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Yes Securities Report
Sunteck Realty Ltd. has achieved the presales of Rs 19.5 billion (20% YoY) for FY24 and guided 30-35% presales growth for FY25 on the back of a strong launch pipeline of Rs 50- 55 billion gross development . Company plans to launch subsequent phases of ODC, Naigaon, Mira Road and Vasai in FY25.
Post the special development zone policy in place, Borivali project gathered pace and the company might bring it to the launch phase by FY26. Post leasing two assets at BKC junction, the company plans to build fifth Avenue at ODC in three-four years, which can potentially generate annuity of Rs 3 billion and d at Rs 27.1 billion with 25% discount.
We have d Sunteck Realty on SoTP with residentials d on an net present -based net asset approach, capturing all projects: completed (Rs 8.6 billion), under-construction (Rs 40.1 billion), planned (Rs 16.2 billion) and commercial (Rs 37.2 billion).
Given that Sunteck Realty is aggressive on project acquisition, we have added business development of Rs 7.1 billion to valuation and maintained ‘Buy’ with an upgraded target price of Rs 759/share.
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Also Read: Godawari Power - Ticking All The Right Boxes; Yes Securities Initiates Coverage With A Buy
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