External broker reports(aggregated public sources), HDFC Securities

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Thematic (Sector/Industry)

<ul><li>Mortgage rates on the cusp of denting demand; structural drivers remain intact: Post the recent interest rate hikes, loan eligibility has reduced, resulting in a larger funding requirement for down payments</li><li>Another 50bps interest hike may destroy demand further. The all-time high affordability is still aiding demand</li><li>We believe developers would not take price hikes now and support recovery</li></ul>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.

Mortgage rates on the cusp of denting demand; structural drivers remain intact: Post the recent interest rate hikes, loan eligibility has reduced, resulting in a larger funding requirement for down paymentsAnother 50bps interest hike may destroy demand further. The all-time high affordability is still aiding demandWe believe developers would not take price hikes now and support recoveryContent 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.

Real Estate (Q3FY23 Results Preview): Resilient Performance

<ul><li>ACC: We maintain BUY on ACC, with a lower TP of INR 2,685/share (13x its Sep-24E consolidated EBITDA)</li><li>ACC delivered very poor set of numbers in Q3CY22/Q3FY23: profitability misses ours/consensus numbers by a huge margin</li><li>Due to lower realisation and higher costs (input costs spiked by INR 300/MT QoQ), ACC reported almost zero unitary EBITDA (the lowest in past many years)</li></ul>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.

ACC: We maintain BUY on ACC, with a lower TP of INR 2,685/share (13x its Sep-24E consolidated EBITDA)ACC delivered very poor set of numbers in Q3CY22/Q3FY23: profitability misses ours/consensus numbers by a huge marginDue to lower realisation and higher costs (input costs spiked by INR 300/MT QoQ), ACC reported almost zero unitary EBITDA (the lowest in past many years)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.

<ul><li>Demand momentum may continue to reflect in presales: We expect presales momentum to continue, driven by high affordability, stable prices, and overall positive sentiment for real estate</li><li>Mortgage rate increase is yet to meaningfully reflect in demand destruction as we may be closer to peak of interest rate tightening</li><li>Affordability still has an upper hand in decision-making</li></ul>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.

Demand momentum may continue to reflect in presales: We expect presales momentum to continue, driven by high affordability, stable prices, and overall positive sentiment for real estateMortgage rate increase is yet to meaningfully reflect in demand destruction as we may be closer to peak of interest rate tighteningAffordability still has an upper hand in decision-makingContent 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.

Real Estate (Q2FY23 Results Preview): Resilient demand

Equity Bottom-Up

<ul><li>FY22 was a defining year for Oberoi Realty (ORL), as it (1) registered the highest-ever annual presales of INR 40bn and (2) reported the highest-ever annual profit of INR 10bn</li><li>Multiple tailwinds that could lead to a further rerating include: (1) a strong sales pipeline for the next 12 months, with new towers expected in Borivali and Goregaon; (2) Thane launch, targeted for Q2FY23</li><li>Further, the unsold stock monetisation in Mulund and Worli could add to overall sales</li></ul>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.

FY22 was a defining year for Oberoi Realty (ORL), as it (1) registered the highest-ever annual presales of INR 40bn and (2) reported the highest-ever annual profit of INR 10bnMultiple tailwinds that could lead to a further rerating include: (1) a strong sales pipeline for the next 12 months, with new towers expected in Borivali and Goregaon; (2) Thane launch, targeted for Q2FY23Further, the unsold stock monetisation in Mulund and Worli could add to overall salesContent 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.

Oberoi Realty (Annual Report Analysis FY22): Multiple Tailwinds. Maintain BUY

India

Phoenix Mills Ltd. is engaged, directly and through its subsidiaries and investments in the business of ownership, management, and development of large-format retail-led mixed use properties. The Company's properties include shopping, entertainment, commercial, residential, and hospitality properties. Phoenix Mills owns and operates High Street Phoenix Center in Mumbai.

Prestige Estates Projects Ltd. develops real estate.  The Company builds residential projects including apartments, villas, plotted developments and integrated townships; commercial projects including corporate office buildings and technology parks; hotels and resorts; and retail buildings.

Godrej Properties, Ltd. is a real estate development company.

Brigade Enterprises Limited operates as a real estate development company. The Company focuses on the development of residential, commercial, and hospitality properties.

Sobha Limited provides construction services. The Company offers design and architecture, mechanical, plumbing, interiors, landscape, residential, commercial, and civil construction services. Sobha serves customers in India, Singapore, and United Arab Emirates.

Anant Raj Limited is a real estate development company. The Company develops malls, residential, and commercial properties.

