Airport Delay To Impact Realty Value

Price Rs120.90
Price Objective Rs395.00 to Rs335.00
Date Established 29-Sep-2008

Gr. NOIDA Airport Delayed Indefinitely; PO Cut Rs335; Buy We cut our PO to Rs335 (395) as we reduce the value of Yamuna Expressway on indefinite delay in the proposed Greater NOIDA International Airport, higher expressway cost and lower real estate realizations till FY11E on weak NCR realty markets. We reiterate JPA as one of our leading two Infra recommendations and maintain our Buy rating as stock offers blend of value – asset play (64% discount to NAV; 1.5x FY10E P/BV) and growth – 34% EPS CAGR over FY08-10E.

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