India's Macrotech at 'good entry point' for long-term investors, Jefferies says

Lodha Developers

20/01/2025 07:29

** Shares of Macrotech Developers  MACE.NS  rise 3.25% to
1,215.6 rupees; top gainer on the Nifty realty index
 .NIFTYREAL  which is up 1.07%
    ** Stock has underperformed the realty index in recent
sell-off, says Jefferies
    ** MACE down ~16% in last six months vs 13.33% loss in the
index
    ** Stock provides a good entry point for long-term
investors, as co well on track to meet FY outlook with 9-month
presales up 25% YoY - brokerage
    ** Co's balance sheet seeing deleveraging, with net debt
down ~40% since March 2023, it says
    ** Marcotech's core geography Mumbai seeing low inventory
levels with disciplined price increases, compared to other metro
cities
    ** Jefferies maintains 'buy' rating and PT of 1615 rupees
    ** Stock rated 'buy' on avg with median PT at 1,460 rupees -
LSEG data

 (Reporting by Ananta Agarwal in Bengaluru)
 ((Ananta.Agarwal@thomsonreuters.com))