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LIC Housing Finance Ltd Research Report - 17th Jan 2017

Banking | Published on Jan 17th 2017


LICHF came out with a positive set of results for 3QFY2017 with the PAT growing by 19.2% yoy. While we were expecting moderation in business growth, due to demonetization, better result was possible backed by growth in non-retail segment. The core retail portfolio continues to be sluggish growing by less than 10%, however, other segments like LAP & Developer loans have been driving the growth for LICHF. With lower interest rates and interest subvention schemes by the Government, we expect growth for housing to rebound in the coming quarters, which should help the company in posting loan book CAGR of 19% over FY2016-18E, translating into 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 Target Price of Rs630.

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CMP 532
Target Price 630
Investment Period12 Months

Stock Info

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Shareholding Pattern (%)

Public & Others22.0
Grand Total100.0

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