Enam Research =Real Estate

Enam Research =Real Estate: Another Downgrade=Aggressive land acquisition at peak prices through short term, high cost debt + huge working capital mismanagement (short term debt used for long term projects). - Developers stubbornly held on to selling prices and high cost inventory on hopes of renewal of demand and uptick in prices.We maintain our Underweight view on the sector and reduce our EPS estimates and target prices downward. While there is deep-value (even based on our Bear case) in some small/ mid cap stocks, these are also expected to continue to underperform until liquidity starts quenching this sector