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PKB2000
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   Posted: 14/Sep/2007 at 7:41pm |
Originally posted by smartcat
It will be listed in Singapore Stock Exchange. |
Yes
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I am always doing that which I cannot do, in order that I may learn how to do it. ~Pablo Picasso
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PKB2000
Senior Member
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Posted: 14/Sep/2007 at 7:59pm |
Originally posted by smartcat
It will be listed in Singapore Stock Exchange. |
Smartcat Ji if / when this happens then will the people be more clear about the valuation of DLF / balance sheet of the company in future. In short will it not a better clarity of DLF itself thereafter, (indirectly thats a good thing for analysts of DLF!!!)
Edited by PKB2000 - 14/Sep/2007 at 8:00pm
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I am always doing that which I cannot do, in order that I may learn how to do it. ~Pablo Picasso
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smartcat
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Posted: 14/Sep/2007 at 12:30pm |
I don't think listing of DLF Assets will bring clarity on DLF valuations - because these two are separate entities (with no equity cross holding I presume). The listing might even confuse more analysts!
DLF (India listed company) holds all the land. It's business model involves
- Selling land to DLF Assets & others and gain from land price appreciation.
- Develop residential, retail and commercial properties and SELL it.
DLF Assets (the one going to Singapore) is the company to which DLF sold land for something like Rs. 2,000 crores in FY07. DLF Assets will develop commercial and retail properties on this land and give it for rent. DLF Assets will be like a REIT (Real Estate Investment Trust)
Why are the promoters keeping these two separate? That's a mystery. My best guess is that - returns earned by DLF Assets (rental income) would be significantly different from that of DLF (sale income) - and the promoters want the investors to choose where they want to invest.
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PKB2000
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Posted: 15/Sep/2007 at 8:19pm |
Originally posted by smartcat
----------------------------Why are the promoters keeping these two separate? That's a mystery. .----------------------------------
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"Why are the promoters keeping these two separate?"
(In a lighter term) ONLY TWO- for such a huge capital oriented company!
I really wonder! I have seen that a family comprising four people selling same kind of product has formed 9 companies
Brijmahan Polymer
Bansal Elastomer
Bharat Rubber
Flexi Plast elastomer
Flexi plast rubber
Green plast Processors
Bansal trader
Please do not try to find any one of them in the stock exchange (all of them are so called small scale company). And the C.A. of the above companies knows the best why so many! After all those are formed on the basis of his advice!
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I am always doing that which I cannot do, in order that I may learn how to do it. ~Pablo Picasso
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deveshkayal
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Posted: 16/Sep/2007 at 6:26pm |
A property consultant said DLF got the land cheap from DCM for 1600 crs. DLF will recover the amount in 5 years from commercial rentals.
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"You don't need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beat the guy with a 130 IQ. Rationality is essential"- Warren Buffett
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smartcat
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Posted: 17/Sep/2007 at 12:28pm |
| same kind of product has formed 9 companies |
9 companies implies 9 children who will fight over it. 9 children implies Laloo Prasad and Rabri Devi.
Are you sure Laloo does not own these 9 companies?
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PKB2000
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Joined: 11/Aug/2006
Location: India
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Posts: 1453
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Posted: 17/Sep/2007 at 9:08am |
Originally posted by smartcat
| same kind of product has formed 9 companies |
9 companies implies 9 children who will fight over it. 9 children implies Laloo Prasad and Rabri Devi.
Are you sure Laloo does not own these 9 companies? |
They are special type of LALOO! but not LP
They have two childrens - hope they will not extend upto nine in future!
Making nine companies is not of their brain work. It is the C.A. - behind the idea. Family oriented business in India are most preferred till today and Indian C.A.s / Finance people encourage them. Does Mr. Chindambaram own three childs- as I understand his wife runs Three businesses!!!
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I am always doing that which I cannot do, in order that I may learn how to do it. ~Pablo Picasso
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smartcat
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Posted: 20/Sep/2007 at 5:13pm |
Buy DLF, says Edelweiss Securities
| We estimate the NPV per share of the existing businesses at RS 649. Additionally, the SEZ initiative is expected to contribute an NPV of RS 104 and the construction and hotel businesses, RS 10 and RS 30, respectively. After adjusting for net debt, we estimate the NAV per share at RS 755, 15% above the current market price. A further upward shift in valuations is also likely to occur with compression in cap rates. We believe DLF is the best vehicle to get exposure to Indian real estate and initiate coverage with a buy recommendation. |
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