Summary LIC Housing Finance Ltd - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights LIC Housing Finance Ltd (LICHFL), an associate of Life Insurance Corporation of India, is a housing finance company. It provides long-term loans for the construction, repair, purchase, extension...
Summary Marketline's LIC Housing Finance Limited Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by LIC Housing Finance Limited - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Allia...
The independent financial analyst theScreener just lowered the general evaluation of HOUSING DEVELOPMENT FINANCE CORPORATION (IN), active in the Mortgage Finance industry. As regards its fundamental valuation, the title still shows 0 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Negative. As of the analysis date February 4, ...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
HDFC: Core operating profit in-line; commentary suggests healthy recovery from second wave impact (HDFC IN, Mkt Cap USD59.8b, CMP INR2462, TP INR3290, 34% Upside, Buy) HDFC’s core PBT grew 12% YoY to INR32.2b (5% beat). NII (ex-assignment income) at INR41.3b was 2% above our estimate. On the other hand, provisions at INR6.9b were lower than our est. of INR8b. Better-than-expected MTM gains on investment led to an 11% beat on reported PAT (down 6% QoQ / 2% YoY). Strong disbursement growth...
Aadhar Housing Finance (AHF) was the largest affordable housing finance company (HFC) in India, in terms of AUM as of Mar 2020. It plans to raise around US$1bn via selling a mix of primary and secondary shares in its India IPO. AHF is 98.72% owned by Blackstone. AHF is entirely retail-focussed, serving economically weaker and low-to-middle income customers. The average ticket size of its loans was INR0.85m, with an average loan-to-value of 56.73%, as of Sep 2020. 64.83% of its gross AUM consist...
Three Directors at Housing Development Finance Corporation Limited sold 17,000 shares at between 2,746.580INR and 2,775.000INR. The significance rating of the trade was 53/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades ...
Q3FY20 result highlights HDFC’s PAT of Rs84bn grew 111% yoy and 296% qoq. The company booked one-time income of Rs90bn on fair value gains of GRUH consequent to its merger with Bandhan Bank. As per the company’s stated policy, one-third of these gains were earmarked as provisions in 3Q which explains the huge qoq jump in provisions from 8bn to 30bn. AUM growth of 14% yoy and 3% qoq was similar to 1Q /2Q. Individual loans grew 16% yoy / 4% qoq in line with the previous quarter while non-indiv...
HDFC: Consistent healthy performance amidst tough macros (HDFC IN, Mkt Cap USD58b, CMP INR2396, TP INR2875, 20% Upside, Buy) HDFC reported another quarter of consistent performance with healthy AUM growth of ~14% YoY, stable spreads of ~2.3% and largely flat GS3% of 1.6%. HDFC wrote off ~INR4b during the quarter, led by settlement in 8-10 corporate accounts. Core PBT (adj. for one off/lumpy income/exp) was in line at INR27.7b (flat YoY). While NII grew 11% YoY, lower assignment income (I...
Q2FY20 result highlights HDFC’s PAT of Rs40bn grew 61% yoy and 24% qoq. There were three one-offs – stake sale in GRUH resulting in one-time gain of Rs16.3bn, re-measurement of DTA resulting in a charge of Rs2.4bn and higher dividend income. AUM growth remained soft at 13% pulled down by non-individual loans. Gross stage 3 loans rose 7% qoq (12% qoq in 1Q) AUM growth of 13% yoy and 3% qoq was same as in 1Q. Individual loans grew 17% yoy / 4% qoq while non-individual loan growth remained subd...
HDFC: AUM growth, loan yields under pressure led by non-retail AUM(HDFC IN, Mkt Cap USD53.2b, CMP INR2181, TP INR2600, 19% Upside, Buy) ** Core PPoP rose 5% YoY to INR29b in 2QFY20. However, led by higher dividend income from subsidiaries and associates (INR10.8b v/s INR58m in 2QFY19) and a low tax rate (13%), PAT grew 60% YoY to INR39.6b. Excluding the lumpy stake sale and dividend income, our calculations suggest core PBT was flat YoY in 2Q and up ~6% YoY in 1HFY20. ** AUM was up 3% QoQ/13% ...
