Buy Puravankara, tgt Rs 422: PINC

PINC research has maintained buy rating on Puravankara with target price of Rs 422 in its May 05, 2008 report. "At the CMP of Rs300, PPL is trading at a 47% discount to NAV of Rs562. PPL's diversification into markets other than Bangalore, low cost high quality land bank and potential scale up in deliveries should see PPL exhibiting strong performance in FY09 and FY10. However, in light of expected slowdown in sales and execution delays, we have revised our NAV estimate downwards to Rs562 and expect valuation to veer towards a 25% discount to NAV over the next 18 months. We maintain a ‘BUY’ recommendation with a price target of Rs422" says PINC research report.  

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