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Feb 15, 2017, 01.40 PM | Source: Moneycontrol.com

Buy L&T Finance; target of Rs 128: Centrum

Centrum is bullish on L&T Finance has recommended buy rating on the stock with a target price of Rs 128 in its research report dated February 08, 2017.

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Buy L&T Finance; target of Rs 128: Centrum

Centrum is bullish on L&T Finance has recommended buy rating on the stock with a target price of Rs 128 in its research report dated February 08, 2017.

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Centrum's research report on L&T Finance

L&T Finance Holdings (LTFH), in Q3, remained focused on its broader business strategy to expand RoE which increased 352bps YoY to 12.8%. While loan growth was slower at 10% than the usual run-rate, the company reported good set of numbers with net interest income and net profit grew by 16% and 32%, respectively, aided by 500bps YoY decline in cost-income ratio.

Outlook

Going ahead, with continued efforts on reducing the defocused book and growing the core segments (rural, housing and wholesale), we expect 24% loan book CAGR over FY16-19E with return ratios improving to 1.78% RoA and 17.6% RoE by FY19E. We maintain our Buy rating with a target price of Rs 128 on SOTP basis (core business - 2x Sept’18 ABV and ₹22 for investment and wealth businesses).

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Disclaimer:
The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

To read the full report click here

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Buy L&T Finance; target of Rs 128: Centrum
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Price when posted: BSE: Rs110.30 ( -1.87 % ), NSE: Rs. 110.35 ( -1.87 % )

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