Oberoi Realty Ltd (OBER IN): Buy: Walking the red carpet in NCR

研报英文原文证据摘录

Oberoi Realty Ltd (OBER IN): Buy: Walking the red carpet in NCR

15.9 17.5 17.1

Further, it provides significant upside to our FY27 estimates. (2) The new Sky City 52-WEEK PRICE (INR)

Mall continues its strong ramp-up with occupancy now at 82% vs 72% in the previous

2500.00

quarter. (3) Sustenance sales for core products maintained a good pace.

1850.00

What we didn’t like. (1) The restraint by the High Court on fresh allotments in 360 North

creates uncertainty regarding the launch timeline for the second phase. (2) Opening of 07/25 01/26 07/261200.00

the Ritz continues to be delayed and is now scheduled by the end of FY27. TargetHigh: 1953.40price: 2310.00Low: 1411.50 Current: 1882.70

Investment view. Our research indicates softness in the investor/speculator-driven Source: Refinitiv IBES, HSBC estimates

market even as prices hold steady. Oberoi’s business practices restrict participation by Puneet Gulati*, CFA

Senior Analyst, India Energy, Property & Infra

speculators, reducing risk of cancellations. We believe it is well placed vs peers to ride out HSBC Securities and Capital Markets (India) Private

the current environment and its strong balance sheet makes it well positioned to weather Limited

puneetgulati@hsbc.co.in

any worsening market conditions. Oberoi is meticulous in its design and tends to take +91 82 9189 7591

much longer vs peers to launch its projects. This design gestation period is finally coming

Sambhav Kela*

to an end, and Oberoi expects to launch its long-awaited projects in FY27. We still Analyst, India Real Estate & Power

assume some delays compared to the company’s guidance on launches, and believe the HSBCLimitedSecurities and Capital Markets (India) Private

company’s ability to meet its guidance could be a positive driver of the stock.