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Prestige Estates Projects Ltd -------------------------------------------- Maintain OUTPERFORM
3Q11: moderate quarter; strong launch pipeline ahead
● Prestige reported 3Q11 standalone PAT of Rs544 mn, flat QoQ,
and revenue of Rs3.6 bn, up 23% QoQ. Its EBITDA margin of
25.7% was down 594 bp QoQ. 3Q11 EPS stood at Rs1.7.
Revenue recognition commenced in Golfshire in 3Q11.
● Prestige sold 0.38 mn sq ft in 3Q11 compared to 0.9 mn sq ft in
2Q11. 9M11 sales bookings were 1.45 mn sq ft; 2.84 mn sq ft was
launched in 3Q11. Prestige delivered 3.6 mn sq ft in 3Q11 and
has a launch pipeline of 17.8 mn sq ft over next few quarters.
● Sales booked but not yet recognised stood at Rs20.1 bn as of 31
December 2010. Unsold inventory potential sales value is Rs52
bn. On a consolidated basis, its net debt stood at Rs10.1 bn and
declined Rs9 bn against capital raising of Rs12 bn. Management
stated that the company is open to land acquisitions going forward
but only if it witnesses healthy cash flows and attractive
opportunities.
● PEPL is trading at a 45% discount to March 2012E NAV of
Rs261/share. We expect its rental portfolio to strengthen and
volumes to pick up given its planned launches. We maintain our
OUTPERFORM.
Prestige reported 3Q11 standalone PAT of Rs544 mn, flat QoQ, and
revenue of Rs3.6 bn, up 23% QoQ. Its EBITDA margin of 25.7% was
down 594 bp QoQ. The company will report consolidated results from
4Q11 onwards. Rs3.3 bn of revenues were from development
properties and Rs379 mn was on account of rental income from
offices, malls, etc. Revenue recognition commenced in Prestige
Golfshire, which contributed Rs1 bn. White Meadows is expected to
come into revenue recognition from 2Q12.
0.38 mn sq ft sold, strong launch pipeline ahead
Prestige sold 0.38 mn sq ft in 3Q11 (at an average realisation of
Rs8,471 per sq ft) compared to 0.9 mn sq ft in 2Q11. 9M11 sales
bookings were at 1.45 mn sq ft; 2.84 mn sq ft was launched in 3Q11,
out of which 1.79 mn sq ft was in Prestige Techpark III (commercial)
and 1.06 mn sq ft was in Forum Shantiniketan Mall – both the projects
are in Bangalore. Prestige delivered 3.6 mn sq ft in 3Q11 across its
Shantiniketan residential, and Cessna Block 6 and Exora Business
park I commercial projects
Prestige expects to complete 9.2 mn sq ft (PEPL share 7.85 mn sq ft)
of projects in 4Q11 and has a launch pipeline of 17.8 mn sq ft (PEPL
share 11.7 mn sq ft) over the next few quarters. Its rental portfolio
currently earns Rs1.48 bn in annual rental income (PEPL share) and
is expected to go up post the commencement of rentals in three more
projects
Total sales booked but not yet recognised stood at Rs20.1 bn as of 31
December 2010. On sales already booked, Prestige is yet to receive Rs22.4
bn. Unsold inventory stands at Rs52 bn against which Rs24.2 bn is expected
to be incurred in costs. Net debt (standalone) stood at Rs6.8 bn as of
December 2010 with net debt:equity of 0.34x. On a consolidated basis, the net
debt stood at Rs10.1 bn and declined Rs9 bn against capital raising of Rs12
bn in October 2010. We expect the rental portfolio to strengthen further and
sales momentum to improve going forward due to planned launches. We
maintain our OUTPERFORM.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Prestige Estates Projects Ltd -------------------------------------------- Maintain OUTPERFORM
3Q11: moderate quarter; strong launch pipeline ahead
● Prestige reported 3Q11 standalone PAT of Rs544 mn, flat QoQ,
and revenue of Rs3.6 bn, up 23% QoQ. Its EBITDA margin of
25.7% was down 594 bp QoQ. 3Q11 EPS stood at Rs1.7.
Revenue recognition commenced in Golfshire in 3Q11.
● Prestige sold 0.38 mn sq ft in 3Q11 compared to 0.9 mn sq ft in
2Q11. 9M11 sales bookings were 1.45 mn sq ft; 2.84 mn sq ft was
launched in 3Q11. Prestige delivered 3.6 mn sq ft in 3Q11 and
has a launch pipeline of 17.8 mn sq ft over next few quarters.
● Sales booked but not yet recognised stood at Rs20.1 bn as of 31
December 2010. Unsold inventory potential sales value is Rs52
bn. On a consolidated basis, its net debt stood at Rs10.1 bn and
declined Rs9 bn against capital raising of Rs12 bn. Management
stated that the company is open to land acquisitions going forward
but only if it witnesses healthy cash flows and attractive
opportunities.
● PEPL is trading at a 45% discount to March 2012E NAV of
Rs261/share. We expect its rental portfolio to strengthen and
volumes to pick up given its planned launches. We maintain our
OUTPERFORM.
Prestige reported 3Q11 standalone PAT of Rs544 mn, flat QoQ, and
revenue of Rs3.6 bn, up 23% QoQ. Its EBITDA margin of 25.7% was
down 594 bp QoQ. The company will report consolidated results from
4Q11 onwards. Rs3.3 bn of revenues were from development
properties and Rs379 mn was on account of rental income from
offices, malls, etc. Revenue recognition commenced in Prestige
Golfshire, which contributed Rs1 bn. White Meadows is expected to
come into revenue recognition from 2Q12.
0.38 mn sq ft sold, strong launch pipeline ahead
Prestige sold 0.38 mn sq ft in 3Q11 (at an average realisation of
Rs8,471 per sq ft) compared to 0.9 mn sq ft in 2Q11. 9M11 sales
bookings were at 1.45 mn sq ft; 2.84 mn sq ft was launched in 3Q11,
out of which 1.79 mn sq ft was in Prestige Techpark III (commercial)
and 1.06 mn sq ft was in Forum Shantiniketan Mall – both the projects
are in Bangalore. Prestige delivered 3.6 mn sq ft in 3Q11 across its
Shantiniketan residential, and Cessna Block 6 and Exora Business
park I commercial projects
Prestige expects to complete 9.2 mn sq ft (PEPL share 7.85 mn sq ft)
of projects in 4Q11 and has a launch pipeline of 17.8 mn sq ft (PEPL
share 11.7 mn sq ft) over the next few quarters. Its rental portfolio
currently earns Rs1.48 bn in annual rental income (PEPL share) and
is expected to go up post the commencement of rentals in three more
projects
Total sales booked but not yet recognised stood at Rs20.1 bn as of 31
December 2010. On sales already booked, Prestige is yet to receive Rs22.4
bn. Unsold inventory stands at Rs52 bn against which Rs24.2 bn is expected
to be incurred in costs. Net debt (standalone) stood at Rs6.8 bn as of
December 2010 with net debt:equity of 0.34x. On a consolidated basis, the net
debt stood at Rs10.1 bn and declined Rs9 bn against capital raising of Rs12
bn in October 2010. We expect the rental portfolio to strengthen further and
sales momentum to improve going forward due to planned launches. We
maintain our OUTPERFORM.
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