Sharekhan's research report on Can Fin Homes
Can Fin Homes reported a weak performance in Q1FY2025. Earnings were below estimates, mainly led by increased credit costs and higher-than-expected NIM compression.Business momentum remained weak, as disbursements were down by 6% y-o-y/20% q-o-q, although Q1 is seasonally a weak quarter. Loan book grew by 9% y-o-y/2% q-o-q. Asset-quality trends also slightly deteriorated q-o-q, but management does not forsee any concerns.
Outlook
We maintain BUY with an unchanged PT of Rs. 1,050. The stock trades at 2.2x/1.9x its FY2025E/FY2026E ABV estimates.
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