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Motilal Oswal Report
After underperforming its listed peers on pre-sales growth over FY21-23, we believe Sobha Ltd. is set to outperform in terms of growth given its focus on unlocking its vast land reserve and exploring external growth opportunities through its healthy balance sheet.
The outperformance is also expected to be driven by improvements in profitability.
Further, visibility in the monetisation of some of its large land parcels in Bengaluru will lead to a re-rating in its implied land valuation.
Sobha is our top idea for CY24 with a revised target price to Rs 1,400, 25% upside potential.
Key risks to our target price include-
slowdown in residential absorption,
delay in monetisation of large land parcels, and
inability to sign business development deals.
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