External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Over the last year, SOBHA Ltd (SDL) has underperformed the Nifty Realty Index by 38% and peers Brigade and Prestige Estates by 33%/53%</li><li>Whilst negative news flow on enforcement agencies’ (ED/IT) actions (during FY23) has led to de-rating, SDL judiciously strengthened its balance sheet by reducing INR 15bn net debt</li><li>SDL scale/size has lagged peers over FY20-23 with the Bengaluru presales CAGR of 16% vs 29%/34% for Brigade/Prestige</li></ul><p><em>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.</em></p>

Over the last year, SOBHA Ltd (SDL) has underperformed the Nifty Realty Index by 38% and peers Brigade and Prestige Estates by 33%/53%Whilst negative news flow on enforcement agencies’ (ED/IT) actions (during FY23) has led to de-rating, SDL judiciously strengthened its balance sheet by reducing INR 15bn net debtSDL scale/size has lagged peers over FY20-23 with the Bengaluru presales CAGR of 16% vs 29%/34% for Brigade/PrestigeContent 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.

Sobha: ‘R’eset, ‘R’estart, ‘R’efocus = ‘R’erating. Maintain BUY

Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Kolte Patil Developers / Equity Bottom-Up

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<p>Residential real estate sector in India presents a decadal opportunity led by the shift to Organized from Unorganized. Our top pick in the space is <a href="https://www.smartkarma.com/entities/kolte-patil-developers-ltd" target="_blank" data-smartkarma-citation="entities:6819:1" rel="noopener">Kolte Patil Developers (KPDL IN)</a>, a branded developer based out of Pune.</p>
<div id="annotable-executive_summary-1"><em>For detailed thematic insights into the changing landscape of residential real estate development in India, please refer to our insight: <a href="https://www.smartkarma.com/insights/a-fat-theme-organized-real-estate-developers-in-india-a-decadal-opportunity" target="_blank" data-smartkarma-citation="insights:56658" rel="noopener">A Fat Theme | Organized Real Estate Developers in India - A Decadal Opportunity</a>.</em></div>
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Residential real estate sector in India presents a decadal opportunity led by the shift to Organized from Unorganized. Our top pick in the space is Kolte Patil Developers (KPDL IN), a branded developer based out of Pune.
For detailed thematic insights into the changing landscape of residential real estate development in India, please refer to our insight: A Fat Theme | Organized Real Estate Developers in India - A Decadal Opportunity.


Kolte Patil: A Fat Bet on Booming Residential Real Estate in India

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>Sales volume increases by 1.5% QoQ and by 0.4% YoY: Average sales volume increased by 1.5% QoQ from ~1.32mn sqft in 3QFY22 to ~1.34mn sqft in 4QFY22 and realization increased by 4.4% QoQ to Rs 8,265/sqft.</li><li>In 4QFY22, the Bangaluru market was the key contributor, with sales volume of 0.93mn sqft and contributed 69% to total volume. Bangaluru was followed by Gurgaon, with sales volume of 0.23mn sqft, which was up by 22% QoQ and contributed 17% to total sales volume.</li><li>The company launched Sobha Brooklyn Tower Wing 3 in Bengaluru with a built up area of ~0.20mn sqft.</li></ul></div></div></div></div><p><em>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.</em></p>

Sales volume increases by 1.5% QoQ and by 0.4% YoY: Average sales volume increased by 1.5% QoQ from ~1.32mn sqft in 3QFY22 to ~1.34mn sqft in 4QFY22 and realization increased by 4.4% QoQ to Rs 8,265/sqft.In 4QFY22, the Bangaluru market was the key contributor, with sales volume of 0.93mn sqft and contributed 69% to total volume. Bangaluru was followed by Gurgaon, with sales volume of 0.23mn sqft, which was up by 22% QoQ and contributed 17% to total sales volume.The company launched Sobha Brooklyn Tower Wing 3 in Bengaluru with a built up area of ~0.20mn sqft.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.

