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HDFC Securities Institutional Equities
Sobha Ltd. is trading at 1x net asset value versus peers trading at 1.3-1.5 times NAV. We believe that further rerating will be contingent on presales outperformance, robust cash flow generation, achieving net cash status, and acceleration in new launches from captive and new land capex/tie-ups.
The rerating equation sees shrinking headwinds on the denominator and expansion in tailwinds on the numerator, which can lead to a robust rerating.
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