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    HomeNewsBusinessStocksBuy Shriram City Union Finance; target of Rs 2689: Motilal Oswal

    Buy Shriram City Union Finance; target of Rs 2689: Motilal Oswal

    Motilal Oswal is bullish on Shriram City Union Finance has recommended buy rating on the stock with a target price of Rs 2689 in its research report dated May 03, 2017.

    June 08, 2017 / 19:03 IST
       
       
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      Motilal Oswal's research report onShriram City Union Finance

      Shriram City Union Finance’s (SCUF) 4QFY17 PAT declined 78% YoY to INR 120m. However, this belies the strong operating performance in the quarter. Operating profit was up 26% YoY (est. of +11%), driven by strong loan growth, lower cost of funds and controlled opex.

      Outlook

      We believe this is a 3.5-4.0%+ RoA and 17-18% RoE business on a run-rate basis. We keep our estimates largely unchanged as lower opex in FY18/19 is offset by higher credit costs. Buy with a TP of INR 2,689 (2.7x FY19E BVPS).

      For all recommendations, 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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      first published: May 4, 2017 03:40 pm

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