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

ICICI Securities Limited

External broker reports(aggregated public sources)

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. 

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Equity Bottom-Up

<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

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

<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

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

<p>We were pleasantly surprised by the relatively strong operating cash flow in 4QFY21 despite a meagre 3% YoY increase in collections. Cash flow from operations (CFO) increased from Rs2,141mn in 4QFY20 to Rs2,347mn in 4QFY21. The CFO post interest and tax stood at Rs1,506mn in 4QFY21, up 32% YoY. Revenue declined by 39% YoY, sending the net profit lower by 65% YoY due to the revenue recognition standard IND-AS 116, which recognises income only on completion of a project....</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>

We were pleasantly surprised by the relatively strong operating cash flow in 4QFY21 despite a meagre 3% YoY increase in collections. Cash flow from operations (CFO) increased from Rs2,141mn in 4QFY20 to Rs2,347mn in 4QFY21. The CFO post interest and tax stood at Rs1,506mn in 4QFY21, up 32% YoY. Revenue declined by 39% YoY, sending the net profit lower by 65% YoY due to the revenue recognition standard IND-AS 116, which recognises income only on completion of a project....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- 4QFY21 Result Update- Strong cash flows help in improving balance sheet

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 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

Sobha- 4QFY21 Result Update- Strong cash flows help in improving balance sheet

We were pleasantly surprised by the relatively strong operating cash flow in 4QFY21 despite a meagre 3% YoY increase in collections. Cash flow from...

Nirmal Bang

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