May 17, 2013, 08.02 PM | Source: Moneycontrol.com
Nirmal Bang is bullish on Bajaj Finance and has recommended buy rating on the stock with a target of Rs 1638 in its May 17, 2013 research report.
, Nirmal Bang |
"BFL continues to enjoy pricing power resulting from the benign competition and healthy asset quality. BFL has been consistently delivering healthy performance which is commendable given the current environment. With control over NPAs, wider access and strong growth in the book, Bajaj Finance will continue to strengthen its position as a retail finance company. We expect profitability to grow at 25.3 percent CAGR over FY13-FY15E."
"Demonstrating strong business model and excellent execution capability of the management, the stock has been an outperformer in the last one year generating a return of 71.9 percent. At CMP the stock is trading at 1.89x FY14E and 1.6x FY15E ABV and 9.85x FY14E and 7.89x FY15E EPS. Considering the recent run up in the stock we recommend our investors to HOLD the stock with a target price of Rs 1,638 indicating further potential upside of 11 percent from current levels. Any decline can be used as an opportunity to BUY the stock as our long term outlook remains positive," says Nirmal Bang research report.
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