TheScreener - PNB Housing Finance (PNBHOUSING) With a more favourable environment, PNB HOUSING FINANCE improves to Slightly Positive

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

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.

28/08/2021 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

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Motilal Oswal

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

PAT grew 39% QoQ to INR2.4b in 1QFY23 (46% beat). NII was flat QoQ, but fell 28% YoY to INR3.8b (inline). Credit costs at INR0.5b was below our estimate of INR1.2b. GS3/NS3 declined by ~180bp/90bp QoQ to 6.4%/4.3% (as a percentage of loans), with Stage 3 PCR declining by ~5bp to ~33%. ECL/EAD also fell to 3.5% v/s 4.4% in Mar'22. We now expect the ongoing consolidation process to continue for the whole of FY23, post which PNBHOUSI should start exhibiting AUM growth. While corporate asset quality has started to improve, it is important that the company sustains this traction all through the...

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

PNB HOUSING FINANCE: Still in consolidation mode (PNBHOUSI IN, Mkt Cap USD1.2b, CMP INR511, TP INR560, 10% Upside, Neutral) PNBHF reported a 2QFY22 PAT of INR2.3b (9% miss), which declined by 25% YoY and 3% QoQ. The miss was driven by lower-than-estimated NII on account of income reversals due to accelerated run-off in the securitized pool of loans and partly mitigated by lower credit costs. NII fell 25% YoY and 9% QoQ to INR4.7b (9% below our estimate of INR5.1b). Provisions at INR1.4b were below our estimate of INR1.8b. Disbursements rose 21% YoY to INR29.6b. This led to AUM declini...

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

Empowering Investors

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

AC ENERGY CORP increases its risk exposure and slightly lowers to Neutral

With a more favourable environment, VUKILE PROPERTY improves to Positive

An unfavourable environment weighs on ROYAL BAFOKENG PLATINUM, which sees a downgrade to Slightly Negative

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