DB Realty Ltd. develops real estate.  The Company builds customized office space, retail shops, mass residential housing, and cluster redevelopment of old housing.  DB Realty operates in and around Mumbai.

Mahindra Lifespace Developers Limited specializes in the construction and operation of commercial and residential property complexes, projects management services and business centers.

Mahindra Lifespace Developers Ltd (MLIFE IN)

Ganesh Housing Corporation Limited is a full-service infrastructure development company. The Company has expanded from its origins in residential construction to commercial and infrastructure development facilities. Ganesh Housing not only constructs but also creates comprehensive, economical and fast track projects.

Puravankara Projects Limited is a real estate development company.  The Company focuses on residential and commercial properties, such as apartment complexes, villas, and townhouses.

The Wharf (Holdings) Limited, through its subsidiaries, develops and invests in real estate properties. The Company also owns and manages hotels and operates logistics business. In addition, the Wharf operates telecommunication business, cable television, and Internet-related businesses.

Ayala Land is the largest property developer in the Philippines with a track record in developing large-scale, integrated, mixed-use, and sustainable estates. It offers a balanced and complementary mix of residential developments, shopping centers, offices, hotels and resorts, construction, property management and strategic investments.

Hulic Company, Limited. operates real estate business and marketable securities investment business.  The Company also conducts environment related businesses.

Swire Properties Limited develops and manages commercial, retail, and residential properties. The Company's investment portfolio includes office and retail premises, and serviced apartments and other residential accommodation.

Longfor Properties Co. Ltd. operates in the property development, property investment and property management businesses in China.

DAITO TRUST CONSTRUCTION CO., LTD. operates building construction and real estate businesses.  The Company plans and constructs apartment and commercial buildings mainly for land owners.  Daito Trust Construction provides brokerage and maintenance services as well.

Sunway Bhd. is a property development and construction company. The Company's other business divisions include quarrying and building materials trading and manufacturing, hospitality, leisure, and healthcare.

Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. operates in land development, property management, and infrastructure facilities construction within the Lujiazui Finance and Trade Zone.  The Company also undertakes building and renovation projects.

Shanghai Lujiazui Finance & Trade Zone (600663 CH)

Vingroup Joint Stock Company operates as a real estate development company. The Company develops apartments, malls, hotels and resorts, health care, educational, convention center, amusement parks, and entertainment properties. Vingroup serves customers worldwide.

Hongkong Land is a major listed property investment, management and development group. 

The Group owns and manages more than 850,000 sq. m. of prime office and luxury retail property in key Asian cities, principally in Hong Kong, Singapore, Beijing and Jakarta.  The Group also has a number of high quality residential, commercial, and mixed-use projects under development in cities across Greater China and Southeast Asia.  In Singapore, its subsidiary, MCL Land, is a well-established residential developer.  

Hongkong Land Holdings Limited is incorporated in Bermuda and has a standard listing on the London Stock Exchange, with secondary listings in Bermuda and Singapore.  The Group’s assets and investments are managed from Hong Kong by Hongkong Land Limited.  Hongkong Land is a member of the Jardine Matheson Group.

Oberoi Realty LTD., is a real estate development company operating in Mumbai, focused on premium developments. The Company's main focus is residential projects but they also have a diversified portfolio of projects covering segments of the real estate market, which target the upper end of the respective income or market segment.

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Oberoi Realty (OBER IN)

Real Estate (Q3FY23 Results Preview): Resilient Performance

Post the recent interest rate hikes, loan eligibility has reduced, resulting in a larger funding requirement for down payments. Another 50bps...

HDFC Securities

HSIE Results Daily: ACC, Oberoi Realty

ACC: We maintain BUY on ACC, with a lower TP of INR 2,685/share (13x its Sep-24E consolidated EBITDA)ACC delivered very poor set of numbers in...

HDFC Securities

Real Estate (Q2FY23 Results Preview): Resilient demand

We expect presales momentum to continue, driven by high affordability, stable prices, and overall positive sentiment for real estate

HDFC Securities

Oberoi Realty (Annual Report Analysis FY22): Multiple Tailwinds. Maintain BUY

FY22 was a defining year for Oberoi Realty (ORL), as it (1) registered the highest-ever annual presales of INR 40bn and (2) reported the highest...

HDFC Securities

Oberoi Realty - Multiple Tailwinds

FY22 was a defining year for Oberoi Realty (ORL), as it (1) registered the highest-ever annual presales of INR 40bn and (2) reported the highest...

HDFC Securities

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