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Dewan Housing Finance Corporation Ltd Research Report - 28th Oct 2016

Banking | Published on Oct 28th 2016

IT

Dewan Housing Finance Corporation Limited (DHFL) reported 28.5% growth in PAT at Rs231.5cr for the quarter, better than our expectations. Strong growth in loans, decline in cost of funds and resultant NIM improvement, together with cost rationalization were the key factors that have supported the earnings growth. DHFL’s 1HFY17 performance has been in line with expectations on all counts. Going ahead, we expect it to post a healthy AUM CAGR of 21% over FY2015-18E, which is likely to translate in earnings CAGR of 23%, over the same period. The stock price has seen sharp run-up in the last two quarters and despite of that is trading at a discount to other HFCs. At the current level, the stock is valued at 1.5x FY2018E ABV. We have revised our target price to Rs350 and maintain ACCMULATE on the stock.

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Accumulate

CMP 325
Target Price 350
Investment Period12 Months

Stock Info

MCAP BSE (Rs in Cr)10,084.21
MCAP NSE (Rs in Cr)10,088.91
P/E (x)11.61
EPS (Rs.)27.73
BV (Rs.)183.40
Div Yield (%)2.31
FV (Rs.)10.00
P/BV (x)1.76
EV/Sales (x)8.35
EV/EBITDA (x)9.87

Shareholding Pattern (%)

Promoter39.0
Foreign27.0
Public & Others15.0
Corporate13.0
Institution6.0
Grand Total100.0

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