[sharetrading] unitech

 

Anand Rathi Securities has come out with a research report on Unitech. The research firm has maintained buy rating on the stock with a target price of Rs 127.

The report says, Unitech's slum-rehab projects are picking up steam. We visited the Golibar, Worli, Parel, Dadar and Malad projects. We saw good construction progress, compared with our previous visits over the past six months. Classified as `3K', Golibar is the largest project on Unitech's Mumbai books. It contributes around Rs 9 of the Rs 14/share from Mumbaiprojects. In the past one-and-a-half years, though, the company has acquired projects in many more Mumbai suburbs."

"Management has "guided" to 4-5 million sq. ft. of development per year in Mumbai. We estimate it would manage cumulatively 5m sq. ft. of free-sale construction by FY12 and increase gradually thereafter. Thus, given the high value of suchprojects , greater revenue share would start showing up from FY12. We maintain our FY11e NAV at Rs 127 a share. Currently, it trades at 1.6x FY11e P/BV," according to Anand RathiSecurities.

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