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Last Updated : Jul 02, 2020 04:38 PM IST

Buy Can Fin Homes; target of Rs 447: CD Equisearch

CD Equisearch is bullish on Can Fin Homes recommended buy rating on the stock with a target price of Rs 447 in its research report dated June 30, 2020.

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CD Equisearch's research report on Can Fin Homes


Growth in loan book and asset quality of housing finance companies will come under pressure following the economic impact of COVID-19 as salaried and self employed individuals face the prospect of job losses, salary cuts and loss in income according to ratings agency ICRA. It expects slowdown in home loans extended by HFC’s in the first half of FY21 adding that, recovery in the second half of FY21 will depend on the overall economic scenario. It estimates credit growth in FY21 to be 9-12%, in comparison to 16% annual growth over last 3 years due to COVID-19.


Outlook


Weighing odds, we assign ‘buy’ rating on the stock with target price of Rs 447 (previous target Rs 478) based on 2.0x FY22e BV for a period of 9-12 months.





For all recommendations report, click here

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First Published on Jul 2, 2020 04:38 pm
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