Sobha - Steady Operating Performance; Deleveraging Balance Sheet

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

ICICI Securities Limited

ICICI Securities Ltd

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

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul>
<li>Sobha Ltd (Sobha) is a leading real estate player with ongoing real estate projects with ~20 mn sq feet of saleable area</li>
<li>The company has a real estate presence in 10 cities, viz. Bengaluru, Gurugram, Chennai, Pune, Coimbatore, Thrissur, Kozhikode, Kochi, Gujarat (Gift City) and Mysore</li>
<li>We maintain HOLD rating to the company as the recent run up (up ~50% in last three months) restricts meaningful upsides from here. We value Sobha at Rs 970/share.</li>
</ul>
<div class="content-highlight"><em>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.</em></div>


Sobha Ltd (Sobha) is a leading real estate player with ongoing real estate projects with ~20 mn sq feet of saleable area
The company has a real estate presence in 10 cities, viz. Bengaluru, Gurugram, Chennai, Pune, Coimbatore, Thrissur, Kozhikode, Kochi, Gujarat (Gift City) and Mysore
We maintain HOLD rating to the company as the recent run up (up ~50% in last three months) restricts meaningful upsides from here. We value Sobha at Rs 970/share.

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.

Sobha Limited: Riding on Strong Underlying Demand

<p>Sobha: Sobha's (SDL) Q1FY22 was subdued with presales volume at 0.9msf (38%/-33% YoY/QoQ). Presales value declined by 36.3% QoQ to INR 6.8bn. Real estate collections slipped to INR 5.5bn (vs INR 7.2bn in Q4FY21). The launch pipeline is robust at 12.6msf with 56% of launches planned for Bengaluru. To tame the commodity inflation and protect margins, SDL reversed discounts and took selective 2-3% price hikes in a few projects. Net debt reduced marginally by 1% QoQ to INR 28.2bn and is expected to reduce further, led by sales momentum, forthcoming launches, and a stable pricing environment.</p>
<div class="content-highlight"><em>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.</em></div>

Sobha: Sobha's (SDL) Q1FY22 was subdued with presales volume at 0.9msf (38%/-33% YoY/QoQ). Presales value declined by 36.3% QoQ to INR 6.8bn. Real estate collections slipped to INR 5.5bn (vs INR 7.2bn in Q4FY21). The launch pipeline is robust at 12.6msf with 56% of launches planned for Bengaluru. To tame the commodity inflation and protect margins, SDL reversed discounts and took selective 2-3% price hikes in a few projects. Net debt reduced marginally by 1% QoQ to INR 28.2bn and is expected to reduce further, led by sales momentum, forthcoming launches, and a stable pricing environment.
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.

HSIE Results Daily: Petronet LNG , NHPC, Sobha

India

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.

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Sobha Ltd (SOBHA IN)

Sobha: ‘R’eset, ‘R’estart, ‘R’efocus = ‘R’erating. Maintain BUY

Over the last year, SOBHA Ltd (SDL) has underperformed the Nifty Realty Index by 38% and peers Brigade and Prestige Estates by 33%/53%

HDFC Securities

Kolte Patil: A Fat Bet on Booming Residential Real Estate in India

Business development activity, pace of execution and new launches are at all time high, leading to all-time high sales velocity. The stock has...

Ankit Agrawal, CFA

Sobha - Steady Operating Performance; Deleveraging Balance Sheet

Sobha achieved steady volume in 4QFY22, which grew by 1.5% QoQ with sales bookings of 1.34mn sqft compared to 1.32mn sqft in 3QFY22.

Nirmal Bang

Sobha Limited: Riding on Strong Underlying Demand

On the financial front, reported revenues were up 57% YoY at Rs 819 crore, driven by strong real estate revenues recognition (up 96% YoY at Rs 654...

ICICI Securities Limited

HSIE Results Daily: Petronet LNG , NHPC, Sobha

Sobha's (SDL) Q1FY22 was subdued with presales volume at 0.9msf (38%/-33% YoY/QoQ). Presales value declined by 36.3% QoQ to INR 6.8bn. Real estate...

HDFC Securities

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