Ganesh Housing Corp was added to the S&P Global BMI Index in September, and we think with good reason. The India-listed property play had been having a good year in terms of stock performance until shares sold off recently.
Ganesh Housing has popped up in our value screens for Asia this week, and despite the sell off, was still up 21% over the last six months. And that's with a relative rangebound performance for the shares since August.
The latest set of results will have had something to do with this. Q2 FY24 results hit the market on 19 October, revealing top line down 50% and overall revenue was off 39.6%.
Short term it looks as if investors are selling Ganesh Housing stock, but the company still has some solid underlying financials to shout about, especially in an Indian real estate sector with some very poor performers. Ganesh Housing still jumps out at us because of its balance sheet. If the stock gets much cheaper it will be worth a second look on the strength of this alone.
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