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Buy Brigade Enterprises, target Rs 289: HDFC Securities.


Date: 10-05-2019
Subject: Buy Brigade Enterprises, target Rs 289: HDFC Securities
HDFC Securities has given a buy recommendation on Brigade Enterprises with a target price of Rs 289. 

Shares of the company traded at Rs 234.8 around 3 pm on 9 May, 2019. The brokerage has set a one-year horizon for the stock to hit the target price. 

March quarter highlights: 

Revenue jumped 75 per cent year-on-year (YoY) to Rs Rs 760 crore while Ebitda saw a jump of 60 per cent YoY to Rs 220 crore. Adjusted PAT surged 102 per cent YoY to Rs 60 crore. Revenue and adjusted PAT were higher on account of Indian Accounting Standard (Ind AS) 115.

A sharp recovery was seen in pre-sales due to higher launches and the company is gradually catching up with other Southern players, such as Sobha and Prestige.

FY19 new lease stood at 12 lakh square feet (nearly Rs 100 crore annual rental), including about 9 lakh square feet in under construction properties.

Brigade is targeting nearly 30 lakh square feet incremental leasing during FY20E. The company doesn’t envisage any significant rental correction in its Bengalure and Chennai SEZ as demand from non SEZ clients remains robust and rentals are getting revised higher for competing properties.

Investment rationale: 

"With a launch pipeline of nearly 55 lakh square feet, including nearly 20 lakh square feet in affordable, we expect the nearly 10 lakh square feet quarterly pre-sales run rate to continue, despite a slow start to FY20E post change in GST credit rules," said the brokerage. 

The brokerage expects organized developers, including Brigade Enterprises, to continue cornering market share and said that it will continue to monitor the completion timelines and leasing velocity in the SEZ projects 

Moreover, despite capex commitment of Rs 1,450 crore, the brokerage expect consolidated net debt-to-equity to reduce to 1.4 times by FY21E, against 1.6 times now, as pending Rs 2,570 crore pre-tax cash flows from real estate projects should suffice. 

"Our SOTP-based target price has reduced to Rs 289 against Rs 304 earlier and we have increased our earnings per share (EPS) estimate by 10.5 per cent for FY20 and 10.2 per cent for 21E," said the brokerage. 

Source: economictimes.indiatimes.com

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