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Buy Housing Development Finance Corporation; target of Rs 3100: Sharekhan

Sharekhan is bullish on Housing Development Finance Corporation has recommended buy rating on the stock with a target price of Rs 3100 in its research report dated February 02, 2021.

February 09, 2021 / 10:31 PM IST
 
 
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Sharekhan's research report on Housing Development Finance Corporation


Q3FY2021 results were strong as operational numbers beat expectations; asset quality improved sequentially and growth traction improved. Overall collection efficiency for individual loans stood at 97.6 in December (from 96.3% in September) which is encouraging. Asset quality improved with reported NPA ratio declining, proforma NPA well-contained, company is better capitalised (Tier-I at 19.9%) which demonstrates balance sheet strength.


Outlook


Stock trades at reasonable valuations of 4.8x / 4.4x its FY2022E / FY2023E ABV; we maintain a Buy with a revised SOTP based price target (PT) of Rs. 3,100.


For all recommendations report, click here


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first published: Feb 9, 2021 10:31 pm

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