Arihant Capital' research report on PNB Housing Finance
PNB Housing Finance Ltd. reported strong growth this quarter. Net profit increased to Rs 185 Cr registering robust growth of 93% YoY & 21% sequentially. Net Interest Income registered a growth of 64% to INR 343.6 crore from INR 209.2 crore YoY.
Outlook
We have pegged a multiple of 3.9(x) to FY 19E ABV & arrived at a fair value of Rs 1701 per share. At CMP of Rs 1543 the stock is available at its FY 19E P/ABV of 3.5(x). We have “HOLD” rating on the stock.
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