MOSL: Morning India (14/December/17): 1. Oberoi Realty (IC): Island of prosperity- 2. Havells India- 3. L & T Infotech- 4. EcoScope- 5. Financials (Insurance New Business Tracker)
​MOrning India (14/December/17): 1. Oberoi Realty (Initiating Coverage): Island of prosperity; 2. Havells India; 3. L & T Infotech; 4. EcoScope; 5. Financials (Insurance New Business Tracker)
Today’s top research idea
Oberoi Realty (Initiating Coverage): Island of prosperity; Sharp focus, trusted brand - the key strengths
- OBER is a Mumbai-focused premium real estate developer, with a sharp focus on delivery of quality products. Its trusted brand enables its projects to enjoy premium, resulting in superior EBITDA margins of >50%.
- Its residential portfolio comprises 19msf of developable area, providing strong growth and cash flow visibility over the next 10 years. The recent foray into affordable housing completes its bouquet of offerings and will also help it enjoy tax incentives. We expect the company to be a key beneficiary of the likely consolidation post RERA.
- OBER plans to multiply its annuity portfolio from 1.6msf to 4.2msf by launching two malls and an office complex on its existing land bank, which is expected to increase its leasing income by 4x over the next five years and also ensure revenue stability.
- We estimate OBER's FY19E value at INR580/share, an upside of 28% (par to its NAV).
Piping hot news
US Fed goes for 25 bps rate hike in Janet Yellen’s last policy meeting
- Federal Reserve officials followed through on an expected interest-rate increase and raised their forecast for economic growth in 2018, even as they stuck with a projection for three hikes in the coming year. “Averaging through hurricane-related fluctuations, job gains have been solid, and the unemployment rate declined further,†the Federal Open Market Committee (FMOC) said in a statement on Wednesday following a two-day meeting in Washington.
Motilal Oswal Financial Services Ltd. is a reputed name in Financial Services and Online Trading with group companies providing services such as Private Wealth Management, Retail Broking and Distribution, Institutional Broking, Asset Management, Investment Banking, Private Equity, Commodity Broking, Currency Broking, Principal Strategies & Home Finance.
Motilal Oswal Securities is a group company of Motilal Oswal Financial Service Limited which started as a stock trading company and has blossomed into well diversified firm offering a range of financial products and services. Motilal Oswal has built a reputation as the source for best stock trading company and this has taken a wealth of experience, knowledge and expertise, constantly working in tandem, over the years.
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