Global research firm Bank of America Merrill Lynch (BofAML) has initiated coverage with neutral rating on Oberoi Realty with a target price of Rs 432 per share.
The research firm said that revenue recognition of projects launched in FY15-16 to grow EPS at 77 percent CAGR over FY17-19.
According to firm, the key triggers for the stock include launches of new projects in Mumbai and robust outlook for office and retail space.
It also expects rental income from office space to witness 33 percent CAGR over FY17-20.
At 10:43 hrs Oberoi Realty was quoting at Rs 415.40, down Rs 2.70, or 0.65 percent on the BSE.
The share touched its 52-week high Rs 435.90 and 52-week low Rs 279.90 on 07 September, 2017 and 22 November, 2016, respectively.
The company's trailing 12-month (TTM) EPS was at Rs 8.90 per share. (Jun, 2017). The stock's price-to-earnings (P/E) ratio was 46.67.
Posted by Rakesh Patil
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