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Citi Research
Sunteck Realty (Buy)
CMP: ₹283.80
Target: ₹401
3QFY15 sales of ₹142 crore were up about 12 per cent y-o-y, the highest in the last two years.
Forthcoming/ recent launches provide comfort that the pace should sustain over the next few quarters. Construction approvals for Signia High (Borivali) have been received and the project is launched. Signia Pride (about about 0.05 msf in Andheri) and Signia Orion (about 0.29 msf in Airoli) are expected to be launched in 4QFY15. Collection of ₹123 crore was comfortably ahead of construction spend (about ₹65 crore) in 3QFY15, similar to trends seen in prior quarters. Update on the Goregaon project: 1) The construction contract for Avenue 1 (about 0.75 msf) has been awarded to L&T with Towers A/B having completed 18/9 slabs; 2) Avenue 2 (about 0.79 msf) — ground preparation work has started and the product mix has been tweaked to reduce the ticket sizes and boost demand; 3) Avenue 3 — master planning has been completed with a further reduction in ticket sizes and the first phase of about 2msf is expected to be launched in late 4QFY16.
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