Q1FY20 result highlights HDFC’s PAT of Rs32bn grew 46% yoy and 12% qoq and was below our estimate of Rs36bn. An increase in cost of funds and, slowdown in developer loans given weakness in the real estate segment, led to slower than expected revenue. AUM growth slowed to 13% yoy (from 15% in 4Q) driven by a sharp slowdown in non-individual loans. Gains from stake sale in GRUH of 18.9bn were partly used to make contingency provisions of Rs5.7bn. GNPAs rose sharply by12% qoq as Jet Airways of R...
HDFC: Healthy retail growth; core operating performance in line(HDFC IN, Mkt Cap USD52.7b, CMP INR2124, TP INR2600, 22% Upside, Buy) ** PAT grew 46% YoY to INR32b in 1QFY20 (15% beat), driven by lower opex (32% below estimate), higher assignment income (+2x YoY to INR3b) and a lower tax rate (19% v/s our estimate of 26%). Asset quality was stable sequentially, with GS3 % at 1.6% (+10bp QoQ). ** AUM grew 3% QoQ (+13% YoY) to INR4.8t and continued to be driven by individual loans (up 4%QoQ/17% Y...
Q4FY19 results highlights HDFC’s PAT of Rs29bn grew 27% yoy and 35% qoq and was 2 % higher than our estimate. Strong growth in retail loans, stable spreads and sound asset quality were the key drivers. AUM growth remained strong at 15% yoy and 5% qoq. On-book individual loans grew 14% yoy while individual loans sold down grew 2.9x yoy driving a growth of 17% in total individual AUMs. Growth in developer loans was subdued at 8% yoy. Under Ind AS income from loans assigned has to be booked u...
Q3FY19 result highlights HDFC’s PAT of Rs21bn was slightly higher than our estimate and declined 60% yoy and 14% qoq. The sharp yoy and qoq decline in PAT is because of lumpy gains from stake sales and dividend from HDBK in 2Q. Despite the environment being tough for NBFCs particularly HFCs, HDFC delivered strong AUM growth and stable margins. However asset quality deteriorated with a 12% qoq increase in stage 3 loans due to slippage in developer loans. AUM growth remained strong at 15% yoy ...
HDFC: Business on track; share of retail loans increasing (HDFC IN, Mkt Cap USD46.4b, CMP INR1919, TP INR2300, 20% Upside, Buy) HDFC reported PAT of INR21.1b in 3QFY19, 9% above our estimate of INR19.4b, led by NII beat, lower-than-expected opex and a lower tax rate. The company scaled back on the corporate lending business, while the retail lending business was largely unaffected. AUM grew 3% QoQ/15% YoY to INR4.4t, driven by growth of 18% YoY in retail lending and 8% YoY (slowest in pa...
Q2FY19 result highlights HDFC’s PAT of Rs25bn was in line and grew 25% yoy and 13% qoq. AUM growth remained strong at 17% yoy and 2% qoq. Individual disbursals grew 17% yoy while individual loans grew 18% yoy. There was a sharp increase in non-individual disbursals but AUM growth was slower at 13% due to repayments. Under Ind AS income from loans assigned has to be booked upfront against amortization under IND GAAP. This will add an element of volatility to NII as loans sold to HDBK will va...
HDFC: Healthy core operating performance (HDFC IN, Mkt Cap USD44.2b, CMP INR1762, TP INR2140, 21% Upside, Buy) HDFC’s PAT increased 25% YoY to INR24.7b (a 9% miss due to prudent provisioning from one-off gains), driven by healthy AUM growth and stable spreads. Total AUM grew 17% YoY (+3% QoQ) to INR4.3t. Individual AUM increased 18% YoY (+3.9% QoQ) to INR3.2t. Corporate AUM growth has moderated from 23% YoY a year ago to 13% YoY now. Reported spreads were stable YoY at 2.28% for the qua...
Q1FY19 result highlights HDFC’s PAT of Rs21.9bn was in line with our estimate of Rs22bn. Loans grew 19% yoy /4% qoq while AUM growth was also strong at 18%. The company transitioned to IndAS in 1Q (April 1, 2017 is the effective date.) The P/L has been restated for 1Q18 (not for 4Q). The impact of the transition on net worth has not been disclosed but it will likely be positive at ~Rs25bn. Net profit under IND AS is 8% lower than IGAAP for 1Q18. NII is also 8% lower driven by charging interes...
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