India's Max Estates to benefit from low competition in National Capital Region - Ambit

Max Estates

03/11/2023 07:24

** Real estate developer Max Estates  MAXS.NS  to benefit
from continued consolidation in National Capital Region (NCR)
real estate - Ambit Capital
    ** Initiates coverage on MAXS with "buy" and PT of 375
rupees; MAXS shares listed on Oct. 30 after its reverse merger
with Max Ventures and Industries
    ** Says reduction in developers in NCR led to large grade-A
developers scaling up 4X-5X, implying market share gains for
branded, organised developers
    ** MAXS to become credible developer in NCR in coming decade
on multiple asset class offerings and conglomerate Max Group's
brand - Ambit
    ** Lease-ups of projects Max Square and Max House to drive
29% revenue compound annual growth rate (CAGR) for FY23-FY26 -
Ambit
    ** MAXS shares last up 3.9% to 268.5 rupees
    ** Including day's move, stock down 5.1% since closing level
on Oct. 30

 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com))