External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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External broker reports(aggregated public sources)

Equity Bottom-Up

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). 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.<div class="content-highlight">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.</div>

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). 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.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.

Shahad project: Another feather in the cap