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Investing.com - Axis Capital (NYSE:AXS) Limited initiated coverage on Max Estates Ltd (NSE:MAXESTAT) with a Buy rating and a price target of INR810.00 on Thursday.
The research firm highlighted Max Estates’ growth trajectory since beginning its real estate operations in 2016, noting the company has already delivered 1.3 million square feet across four assets, generating INR1.1 billion in rental income.
Axis Capital analyst Pritesh Sheth projects the company’s ongoing and upcoming pipeline will expand its portfolio to 5.8 million square feet by FY30, potentially increasing rental income 8.5 times to INR9.3 billion by FY32.
The report points out Max Estates’ successful diversification into residential development, becoming the sixth-largest player in its segment in the National Capital Region (NCR (NYSE:VYX)) within just two years, with aims to deliver 15-20% CAGR over FY25-28.
Axis Capital believes the company’s balance sheet and cash flows are sufficiently resilient to fund its growth plans, factors the firm suggests are not yet reflected in the stock’s current valuation.
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