Credit Suisse maintains `Underperform’ rating on Parsvnath Developers with a target price of Rs. 75. Credit Suisse revised the NAV estimate up by 83% to Rs 126 on the back of lowering weighted average cost of capital (WACC) and assumes a 5% p.a. hike in property prices from FY11 onwards. They employ an average 40% discount to calculate the target price to reflect high gearing of 1x; its high concentration risk in tier III cities; focus on SEZ and commercial projects (47% of land bank); and unpaid land cost of Rs 1000 crore. With an EBIT/interest cover of 0.9x in FY09 and 0.6x in FY10, Parsvnath will find it difficult to meet its interest commitments let alone Rs 230 crore of debt repayments scheduled for FY10. Further, Parsvnath’s strategy to continue with its land acquisitions for the SEZ projects and not to exit from non-strategic land parcels will put considerable strain on its balance sheet. Parsvnath is looking to gain private equity investment in its projects. Red Fort Capital, a private equity fund has recently invested Rs 90 crore ($18 mn) in a Delhi residential project. Credit Suisse estimates it needs at least a $170 million equity infusion to reach FY10 EBIT/interest cover of 1x. We raise our revenue estimates for FY10 and FY11 by 15% and 13%, respectively, on the back of improved liquidity and a better macro environment. FY10E EPS is expected to decline 30% y-o-y to Rs 4.20 and thereafter increase to Rs 5.14 in FY11E. Parsvnath is trading at a 34% discount to forward NAV and 20x FY10E P/E and 16x FY11E P/E and 0.74x forward P/B.

 

Courtesy:- ET dt:- 29-06-09

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Even though property prices have ceased to increase in Gurgaon in the 12 months, the state government has implemented a routine hike of 10-12 per cent in collector rates (also known as circle rates) for land registration.

 

The new collector rates for the `hyper-potential zone', as Gurgaon is tagged in revenue records, would be effective from June 29.

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Air Pacific and Pacific Sun will outsource their reservation services to an independently owned global contact specialist named “Mindpearl “. This will be effective from 1^st November, 2009.

 Presently, the reservation centres of Air Pacific are in New Zealand, Australia and Fiji. These reservation centres will be closed and all the calls will routed to Mindpearl’s 24 Hour / 7 Day per week Call Centre in Suva. Subsequently, the calls from places in South Pacific will be cutover and in the year 2010 when the contract expires, all calls will be directed to Mindpearl’s call centre in Fiji.

The new call centre will provide customer service to Air Pacific and Pacific Sun. This contact centre will provide new reservations; help with customer queries, ticket purchases and booking alterations. This will provide enhanced customer service for customers in Fiji and improved services across all Air Pacific destinations.

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