Subscribe to Home First Finance Company India: Hem Securities

Hem Securities has come out with its report on Home First Finance Company India. The research firm has recommended to ''Subscribe'' the ipo in its research report as on January 21, 2021.

January 22, 2021 / 04:07 PM IST
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Todays L/H

Hem Securities IPO report on Home First Finance Company India

Company mainly provides loans to first home buyers in low & middle-income groups . Loans for the purchase or construction of homes constitute 92% of company’s gross loan assets as of Sept 2020. Company is bringing the issue at p/b multiple of approx 4.3x at higher end of price band of Rs 517-518/share on FY20 book value basis. Although valuations are looking expensive but we like growth aspect of company as company being one among its close peers to post highest CAGR in AUM from FY15-20.Also on asset quality front company has been able to manage its GNPA & NNPA ratio below 1% in FY20.What attract us more is its tech led operating model which deliver industry leading productivity ratios along with experienced management team ,marquee investors & strong board members.

Valuation and Outlook

Therefore we give “Subscribe” rating to issue for both short & long term .

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