External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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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

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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