Motilal Oswal has given Buy recommendation for Oberoi Realty recommended buy rating on the stock with a target price of Rs 1100 in its researc with a target price of Rs. 1100 in its research report issued on May 23, 2022
Motilal Oswal’s research report on Oberoi Realty
We recently visited Oberoi Realty (OBER)’s 360-West, Worli project to understand the unit offerings as well as the sales and pricing strategy post-receipt of its Occupancy Certificate (OC) in Jun’22. Below are the key takeaways: The project consists of two towers: Tower A and Tower B. Tower A houses Hotel Ritz-Carlton upto 33 floors and 28 single-floor residential units over the hotel, having a per unit floor plate of 15,000 sqft. Tower B is residential with 170 units consisting of 4BHK/5BHK apartments sized at 5,600/7,500 sqft (carpet area) as well as penthouses on top floors. OBER has sold 69 units until now of which 68 units are in Tower B and one in Ritz Carlton tower. Hence, the total pending inventories were 129 unit.
We believe healthy cash generation will provide a lot of comfort to the company in seeking aggressive business development opportunities that will provide further growth visibility. We maintain our BUY rating on OBER with an SOTPbased TP of INR1,100 (unchanged), indicating 16% upside potential.
At 09:52 hrs Oberoi Realty was quoting at Rs 971.65, down Rs 1.35, or 0.14 percent.
It has touched an intraday high of Rs 985.75 and an intraday low of Rs 968.70.
It was trading with volumes of 2,094 shares, compared to its thirty day average of 21,879 shares, a decrease of -90.43 percent.
In the previous trading session, the share closed up 1.06 percent or Rs 10.20 at Rs 973.00.
The share touched its 52-week high Rs 1,051.90 and 52-week low Rs 657.10 on 03 November, 2021 and 27 August, 2021, respectively.
Currently, it is trading 7.63 percent below its 52-week high and 47.87 percent above its 52-week low.
Market capitalisation stands at Rs 35,329.41 crore.