operational cash flow, liquidity and P&L would be slow and gradual over the current base due to broader challenges.
* We prefer companies which have reasonably cleared their older inventories and are riding on new and strong operating cycles, led by fresh launches, robust pre-sales and favorable market outlook.
Status of planned launches and approvals (crucial for Oberoi, UT, MLIFE, PHNX, Godrej). Leasing velocity and managementsí outlook in commercial verticals (PEPL, Oberoi, DLF). Cash flow and trend in leverage (DLF, PHNX, Godrej)
BET ON COMPANIES with FAVOURABLE OPERATING CYCLE
* We prefer companies which have reasonably cleared their older inventories and are riding on strong operating cycles, led by fresh launches, robust pre-sales and favorable market outlook.
* With downside risk to realisations and volumes hereon, cash flow certainty lies with players with strong FY12-13 pre-sales and reasonably strong balance sheet to carry forward execution.
* While asset valuations are cheap for almost all, the relative strengths in earnings visibility render comforts to select companies.
* Prestige, Sobha, Oberoi, DLF and Indiabulls are favourably placed.