Motilal Oswal - PNB Housing Finance (PNBHOUSING) MOSL: PNB HOUSING FINANCE (Buy)-Disbursement growth moderates further, spreads stable sequentially

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Motilal Oswal

EUR 120.00 For Business Accounts Only

MOSL: PNB HOUSING FINANCE (Buy)-Disbursement growth moderates further, spreads stable sequentially

PNB Housing Finance: Disbursement growth moderates further, spreads stable sequentially

(PNBHOUSI IN, Mkt Cap USD1.7b, CMP INR698, TP INR875, 25% Upside, Buy)

PAT grew 51% YoY to INR3.8b (37% beat) in 4QFY19, driven by better-than-expected margins and lower provision cost.
PNBHF continued to calibrate disbursements in 4QFY19 - disbursements declined 8% QoQ/2% YoY to INR86b, largely due to scale-back in LRD segment. AUM growth was healthy at 6% QoQ/36% YoY to INR847b, despite a moderation in disbursement growth, as the repayment rate declined sharply.
Spreads (rep) were stable QoQ (-40bp YoY) at 2.6% owing to a reduction in cost of funds by 15bp QoQ to 8.06%. PNBHF continues to maintain adequate liquidity on the balance sheet (INR70b, equivalent to 1.5 months of outflows).

10/05/2019 1 EN

Underlying

PNB Housing Finance

PNB Housing Finance Limited (PNBHFL) is an India-based housing finance company. The Company provides housing loans to individuals and corporate bodies for construction, purchase, and repair and up gradation of houses. It also provides loans for commercial space, loan against property and loan for purchase of residential plots. It provides home loans, which include home purchase loans, home extension loans, home construction loans, home improvement loans, residential plot loans and loans for non-resident Indians (NRIs). The Company also provides non-home loans, which include commercial property loans, loan against property (LAP), loan for purchase of non-residential premises (NRP) and lease rental discounting (LRD). The Company also offers construction finance to the real estate developers. In addition, PNBHFL offers fixed deposit products for retail investors. The Company has around 38 branches supported by around 16 underwriting hubs.

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INE572E01012 National Stock Exchange of India India

Provider

Motilal Oswal

Motilal Oswal Financial Services Ltd. is a reputed name in Financial Services and Online Trading with group companies providing services such as Private Wealth Management, Retail Broking and Distribution, Institutional Broking, Asset Management, Investment Banking, Private Equity, Commodity Broking, Currency Broking, Principal Strategies & Home Finance.

Motilal Oswal Securities is a group company of Motilal Oswal Financial Service Limited which started as a stock trading company and has blossomed into well diversified firm offering a range of financial products and services. Motilal Oswal has built a reputation as the source for best stock trading company and this has taken a wealth of experience, knowledge and expertise, constantly working in tandem, over the years.

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MOSL: PNB HOUSING FINANCE (Neutral)-Spreads at historical lows; healthy improvement in asset quality in the Corporate book

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PNB HOUSING FINANCE (IN), a company active in the Consumer Finance industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 2 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date August 27, 2021, the closing price was INR 650.80 and its potential was estimated at INR 899.19.

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MOSL: PNB HOUSING FINANCE (Buy)-Disbursement growth moderates further, spreads stable sequentially

MOSL: PNB HOUSING FINANCE (Neutral)-Spreads at historical lows; healthy improvement in asset quality in the Corporate book

MOSL: PNB HOUSING FINANCE (Neutral)-Still in consolidation mode

With a more favourable environment, PNB HOUSING FINANCE improves to Slightly Positive

MOSL : HOME FIRST FINANCE COMPANY: Earnings in-line with sustained improvement in asset quality

MOSL : SHOPPERS STOP: Ticking the right boxes

MOSL : ERIS LIFESCIENCES: Enhanced efforts toward product launch-related activities

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