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Oberoi Realty - All eyes on upcoming launches - ICICI Securities
Posted On: 2021-01-27 09:01:44 (Time Zone: Arizona, USA)
OBER recorded its highest ever quarterly sales bookings in five years at Rs9.7bn driven by a broad-based uptick in all its key completed/nearing completion projects. With clarity on FSI norms emerging under the Unified DCR for Maharashtra (ex-Mumbai city/suburbs) and overall revival in market sentiment in Mumbai, OBER is targeting launches spread across 4-5msf in Q4FY21 (1msf in Thane and balance area in Goregaon and Borivali projects). We expect OBER to clock over Rs30bn of sales bookings each in FY22-23E owing to new launches and completed/near completion inventory in Worli/Mulund/Borivali projects. We retain our BUY rating with a revised target price of Rs645/share (earlier Rs457) assuming higher velocity of sales across projects and assign a 10% premium to NAV considering growth opportunities. Key risks to our call are a decline in demand for resident
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