Buy HDIL , target of Rs 356 : Angel Broking

by khalid on 26/03/2010 · 0 comments

Angel Broking has recommended a `Buy` on HDIL with a price target of Rs 356 in its report dated 23rd March 2010. The CMP of Housing Development and Infrastructure (HDIL) is Rs 284.

HDIL is the largest listed Slum Rehabilitation developer in the most resilient Mumbai market. Execution of the Rs 200 billion Mumbai International Airport (MIAL) project is progressing well, sustainable TDR prices and successful new launches via the conventional method provides strong visibility for HDIL. At the CMP of Rs 284, the stock is trading at 28% discount to our 1-year forward NAV, 8.1x FY2012E EPS and 1.2x FY2012E P/BV.

Hence, we Initiate Coverage on the stock, with a `Buy` recommendation and Target Price of Rs 356, which is at 10% discount to our 1-year forward NAV,“ the broking house said.

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