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LIC Housing Finance Ltd Research Report - 05th Nov 2016

Banking | Published on Nov 05th 2016


LIC Housing Finance (LICHF)’s 2QFY17 results remained decent with the PAT growing by 21.3% yoy. Balanced growth in retail as well as in developer portfolio helped in improving the spread, while lower cost of funds helped in NIM improvement. While the core retail portfolio continues to be sluggish growing by less than 10%, other segments like LAP & Developer loans have been driving the growth. However, there is visible sign of pick up in the growth in some pockets for the core retail loans. We expect the company to post a loan book CAGR of 19% over FY16-18E, translating into an earnings CAGR of 18.0% over the same period. The stock currently trades at 2.2x its FY2018E ABV. We maintain our Buy rating on the stock with a revised target price of Rs630.

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CMP 533
Target Price 630
Investment Period12 Months

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Shareholding Pattern (%)

Public & Others22.0
Grand Total100.0

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