reports
MOSL: INDOSTAR CAPITAL FINANCE (Buy)-Liquidity impacts disbursements-P...
INDOSTAR CAPITAL FINANCE: Liquidity impacts disbursements; Provisioning in corporate lending book increases (INDOSTAR IN, Mkt Cap USD0.3b, CMP INR195, TP INR270, 38% Upside, Buy) 2QFY20 PAT/PBT declined 23%/32% YoY to INR494m/INR675m (30% below est.). While operating profit grew 27% YoY to INR1.4b (10% beat), the miss was driven by higher credit cost of INR722m (v/s est. INR250m). Company continued to calibrate disbursements due to tightness in liquidity. Retail disbursements were down ~50...
MOSL: INDOSTAR CAPITAL FINANCE (Buy)-Steady quarter-Acquisition of IIF...
INDOSTAR Capital Finance: Steady quarter; Acquisition of IIFL’s CV financing business complete (INDOSTAR IN, Mkt Cap USD0.5b, CMP INR356, TP INR525, 48% Upside, Buy) 4QFY19 PAT increased 83% YoY to INR741m, driven by healthy NII growth, higher upfronting of assignment income and controlled opex. The company completed the INR35.2b (INR22.4b on-book) acquisition of IIFL's CV financing business on 31st Mar'19, resulting in goodwill of ~INR3b. Excluding the acquisition, total AUM grew 8% QoQ...
MOSL: INDOSTAR CAPITAL FINANCE (INITIATING COVERAGE)-A New Beginning; ...
IndoStar Capital Finance (Initiating Coverage): A New Beginning; Retail lending to be 75%+ of overall book by FY22 (INDOSTAR IN, Mkt Cap USD0.5b, CMP INR411, TP INR525, 28% Upside, Buy) IndoStar Capital Finance (INDOSTAR) commenced operations in 2011 with a significant capital commitment (INR9b) by the promoter, Everstone Capital. The company started out as a wholesale lender, and over time utilized the profits from this segment to build new businesses – SME, housing and vehicle finance....
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