reports
- Abhijit Tibrewal
MOSL : CHOLAMANDALAM INV. & FINANCE: Disbursement momentum indicative ...
. CHOLAMANDALAM INV. & FINANCE: Disbursement momentum indicative of strong AUM growth in FY23 (CIFC IN, Mkt Cap USD7.6b, CMP INR734, TP INR860, 17% Upside, Buy) PAT grew 73% YoY to INR5.7b (in line) in 1QFY23, led by a sequential expansion of ~15bp in NIM, seasonal moderation in the cost-to-income ratio to 2.9% (PQ: 3.5%), and contained credit costs of 1.5% (annualized). The sequential decline in margin in the Vehicle Finance business was on account of a higher proportion of new vehicles i...
CHOLAMANDALAM INV.& FIN. receives two new qualifications and slightly ...
The independent financial analyst theScreener just changed two ratings for the qualification of CHOLAMANDALAM INV.& FIN. (IN), active in the Speciality Finance industry. Its market behaviour has improved and can now be considered as moderately risky; its fundamental valuation receives an improved star rating and now shows 3 out of 4 stars. theScreener considers that these elements slightly improve the general evaluation, which passes therefore to Neutral. As of the analysis date January 18, 2022...
- Alpesh Mehta
MOSL: CHOLAMANDALAM INV. & FINANCE (Buy)-Muted disbursements; PAT beat...
CHOLAMANDALAM INV. & FINANCE: Muted disbursements; PAT beat despite elevated credit costs (CIFC IN, Mkt Cap USD5.8b, CMP INR526, TP INR650, 23% Upside, Buy) Cholamandalam Inv & Fin (CIFC) reported 1QFY22 PAT of INR3.3b (11% beat), up 34% QoQ / down 24% YoY. This was on account of strong control over opex (12% below our estimates), despite elevated credit costs (up 10% QoQ to INR5.5b; annualized: 3.2%). NIM on AUM (calculated) stood at 7.4%, up 20bp QoQ. The PAT beat, however, belies t...
- Swarnendu Bhushan
MOSL: CHOLAMANDALAM INV. & FINANCE (Buy)-Growth slowing down; M&HCV st...
(CIFC IN, Mkt Cap USD3.6b, CMP INR318, TP INR390, 23% Upside, Buy) ** PAT increased 28% YoY to INR3.9b (2% miss) in 3QFY20. The quarter was characterized by lower AUM growth and an increase in the GNPL ratio. Vehicle finance loan growth slowing down; lower incremental CoF** AUM growth slowed down from 24% YoY in the prior quarter to 21% YoY in 3QFY20. While LAP AUM growth has been steady at 16-17% YoY, vehicle finance AUM growth moderated from 24% YoY to 19% YoY. ** During the quarter, CIFC a...
MOSL: CHOLAMANDALAM INVESTMENT AND FINANCE (Buy)-In-line operating per...
(CIFC IN, Mkt Cap USD3.5b, CMP INR323, TP INR390, 21% Upside, Buy) PAT in line; records higher upfront assignment income** PAT increased 28% YoY to INR3.89b (2% miss) in 3QFY20. The quarter was characterized by modest disbursements in vehicle finance and LAP, improving spreads, and marginally deteriorating asset quality. ** Total income increased 6% QoQ (+24% YoY) to INR10.8b (6% beat). The company recorded upfront assignment income amounting to INR825m in the quarter. Note that upfront income...
MOSL: CHOLAMANDALAM INV & FIN (Buy)-Slower growth in tough environment
Cholamandalam Inv & Fin: Slower growth in tough environment (CIFC IN, Mkt Cap USD3.3b, CMP INR300, TP INR350, 17% Upside, Buy) 2QFY20 PAT/PBT grew 0.8%/14% YoY to INR3.1b/INR5.2b (in-line). Company also incurred a one-time tax impact of INR800m on DTA revision under the new tax rate regime. Disbursements grew 7% YoY to INR73.8b (v/s est. 22%), largely driven by muted growth in vehicle finance (5% YoY). In 1HFY20, disbursements grew 14% YoY to INR160b. According to management, disbursements...
MOSL: CHOLAMANDALAM INV & FIN (Buy)-Strong performance in a tough envi...
CHOLAMANDALAM INV & FIN: Strong performance in a tough environment (CIFC IN, Mkt Cap USD2.9b, CMP INR259, TP INR315, 21% Upside, Buy) 1QFY20 PAT grew 10% YoY to INR3.1b (6% below our est.). While operating profit was in line, higher credit drove the miss v/s our expectations. CIFC's disbursements grew 22% YoY to INR85.7b (v/s our est. of 7%). In vehicle finance, the company grew in all segments, barring HCVs (down 30% YoY). As a result, AUM was up 6% QoQ/ 27% YoY to INR574b. Home Equity...
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