Brokerage-house Citi has retained its "Buy" rating on realty firm Sunteck Realty and raised target price to Rs 550 from Rs 455, citing attractive valuations and high margins in its core Mumbai market.
Citi said it was raising the target because of higher realisations in the project in Goregaon which are in line with sales, cut in cost of capital to around 15 percent from around 16 percent earlier, given a moderating interest rate environment and cut in target discount to around 20 percent from around 30 percent earlier, given higher visibility in its BKC and Goregaon projects.
"Sunteck has not compromised on pricing in a tough environment, but payment terms seem to be liberal; 34 percent of sales have receivables outstanding in Signature Island (fit-outs started), 72 percent in Sunteck Grandeur (due to be completed in FY13) and 42 percent in Signia Oceans (80-85 percent completed)," the Citi report said..
The key risks to Sunteck Realty are execution delays, demand slowdown and price cuts potential conflicts of interest with partners and regulatory or political events, the report said.
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