This one is on a roll……. A report from a broker
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| Mahindra Lifespace Development Ltd (MLDL) CMP Rs.480.00 (Report Date 6 - 7- 2010) Target Price Rs.600.00 Mahindra Lifespaces, the real estate development arm of $6 billion Mahindra Group is a subsidiary of Mahindra & Mahindra Limited. Formerly known as Mahindra Gesco Developers Ltd has been in the forefront of Urban Development in the country. A part of $6.3 billion Mahindra Group, the company enjoys a reputation of being a pioneer in the development of integrated business cities & delivering quality living spaces. The company has developed premium residential & commercial properties in Mumbai, Pune, Mahindra Lifespace Development Ltd (MLDL) has reported 225% growth in income from operations in Q4 F-2010,PAT was up 65%.The company has also given a dividend of 35% The company’s current projects in Mahindra Eminente at Goregaon-Mumbai, Mahindra Splendour at Bhandup-Mumbai Mahindra Royale at Pune,& Mahindra Chloris at Construction of Phase I of Aqualily, a premium residential development at Mahindra World City-Chennai launched in Nov’09 was initiated. Mahindra Lifespace Development Ltd (MLDL) has completed 10 residential & 8 commercial projects in Mumbai/Pune/ Upcoming projects are Mahindra Aura Phase II in Gurgaon & a project in MIHAN SEZ Nagpur. At current valuation the stock look attractive for investment with 1 year or more time horizon. The near term concern could be surplus in commercial & residential premises, but this could be short term negative as the projects of MLDL are at location where there is land shortfall for development. The demand for commercial & residential premises in metros is likely to see an uptick with revival in the economy in both domestic & global, more and more foreign firms setting up offices and improving demand for residential property for expats. |
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