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    HomeNewsBusinessStocksBuy Equitas Holdings; target of Rs 150: Motilal Oswal

    Buy Equitas Holdings; target of Rs 150: Motilal Oswal

    Motilal Oswal is bullish on Equitas Holdings has recommended buy rating on the stock with a target price of Rs 150 in its research report dated February 04, 2019.

    Broker Research
    February 20, 2019 / 15:02 IST
       
       
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      Motilal Oswal's research report on Equitas Holdings

      Equitas reported PPoP growth of 198%/14% YoY/QoQ to INR1.2b (largely in line with our estimates), driven by 37%/16% YoY/QoQ growth in NII. Lending spreads improved 49bp QoQ to 11.2%, while NIM stood at 8.98% (+128bp QoQ) on the back of 62bp improvement in cost of funds. Total opex grew 17%/12% YoY/QoQ to INR2.6b (5% above MOSLe) led by 40% YoY growth in other opex (paid PSLC premium of INR238m). Cost-income ratio, thus, remains elevated at 68.2% (39bp QoQ decline).

      Outlook

      We reiterate BUY with a target price of INR150, based on 1.9x Sep-20E ABV of INR81 per share.

      For all recommendations report, click hereDisclaimer: 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.

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      Broker Research
      first published: Feb 20, 2019 03:02 pm

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