DLF
12.01.2022 - JpMorgan on DLF Maintain Overweight CMP 408.90 Target 445
11.01.2022 - MS on DLF Maintain Overweight CMP 407.90 Target 470
UBS ON DLF : 27.07.2021
* DLF's development business did very well; UBS expecting the co's development business to generate compound annual growth rate of 30-35% gross pre-sales
* Development Business Did Very Well; Challenges Continued in Annuity Biz
* Expect Development Business To Generate 30-35% Gross Pre-sales CAGR
* See Substantial Free Cash Generation Over Medium Term
* Expect Annuity Income To Grow At 13% CAGR Over FY21-24 (9% Over FY20-24)
* MAINTAIN BUY TARGET: 370
JEFFERIES ON DLF : 27.07.2021
* DLF's residential performance strong with pre-sales up 6 times YoY & down only 4% QoQ, Jefferies says, maintains BUY on the stock
* Profit Above Estimates, Revenue Decline Less Than Expected
* EBITDA Margin At 34.7% Is At A 14 quarter High
* Residential Performance Strong With Pre-sales Up 6x YoY & Down Only 4% QOQ
* New Independent Floor Launches In Gurgaon Sold Well
* Camellias Maintained Traction Despite The 2nd Wave
* MAINTAIN BUY TARGET: 358
UBS ON DLF : 27.07.2021
* Maintain BUY, Target at Rs 370/share
* Strong performance given circumstances
* Development business did very well
* Challenges continued in annuity business
* Despite second wave, development business delivers on pre-sales
JPMORGAN ON DLF : 14.06.2021
• Maintain Overweight, Target at Rs 360/share
* Rising pre-sales with positive free cash
• Office vacancy rise offset against retail comeback
* Rising pre sales & positive free cash flow
* F21 pre sales increased 24% y/y aided
MS ON DLF : 14.06.2021
* MAINTAIN OVERWEIGHT TARGET: 299
* Here's what MS has to say about DLF post Q4 results
• Co Is Focussed On A New Asset Creation Cycle
* It's Monetising Its Inventory & Stabilising Balancesheet
• Q4's Strong New Sales & Lower Net Debt Underlined These Trends
CLSA ON DLF : 14.06.2021
* UPGRADE BUY FROM OUTPERFORM TARGET: 350
* DLF maintained its exit rental guidance of 4,300-4,400 cr by March 2023, CLSA upgrades rating on the stock
* Management Maintains Its Pre lockdown Guidance of $4,000 Cr For FY22
* Co Expects Vacancies To Rise Further By 1%-2% In FY22
* It Expects New Leasing To Pick Up In FY23
* Co Maintained Its Exit Rental Guidance Of 4,300-4,400 Cr By Mar 2023
JPMORGAN ON DLF : 14.06.2021
* MAINTAIN BUY TARGET: 350
* JPMorgan takes DLF's guidance of a 30% growth in pre-sales in FY22 as a positive, says co's FY21 results re-inforce the view that the residential cycle has turned a corner
* Rising Pre-sales With Positive Free Cash
• Office Vacancy Rise Offset Against Retail Comeback
* F21 Results Re-inforce Our View That Residential Cycle Has Turned A Corner
* Take Guidance Of A 30% Growth In Pre-sales In FY22 As A Positive
