Motilal Oswal has given Buy recommendation for Brigade Enterprises with a target price of Rs. 324 in its research report issued on Feb 06, 2021
Motilal Oswal’s research report on Brigade Enterprises
Brigade Enterprises (BRGD)’s Residential segment stole the show with the best ever performance seen in terms of presales in a quarter (1.53msf in volume / INR9.2b in value). Commercial Office Leasing held ground with steady rental collections (99%), and the Retail business continued to see marked improvement in performance. However, Hospitality’s performance remains hinged on the resumption of work-related travel, which is still some time away. We remain positive on the medium- to long-term outlook for BRGD; our optimism is driven by (a) a robust outlook for the Residential business and (b) an expected uptick in Commercial Leasing. Reiterate Buy.
We revise our presales value estimates on the upside by 32%/19% to INR24.8b/INR28.5 for the Residential segment for FY21E/FY22E, while broadlymaintaining our estimates for the Leasing and Hospitality segments. MaintainBuy, with revised TP of INR324/share.
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