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>GAIL: Our BUY recommendation on GAIL with a target price of INR 137 is based on (1) an increase in gas transmission volume to 127mmscmd by FY25 on the back of an increase in domestic gas production, (2) completion of major pipelines in eastern and southern India, and (3) expectation of improvement in earnings from the petchem segment</li><li>Q1FY24 reported EBITDA/PAT at INR 24/14bn, came in below our estimates, impacted by weak earnings from the LPG and Liquid Hydro Carbon (LHC) segment</li><li>However, sharp pick-up in natural gas transmission volumes, higher tariff and higher gas marketing volumes supported earnings</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.

GAIL: Our BUY recommendation on GAIL with a target price of INR 137 is based on (1) an increase in gas transmission volume to 127mmscmd by FY25 on the back of an increase in domestic gas production, (2) completion of major pipelines in eastern and southern India, and (3) expectation of improvement in earnings from the petchem segmentQ1FY24 reported EBITDA/PAT at INR 24/14bn, came in below our estimates, impacted by weak earnings from the LPG and Liquid Hydro Carbon (LHC) segmentHowever, sharp pick-up in natural gas transmission volumes, higher tariff and higher gas marketing volumes supported earningsContent 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: GAIL, Oberoi Realty, Petronet LNG

<ul><li>Housing demand continues to surprise positively: After a strong Q4FY24, we expect a sequentially flattish presale growth in Q1FY24 (on a high Q4FY23 base, driven by sustenance sales)</li><li>In the absence of major new launches, sustenance sales are likely to remain robust</li><li>We expect new project launches to come to market in H2FY24</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.

Housing demand continues to surprise positively: After a strong Q4FY24, we expect a sequentially flattish presale growth in Q1FY24 (on a high Q4FY23 base, driven by sustenance sales)In the absence of major new launches, sustenance sales are likely to remain robustWe expect new project launches to come to market in H2FY24Content 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.

Equity Bottom-Up

<ul><li>Oberoi Realty (ORL) is set for a new phase of growth with new project launches planned for the next few years</li><li>After having registered decent presales of INR 51bn (+31% YoY) in FY23, we expect it to clock INR 65bn in presales in FY24, backed by new tower launches in Goregoan Garden City and its first project launch in the Thane micro market</li><li>Commerz 3, under its commercial portfolio, is expected to be operational by Mar’24 (INR 5bn annual rental expected at maximum occupancy) and the Borivali mall is expected to start by Jun’24 (INR 3.5bn annual rental expected at maximum occupancy)</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.

Oberoi Realty (ORL) is set for a new phase of growth with new project launches planned for the next few yearsAfter having registered decent presales of INR 51bn (+31% YoY) in FY23, we expect it to clock INR 65bn in presales in FY24, backed by new tower launches in Goregoan Garden City and its first project launch in the Thane micro marketCommerz 3, under its commercial portfolio, is expected to be operational by Mar’24 (INR 5bn annual rental expected at maximum occupancy) and the Borivali mall is expected to start by Jun’24 (INR 3.5bn annual rental expected at maximum occupancy)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.

Oberoi Realty: New launches to drive further rerating. Maintain BUY

<ul><li>Astral: We maintain REDUCE on Astral, as we believe its valuation is expensive, and we revise the target price to INR 1,480/sh (30x its Mar-25E consolidated EBITDA implied P/E 50x Mar-25E)</li><li>We believe Astral’s foray into new businesses (paints and bath ware) will reduce its valuation premium</li><li>In Q4FY23, its consolidated revenue rose 8/19% YoY/QoQ (strong growth across both plumbing and adhesives), while EBITDA/APAT grew by 43/47%, as margin expanded across plumbing/paints and adhesives (P&amp;A) segments by 600/410bps YoY</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.

Astral: We maintain REDUCE on Astral, as we believe its valuation is expensive, and we revise the target price to INR 1,480/sh (30x its Mar-25E consolidated EBITDA implied P/E 50x Mar-25E)We believe Astral’s foray into new businesses (paints and bath ware) will reduce its valuation premiumIn Q4FY23, its consolidated revenue rose 8/19% YoY/QoQ (strong growth across both plumbing and adhesives), while EBITDA/APAT grew by 43/47%, as margin expanded across plumbing/paints and adhesives (P&amp;A) segments by 600/410bps YoYContent 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: Astral, Oberoi Realty, Jubilant FoodWorks, Devyani International

HSIE Results Daily: Astral, Oberoi Realty, Jubilant FoodWorks

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)

HSIE Results Daily: GAIL, Oberoi Realty, Petronet LNG

Q1FY24 reported EBITDA/PAT at INR 24/14bn, came in below our estimates, impacted by weak earnings from the LPG and Liquid Hydro Carbon (LHC) segment

HDFC Securities

Real Estate: Presale momentum continues

After a strong Q4FY24, we expect a sequentially flattish presale growth in Q1FY24 (on a high Q4FY23 base, driven by sustenance sales)

HDFC Securities

Oberoi Realty: New launches to drive further rerating. Maintain BUY

Oberoi Realty (ORL) is set for a new phase of growth with new project launches planned for the next few years After having registered decent...

HDFC Securities

HSIE Results Daily: Astral, Oberoi Realty, Jubilant FoodWorks, Devyani International

Astral: We maintain REDUCE on Astral, as we believe its valuation is expensive, and we revise the target price to INR 1,480/sh (30x its Mar-25E...

HDFC Securities

HSIE Results Daily: Astral, Oberoi Realty, Jubilant FoodWorks

Astral: We maintain REDUCE on Astral, as we believe its valuation is expensive, and we revise the target price to INR 1,480/sh (30x its Mar-25E...

HDFC Securities

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