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Real Estate: Housing Development & Infrastructure (HDIL.BO, Buy, on our Conviction List)
• High visibility of Mumbai land monetization, EPS visibility in near term, inexpensive valuations
• HDIL is trading at 0.7X FY12E BVPS of Rs252 and 6X FY12E EPS as compared with 1.2X and 12X, respectively, for our India property
coverage. Ongoing/forthcoming residential projects indicate a total sales value of Rs140 bn and cash flow potential of Rs90 bn (present EV of Rs97 bn)
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