Sharekhan's research report on Repco Home Finance
Repco Home Finance Limited (RHFL) is an attractive HFC with a niche loan book (salaried and professional class borrowers), stable asset quality, strong ratings, and good return ratios. With disbursements gaining pace the company seeing improved growth; Encouraging asset-quality performance with manageable gap between reported / proforma GS3, with 97% collection efficiency (up from 93% September levels) and low restructuring. Available at reasonable 1.0x/0.9x its FY2022E/FY2023E ABVPS; a strong business model, stable ratings, and conservative underwriting with attractive return ratios make RHFL attractive.
Outlook
We believe with economic recovery, demand along with resilient economy would brighten the growth outlook; hence, we have revised our target multiple. We maintain our Buy rating with a PT of Rs. 400.
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