reports
- Abhijit Tibrewal
MOSL: MAS FINANCIAL SERVICES: Regains its mojo with healthy disbursem...
. MAS FINANCIAL SERVICES: Regains its mojo with healthy disbursements and stable asset quality (MASFIN IN, Mkt Cap USD0.4b, CMP INR566, TP INR720, 27% Upside, MASFIN’s PAT rose 26% YoY to INR465m (in line). Total income grew 34% YoY to INR1.06b (11% beat) and OPEX jumped 133% YoY to INR348m. Credit costs stood at INR85m (v/s our estimate of INR75m), up 124% QoQ but down 40% YoY in 1QFY23. MASFIN delivered a quarterly disbursement of ~INR21.5b (up 10% QoQ and 107% YoY). Asset quality wa...
- Alpesh Mehta
MOSL: MAS Financial Services (Buy)-Growth slows down, but profitabilit...
MAS Financial Services: Growth slows down, but profitability improves (MASFIN IN, Mkt Cap USD0.9b, CMP INR1115, TP INR1200, 8% Upside, Buy) MASFIN’s 3QFY20 PAT of INR551m (25% beat, +21% YoY) was driven by higher upfront assignment income and lower cost of funds, marginally offset by higher opex and credit costs. Core business trends remained stable; disbursements have been range-bound at INR12-13b since the start of the IL&FS crisis. Hence, AUM growth has slowed from 26% YoY in 2QFY20 t...
- Alpesh Mehta
MOSL: MAS FINANCIAL SERVICES (Buy)-Healthy AUM Growth| Spreads under p...
MAS Financial Services: Healthy AUM Growth| Spreads under pressure | Stable asset quality (MASFIN IN, Mkt Cap USD0.6b, CMP INR721, TP INR830, 15% Upside, Buy) 2QFY20 PBT declined 7% YoY to INR499m (23% miss), largely driven by pressure on spreads (net operating income miss of 6%) and lower tax rate advantage used for aggressive provisions (Write offs are ~INR100m for the quarter). PAT grew 35% YoY to INR467m (in-line). Disbursements grew 17% YoY to INR13.6b. Consol. AUM grew 6% QoQ/26% YoY...
- Alpesh Mehta
MOSL: MAS FINANCIAL SERVICES (Buy)-Healthy AUM growth; Asset quality s...
MAS Financial Services: Healthy AUM growth; Asset quality stable (MASFIN IN, Mkt Cap USD0.5b, CMP INR584, TP INR745, 28% Upside, Buy) PAT grew 34% YoY to INR407m (in-line) in 1QFY20, driven by healthy AUM growth and stable asset quality, partly offset by margin compression. While operating profit missed our estimate by ~5%, lower credit costs led to in-line PAT. Disbursements (standalone) increased 21% YoY to INR12b. AUM grew 4.5% QoQ (+29% YoY) to INR55.8b (in-line). MEL and SME lending...
- Alpesh Mehta
MOSL: MAS FINANCIAL SERVICES (Buy)-Healthy AUM growth; Asset quality ...
MAS FINANCIAL SERVICES: Healthy AUM growth; Asset quality stable (MASFIN IN, Mkt Cap USD0.4b, CMP INR559, TP INR700, 25% Upside, Buy) PAT grew 28% YoY to INR416m (4% miss), driven by healthy AUM growth and stable asset quality, offset by margin compression. While operating profit was in line with estimates, higher credit costs and tax rate resulted in marginal PAT miss. Disbursement growth was 9% YoY v/s 30%+ YoY in the past two quarters. Consol. AUM grew 8% QoQ/29% YoY to INR55.6b. MEL...
- Alpesh Mehta
MOSL: MAS FINANCIAL SERVICES (Buy)-AUM growth on track-higher assignme...
MAS Financial Services: AUM growth on track; higher assignment transactions drive PAT outperformance (MASFIN IN, Mkt Cap USD0.4b, CMP INR538, TP INR650, 21% Upside, Buy) PAT grew 51% YoY to INR461m (30% beat), driven by higher-than-expected assignment transactions (INR7.8b; 16% of opening AUM) and related up-fronting of income (according to the regulation under Ind-AS). Standalone AUM increased 34% YoY to INR49.1b, driven by 35% YoY growth in micro-enterprise loans (MEL) to INR30.6b. M...
- Alpesh Mehta
MOSL: MAS FINANCIAL SERVICES (Buy)-Business trends stable, outlook pos...
MAS Financial Services: Business trends stable, outlook positive (MASFIN IN, Mkt Cap USD0.4b, CMP INR485, TP INR650, 34% Upside, Buy) MASFIN’s consol. PAT grew 45% YoY to INR355m (10% beat), driven by strong revenue growth (5% beat) and steady asset quality. Standalone AUM increased 33% YoY to INR46.3b, driven by 39% YoY growth in micro-enterprise loans to INR29.2b. MEL now comprises 63% of total loans v/s 60% a year ago. Management expects the product mix to remain largely stable, goin...
- Alpesh Mehta
MOSL: MAS FINANCIAL SERVICES (Buy)-A quarter characterized by strong g...
MAS Financial Services: A quarter characterized by strong growth, healthy asset quality (MASFIN IN, Mkt Cap USD0.5b, CMP INR600, TP INR780, 30% Upside, Buy) MAS Financial Services’ (MASFIN) PAT (Ind-AS) rose 80% YoY to INR313m, driven by higher operating profit (+64% YoY) and stable asset quality. With disbursement growth of 24% YoY, AUM rose 30% YoY to INR42.5b. Growth was broad-based across segments (in the range of 20-35% YoY). The share of various products in total AUM is as follow...
MOSL: MAS FINANCIAL SERVICES (Buy) - Sailing smooth - Strong growth an...
MAS FINANCIAL SERVICES: Sailing smooth; Strong growth and healthy asset quality (MASFIN IN, Mkt Cap USD0.4b, CMP INR613, TP INR750, 22% Upside, Buy) MAS Financial Services (MASFIN) reported PAT of INR299m (up 2x YoY), driven by higher operating profit (+85% YoY) and stable asset quality. With disbursement growth of 18% YoY, AUM rose 30% YoY to INR41b. Growth was broad-based across segments (in the range of 20-35% YoY). The share of various products in total AUM is as follows: MEL: 63%,...
3 directors bought
Three Directors at MAS Financial Services Limited bought 4,981 shares at between 589.100INR and 595.845INR. The significance rating of the trade was 51/100. 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...
- Alpesh Mehta
MOSL: MAS FINANCIAL SERVICES (Buy)-Robust growth and healthy asset qua...
MAS Financial Services: Robust growth and healthy asset quality maintained (MASFIN IN, Mkt Cap USD0.5b, CMP INR642, TP INR750, 17% Upside, Buy) MAS Financial Services (MASFIN) reported PAT of INR253m (+37% YoY), driven by operating profit growth (+55% YoY). Net income grew 50% YoY and 10% QoQ to INR735m, led by a) strong AUM growth of 5% QoQ and 33% YoY to INR36.6b (ex-housing finance portfolio) and b) NIM (calculated) improvement of 50bp/110bp QoQ/YoY to 8.2%, partially helped by capital ...
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