Buy Maruti Suzuki; target of Rs 5559: LKP Research

Buy Brigade Enterprises: target of Rs 272: ICICI Securities



ICICI Securities is bullish on Brigade Enterprises recommended buy rating on the stock with a target price of Rs 272 in its research report dated September 16, 2020.


ICICI Securities research report on Brigade Enterprises

FY20 was Brigade Enterprises’ (BRGD) best year with strong performance across residential, leasing and hospitality segments. While COVID-19 has impacted operations in H1FY21 across segments, with peak capex behind and gradual improvement expected from H2FY21, we remain bullish on the company’s longterm prospects. We expect BRGD’s share of rental NOI to grow at 12% CAGR over FY20-23E to Rs5.2bn driven by pre-leasing in Chennai/Bengaluru office projects. The company’s focus on affordable/mid-income housing projects in South India and expected recovery in hotel business in FY22E will enable the company to get its growth story back on track.


Outlook

We reiterate our BUY rating with a revised target price of Rs272/share (earlier Rs220) as we roll forward our DCF based NAV to March 2022 and include the recently launched Twin Towers office project in Bengaluru in our estimates.

For all recommendations report, click here

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First Published on Sep 17, 2020 02:52 pm





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