← Go back Dec 12, 2023
Initiates buy with a target price of Rs 1155 Believes Macrotech to deliver sustainable pre-sales growth over medium term Strong launch pipeline, JDA portfolio build-up, entry in newer markets support performance Expect 19% CAGR pre-sales growth over FY23-26E Expect 20% CAGR collections growth to Rs 183.5 bn over FY23-26E Expects leverage to remain in comfort zone despite robust growth plan Believes further possibility for premium upgrade given continuity in housing sector momentum Base case assumes RBI's rate cut cycle to begin in June '24 Slowing world growth to pressure India's terms of trade in Q1CY24 Indian equities to underperform if US stocks continue to rally US yields peaking and JP EM Bond Index inclusion to keep BoP benign Sep-Dec quarter is likely to be strong for earnings Domestic flows likely to be sustained while FPI flows could be volatile General election most important catalyst in Q1CY24, market likely to price in continuity SEIAA, Tamil Nadu, to grant Environmental Clearance to Sriperumbudur plant of co Sriperumbudur plant is operating with required licenses and approvals Note: SEIAA stand for State Environment Impact Assessment Authority Exchange Filing Orders awarded to co along with JV and international subsidiaries Gets order for construction of residential project in South India Gets order for design & construction of an underground metro rail project Gets orders in Transmission & Distribution business from overseas markets Source: Exchange Filing U.S. Dollar Index at 101.55 U.S. 10-year bond yield at 3.84% Brent crude down 1.58% to $78.39 per barrel Nymex crude up 0.20% at $71.91 per barrel Gift Nifty flat at 21,950.00 as of 7:30 a.m. Bitcoin was down 0.25% at 42,367.02
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