DS Kulkarni
ICICI Securities has reiterated its ‘buy’ rating on DS Kulkarni while lowering its net asset value (NAV) estimates, after first quarter results.
By ET Bureau |
CMP: Rs 94.20
Target Price: Rs na
ICICI Securities has reiterated its ���buy��� rating on DS Kulkarni while lowering its net asset value (NAV) estimates, after first quarter results. "We are lowering DSK���s NAV estimates 58% from Rs 11.2 billion (Rs 512/share) to Rs 5.6 billion (Rs 216/share). Further, we believe that DSK will trade at over 30% discount to its NAV, given the market discount to small-cap property companies and due to company-specific concerns in terms of slower execution and high NAV concentration on a single project (SEZ contributes 64% to NAV)," the brokerage said in a client note.
"DSK���s earnings growth has slowed down, mainly due to sluggish pick-up in key projects. However, we expect the trend to reverse once the work on multi-services SEZ in Fursangi, Pune picks pace. We expect the company���s revenue and PAT to record CAGR of 25% and 31% over the next three years," ICICI Securities said in a client note.
Disclaimer: The above stocks are picked up at random from research reports of brokerage houses. Investors are advised to use their own judgement before acting on these recommendations. ET does not associate itself with the choices.
Target Price: Rs na
ICICI Securities has reiterated its ���buy��� rating on DS Kulkarni while lowering its net asset value (NAV) estimates, after first quarter results. "We are lowering DSK���s NAV estimates 58% from Rs 11.2 billion (Rs 512/share) to Rs 5.6 billion (Rs 216/share). Further, we believe that DSK will trade at over 30% discount to its NAV, given the market discount to small-cap property companies and due to company-specific concerns in terms of slower execution and high NAV concentration on a single project (SEZ contributes 64% to NAV)," the brokerage said in a client note.
"DSK���s earnings growth has slowed down, mainly due to sluggish pick-up in key projects. However, we expect the trend to reverse once the work on multi-services SEZ in Fursangi, Pune picks pace. We expect the company���s revenue and PAT to record CAGR of 25% and 31% over the next three years," ICICI Securities said in a client note.
Disclaimer: The above stocks are picked up at random from research reports of brokerage houses. Investors are advised to use their own judgement before acting on these recommendations. ET does not associate itself with the choices.
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