As per the brokerage's channel checks, all the projects launched in Q2 have received an encouraging response at EoI stage, which resulted in healthy sales conversion. Motilal Oswal anticipates strong bookings in all three projects, while the company also had Rs 24,500 crore of existing inventory as of Q1 FY27, which would drive pre-sales in Q2 FY27 and ahead. The brokerage expects pre-sales of Rs 6,500- 7,000 crore (+10-15% YoY) in Q2 FY27.
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Motilal Oswal Report
Prestige Estates Projects Ltd. may remain in focus as Motilal Oswal Financial Services, reiterates its 'Buy' rating on the stock and maintained a target price of Rs 1,830, implying an upside potential of around 24% from the current market price of Rs 1,471.
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According to the brokerage Prestige Estates is well on track to scale up its residential segment on the back of regional diversification as well as continued BD and launches. Recent business development deals continue to replenish the inventory pipeline, thus improving growth visibility over the medium term.
Ramp-up in the annuity portfolio is progressing well, and upcoming assets are likely to significantly increase the annuity income in the medium term.
We value the residential business at a 15% premium to the net asset value to factor in the growth beyond the existing inventory pipeline. Further, the land bank value is calculated on 1.7x FSI.
The brokerage values operational annuity assets at a 7.5% cap rate, and ongoing and upcoming assets at an 8% cap rate.
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