Embassy Office Parks Q2 Review - Fresh Expiries A Dampener, Gradual Recovery On The Cards: ICICI Securities

"BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..ICICI Securities Report.The Embassy Office Parks real estate investment trust delivered a stable performance in Q2 FY24 with net operating income of Rs 7.2 billion (decline of 3% QoQ) and net distributable cash flows of Rs 5.2 billion or Rs 5.5/unit. During the quarter, while gross leasing of 2.0 million square feet was healthy, fresh exits of ~1 msf mainly by third party IT/ITeS service providers led to same-store occupancy declining by 200 basis points QoQ to 85%. The REIT manager has upped its FY24 leasing guidance to 6.5 million square feet (earlier 6.0 msf) and expects recovery in leasing decisions by GCCs and possible floor-wise special economic zone denotification on the cards in H2 FY24. We retain our FY24E DPU estimate of Rs 21.8/unit (flattish YoY) and believe that a pick-up in leasing and SEZ should flow into NOI and distribution per unit growth from FY25E. We retain our 'Buy' rating with an unchanged March-2024E net asset value based target price of Rs 390/unit. Key risks are a slower recovery in office leasing and higher portfolio vacancy levels..Click on the attachment to read the full report:.Shriram Finance Q2 Results Review- Net Interest Margins Improved; AUM Growth Guidance Revised Up: IDBI Capital.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner."

Embassy Office Parks Q2 Review - Fresh Expiries A Dampener, Gradual Recovery On The Cards: ICICI Securities

Guidance for FY24 net operating income, net distributable cash flows retained.

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Embassy Office Parks Q2 Review - Fresh Expiries A Dampener, Gradual Recovery On The Cards: ICICI Securities

Guidance for FY24 net operating income, net distributable cash flows retained.

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