, Bandhan...

<p>HSIE Results Daily DLF: DLF surprised positively on presales at INR 10bn (6.6x/-5% YoY/QoQ) despite the lockdown during the quarter. While office collection remains robust at 99%, occupancy at DCCDL declined to 86% vs. 88% at Mar 21-end. The consumption of malls rebounded to 50% of pre-COVID level during Jun-21, with footfalls exhibiting a rising trend. With robust Q1FY22, DLF is well on course to achieve INR 40bn presales in FY22, aided by 8msf launches. Net debt also continues to trend down (INR 47.bn vs INR 49bn on Mar-21).</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

HSIE Results Daily DLF: DLF surprised positively on presales at INR 10bn (6.6x/-5% YoY/QoQ) despite the lockdown during the quarter. While office collection remains robust at 99%, occupancy at DCCDL declined to 86% vs. 88% at Mar 21-end. The consumption of malls rebounded to 50% of pre-COVID level during Jun-21, with footfalls exhibiting a rising trend. With robust Q1FY22, DLF is well on course to achieve INR 40bn presales in FY22, aided by 8msf launches. Net debt also continues to trend down (INR 47.bn vs INR 49bn on Mar-21).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: DLF, Dr. Reddy’s, IndusInd Bank and More

<p>We maintain BUY on DLF, with increased target price of INR 360/sh (roll forward to FY23E, reduce cap rate to 8.5% vs 9.2% earlier and assume 0-5% price increases across projects in line with DLF commentary). DLF: Presales during the quarter remained flattish at INR 10.6bn vs INR 10.2bn QoQ. While office collection remains robust at 100%, occupancy at DCCDL further declined to 89% from 91% at Dec 20-end. Consumption at retail malls reached 90% of 4QFY20 level during the quarter, with footfalls at 81%.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We maintain BUY on DLF, with increased target price of INR 360/sh (roll forward to FY23E, reduce cap rate to 8.5% vs 9.2% earlier and assume 0-5% price increases across projects in line with DLF commentary). DLF: Presales during the quarter remained flattish at INR 10.6bn vs INR 10.2bn QoQ. While office collection remains robust at 100%, occupancy at DCCDL further declined to 89% from 91% at Dec 20-end. Consumption at retail malls reached 90% of 4QFY20 level during the quarter, with footfalls at 81%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India

DLF Ltd. is a real estate development company. The Company develops residential, commercial, and retail properties.

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DLF Ltd (DLFU IN)

DLF - Rising Interest Rate Risk Overshadows Strong Performance

Sales bookings grew by 2.6x YoY to INR27b (est. INR24b) in 4QFY22. It ended FY22 on a high, with the best ever pre-sales of INR73b (up 136% YoY).

Motilal Oswal

Strong demand traction and launches propelling pre-sales growth

DLF reported strong performance in its residential business as new sales value doubled YoY driven by new launches and robust cash flow generation....

Motilal Oswal

HSIE Results Daily: NTPC, DLF, InterGlobe Aviation, Tata Power, GAIL (India), JSW Energy, Bandhan...

GAIL (India): Our BUY recommendation on GAIL with a price target of INR 210 is based on 9% CAGR expansion in gas transmission volume over FY22-24E...

HDFC Securities

HSIE Results Daily: DLF, Dr. Reddy’s, IndusInd Bank and More

HSIE Results Daily DLF: DLF surprised positively on presales at INR 10bn (6.6x/-5% YoY/QoQ) despite the lockdown during the quarter. While office...

HDFC Securities

HSIE Results Daily: DLF

We maintain BUY on DLF, with increased target price of INR 360/sh (roll forward to FY23E, reduce cap rate to 8.5% vs 9.2% earlier and assume 0-5%...

HDFC Securities

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