PAT grew 49% YoY to INR892m in 1QFY23 (in line). Elevated OPEX, with a cost-income ratio of 47%, was offset by very benign credit costs of INR9m. Underlying this, NII was flat QoQ and grew 20% YoY to INR1.8b (in line). Other income declined by 38% QoQ, driven by lower assignment income. Key highlights include: a) GS3 increased by ~10bp QoQ to ~1.1% and 1+DPD grew to 4.7% (v/s 4.5% in Mar’22); b) sequential NII growth was muted, leading to a compression of ~40bp QoQ in NIM; and c) quarterly d...
The independent financial analyst theScreener just lowered the general evaluation of AAVAS FINANCIERS (IN), active in the Consumer Finance industry. As regards its fundamental valuation, the title now shows 0 out of 4 stars while market behaviour can be considered moderately risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date March 1, 2022, the closing price was INR 2,79...
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....
AAVAS FINANCIERS: Ability to recover and bounce back will be put to test (AAVAS IN, Mkt Cap USD2.7b, CMP INR2530, TP INR2820, 12% Upside, Neutral) PAT grew 20% YoY, but fell 32% QoQ, to INR599m (in line) in 1QFY22. NII rose 14% QoQ and 29% YoY, while operating profit fell 10% QoQ (7% beat). However, higher-than-expected credit cost of INR170m (est. INR110m) led to the in line PAT. Sharp deterioration in 1+dpd to 12.7% (up 620bp QoQ), relative to some of its other peers who have reported ...
Un PNB en hausse de 10,5% à MAD 2,2 Md; Un coût du risque en hausse de 3,8x à M MAD 219 ; Un RNPG en progression de 4,4% à M MAD 455 ; Et, proposition de distribuer un DPA de MAD 14 (contre MAD 16 en 2017, dont MAD 2 exceptionnel).
The valuation of CIH BANK at a target price of MAD 290 induces a high target P/E of 25.9x the profits in 2017 and of 19.2x the forecasted results in 2018 (vs. 18.7x in 2017E and 17.8x in 2018 E for the sector). Hence, we are changing our recommendation from accumulate to reduce the stock in portfolios awaiting the positive impacts of its development program.
Summary : La valorisation de CIH BANK à un cours cible de MAD 290 induit un P/E cible élevé de 25,9x les bénéfices en 2017E et de 19,2x les résultats prévisionnels 2018 (vs. 18,7x en 2017E et 17,8x en 2018E pour le secteur). De ce fait, nous revoyons notre recommandation d’accumuler à alléger le titre dans les portefeuilles dans l’attente des retombées positives de son programme de développement.
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