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HDIL is the largest listed Slum Rehabilitation developer in the most resilient Mumbai market, which contributes a substantial 71% of our GNAV. Execution of the Rs200bn Mumbai International Airport (MIAL) project is progressing well, sustainable TDR prices and successful new launches via the conventional method provides strong visibility for HDIL. Further, HDIL seeks to de-leverage its Balance Sheet on the back of expected high Revenue inflow from the MIAL project and the recent low-cost Rs11.5bn fresh NCD issue, which will reduce its gearing to 0.3x in FY2012E from current levels of 0.5x. At Rs284, the stock is trading at 28% discount to our 1-year forward NAV, 8.1x FY2012E EPS and 1.2x FY2012E P/BV. Hence, we Initiate Coverage on the stock, with a Buy recommendation.Download Full Report
|MCAP BSE (Rs in Cr)||3,378.72|
|MCAP NSE (Rs in Cr)||3,374.38|
|Div Yield (%)||0.00|
Shareholding Pattern (%)
|Public & Others||12.0|