Emkays' report on LIC Housing FinanceLICHF's 2QFY16 earnings were in-line with estimate. We expect NIMs to improve gradually over the next two quarters but as competitive intensity is high sustained improvement is unlikely. Additionally growth is unlikely to pick up significantly given the demand environment hence we do not expect significant upside to current valuations. We expect an earnings CAGR of 21%+ over FY15/18E and RoEs to remain healthy at 20%. Maintain HOLD with a Target Price of Rs515 (2.4x FY17 BV). For all recommendations, click here Disclaimer: 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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