Accumulate HDIL, target of Rs 280 says Prabhudas Lilladher

Prabhudas Lilladher has maintained its accumulate rating on Housing Development and Infrastructure (HDIL) with a target of Rs 280 in its July 29, 2009 research report.

"HDIL reported revenues to the tune of Rs 2,954 million, a decline of 48% YoY. Revenues were largely led by sales of TDRs. The company sold 1.8 million TDRs during the quarter at an average rate of Rs 1,500/sq.ft. HDIL generated approximately 2 million sq.ft of TDRs during the quarter and currently has 0.5 million sq.ft of TDRs in its inventory. The company reported strong EBITDA margins of 83% due to the large proportion of TDR sales which led to profits increasing by 73.6% QoQ. We have estimated HDIL’s NAV at Rs 312/share. We are valuing the company at 10% discount to NAV which translates to Rs 280. We maintain ‘Accumulate’ rating on the stock," says Prabhudas Lilladher's research report.

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Buy HDIL for target of Rs 250: Religare

Buy HDIL for target of Rs 250: Religare
Religare Securities has advised traders to buy HDIL for target of Rs
250.“Buy HDIL at Rs 235 with stoploss of Rs 230 for target of Rs 250,” the report said.
Source : Economic Times

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Buy HDIL; target of Rs 365: PINC Research

PINC Research has recommended a buy rating on Housing Development and Infrastructure, (HDIL) with a price target of Rs 365 in its report dated May 25, 2009.

"Housing Development & Infrastructure Ltd's (HDIL) Q4FY09 results were below our expectations. Its revenues declined 63.3% YoY to Rs 3.6 billion owing to a slowdown in the Mumbai property market. OPM for the period dipped by 3,158bps YoY to 57% owing to higher cost of construction & development (38% of net sales) incurred towards ongoing projects. Despite other income of Rs 309 million, net profits dropped by 91.3% YoY to Rs 619 million impacted by interest cost of Rs 1.4 billion."

"We have estimated the NAV of HDIL's projects (ongoing & proposed), including the SEZ land at Vasai/Virar at Rs 338/share. The airport project is expected to add another Rs 150/share, taking the company's total NAV to Rs 487/share. Considering an up-tick in buyers' response to its new offerings, infusion of equity, easing interest & debt repayment woes and an expected revival in the TDR market over the next few months, we upgrade our recommendation to 'BUY' on the stock, target Rs 365," says PINC's research report.
Source - Money Control

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