reports
- Alpesh Mehta
MOSL: CAPITAL FIRST (Buy)-Second innings-INR37b PAT, 14%+ RoE for the ...
Capital First: Second innings; INR37b PAT, 14%+ RoE for the combined entity in 5-6 years (CAFL IN, Mkt Cap USD1.0b, CMP INR655, TP INR960, 47% Upside, Buy) We recently met the management of Capital First (CAFL). The proposed merger of IDFC Bank (IDFCB) with CAFL is likely to fructify by mid-FY19, creating a financial services entity with total assets of ~INR1.5t. Over the next 5-6 years, the combined entity is likely to undergo a huge transformation – from a primarily wholesale-focused b...
MOSL: CAPITAL FIRST (Buy)-Strong growth, gradually improving profitabi...
Capital First: Strong growth, gradually improving profitability (CAFL IN, Mkt Cap USD1.2b, CMP INR771, TP INR960, 25% Upside, Buy) Capital First’s (CAFL) PAT grew 42% YoY to INR870m (2% ahead of our estimate) in 3QFY18, in line with the trend of the past few quarters. Strong AUM growth (32% YoY) and a 150bp YoY improvement in margins were the key highlights of the quarter. AUM grew 8% QoQ (festive season impact) and 32% YoY to INR248b – 4% ahead of our estimate of INR241b. Growth was driven...
MOSL: CAPITAL FIRST (Buy)-Into a different league-A win-win combinatio...
Capital First: Into a different league; A win-win combination (CAFL IN, Mkt Cap USD1.3b, CMP INR836, TP INR960, 15% upside, Buy) The Boards of IDFC Bank (IDFCB) and Capital First (CAFL) have approved a merger of the two entities at a 13.9:1 swap ratio. We believe this merger would have benefits for shareholders of both companies, though near term regulatory & integration challenges persist. The share swap ratio makes it attractive (~12.5% premium to CMP) for CAFL shareholders. Benefits to ...
- Alpesh Mehta
MOSL: CAPITAL FIRST (Buy)-Grinding along-Return ratios to improve with...
​CAPITAL FIRST: Grinding along; Return ratios to improve with scale and mix(CAFL IN, Mkt Cap USD1.2b, CMP INR698, TP INR925, 33% Upside, Buy)We recently met management of Capital First (CAFL) at our ‘Midcap Conference’. The company’s growth prospects appear bullish to us. Given the strong performance in 1HFY18, coupled with better-than-expected demand in the festive season, AUM growth in FY18 should comfortably exceed management’s guidance of 23-25% and could possibly be north of 30%, ...
- Alpesh Mehta
MOSL: CAPITAL FIRST (Buy)-Strong AUM growth-Return ratios stable
​Capital First: Strong AUM growth; Return ratios stable(CAFL IN, Mkt Cap USD1.2b, CMP INR756, TP INR925, 22% Upside, Buy)Capital First's (CAFL) 2QFY18 PAT grew 36% YoY to INR785m, in line with the trend of the past few quarters, driven by strong AUM growth, NIM expansion and stable asset quality. AUM growth of 7% QoQ/28% YoY to INR230b surprised us positively. Growth continues to be driven by consumer durables and 2W loans, which grew 64% and 40%, respectively. While LAP AUM increased only 12%...
A director sold 10,000 shares at 823.500INR and
A director at Capital First Limited sold 10,000 shares at 823.500INR and the significance rating of the trade was 58/100. 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 by all the company's directors over the last two ye...
MOSL: CAPITAL FIRST (Buy)-Strong performance-Migrated to 90dpd NPL rec...
​Capital First: Strong performance; Migrated to 90dpd NPL recognition(CAFLIN, Mkt Cap USD1.2b, CMP INR781, TP INR925, 18% Upside, Buy)Capital First’s (CAFL) 1QFY18 PAT grew 37% YoY to INR672m, driven by strong AUM growth, NIM expansion and stable asset quality. AUM grew 24% YoY to INR214b, despite a high base (+36% YoY in 1QFY17). Sequential AUM growth of 8% is encouraging, in our view. Growth was robust across segments, except secured MSME financing, where the company is intentionally slowi...
MOSL: CAPITAL FIRST (INITIATING COVERAGE)-Capitalizing on multiple opp...
​CAPITAL FIRST (INITIATING COVERAGE): Capitalizing on multiple opportunities; Becoming a formidable player in multiple segments(CAFL IN, Mkt Cap USD1.1b, INR766, TP INR925, 21% Upside, Buy)Founded in 2012 via management buyout of an existing NBFC, Capital First (CAFL) is a non-deposit-taking NBFC focusing largely on retail lending. Over the past six years, CAFL has transformed itself from a predominantly wholesale financier to a well-diversified retail financier with impeccable asset quality. ...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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