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Aug 03, 2012, 04.42 PM IST
CRISIL Research has come out with its report on Dewan Housing Finance Corporation. The research firm has retained the fundamental grade of 4/5 to the company in its August 2, 2012 report.
CRISIL Research has come out with its report on Dewan Housing Finance Corporation . The research firm has retained the fundamental grade of 4/5 to the company in its August 2, 2012 report.
Dewan Housing Finance Corporation Ltd’s (Dewan Housing’s) Q1FY13 earnings were below CRISIL Research’s expectations due to higher provisions though it performed better on the loan book front. Consolidated loan book grew 9% q-o-q to Rs 278 bn. We reduce earnings estimates to factor in higher provisions. We retain the fundamental grade of 4/5. However, increasing concerns about asset quality due to a challenging economic environment and rising contribution from high risk project loans exert pressure on our fundamental grade.
Despite competitive pressure on mortgage yields, NIM stable with rise in share of highyielding project loans and loans against property
Merger of First Blue Home Finance (erstwhile Deutsche Postbank Home Finance) has got deferred to October 2012 from Q1FY13 as high court approval is still pending.
Earnings estimates lowered; fair value revised to Rs 276
Disclaimer: This report (Report) has been commissioned by the Company/Investor/Exchange and prepared by CRISIL. The report is based on data publicly available or from sources considered reliable by CRISIL (Data). However, CRISIL does not guarantee the accuracy, adequacy or completeness of the Data / Report and is not responsible for any errors or omissions or for the results obtained from the use of Data / Report. Opinions expressed herein are CRISIL's opinions as on the date of this Report. The Data / Report are subject to change without any prior notice. Nothing in this Report constitutes investment, legal, accounting or tax advice or any solicitation, whatsoever. The Report is not a recommendation to buy / sell or hold any securities of the Company. CRISIL especially states that it has no financial liability, whatsoever, to the subscribers / users of this Report. This Report is for the personal information of the authorized recipient only. This Report should not be reproduced or redistributed or communicated directly or indirectly in any form to any other person or published or copied in whole or in part especially outside India, for any purpose.
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Action in Dewan Housing Finance Corporation
May 24 2013, 16:42
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May 23 2013, 09:33
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