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HDIL
HDIL has demonstrated strong execution skills as compared to the majority of its
peers in the listed developer space over the last two years.
Competitive pricing strategy and business model focused on asset monetisation
ease cash flow constraints.
Relatively strong balance sheet with net gearing of 0.3x as compared to industry
average of 0.5x. Minimal debt repayment pressure in FY12E.
Our Net Asset Value (Ex MIAL Phase 2) of INR271 implies more than 100% upside
from current levels. Excluding MIAL, our NAV still works out to INR207 suggesting
market is pricing a steep discount to the company land bank.
Key Catalysts: Our channel checks suggest MIAL project is likely to start making
progress in 6-12 months.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
HDIL
HDIL has demonstrated strong execution skills as compared to the majority of its
peers in the listed developer space over the last two years.
Competitive pricing strategy and business model focused on asset monetisation
ease cash flow constraints.
Relatively strong balance sheet with net gearing of 0.3x as compared to industry
average of 0.5x. Minimal debt repayment pressure in FY12E.
Our Net Asset Value (Ex MIAL Phase 2) of INR271 implies more than 100% upside
from current levels. Excluding MIAL, our NAV still works out to INR207 suggesting
market is pricing a steep discount to the company land bank.
Key Catalysts: Our channel checks suggest MIAL project is likely to start making
progress in 6-12 months.
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