Emkay Global Financial's research report on AB Capital
ABCAP registered a sturdy performance in Q2FY24, with the lending business delivering robust loan-book/profitability growth, asset quality seeing slight improvement and the non-lending business witnessing a steady performance. The company sees its smaller ticket unsecured retail-loan portfolio holding up per expectations, and maintains its continuous monitoring and calibration of growth, interest rate and payouts to partners, in sync with emerging assetquality trends. With Company’s abiding investment journey on the tech front, building an omni-channel distribution network and realizing its synergies with the AB Group ecosystem, the management preserves an optimistic outlook.
Outlook
Given the Q2FY24 performance and positive growth outlook, we keep our FY24- 26 estimates unchanged and reiterate our BUY rating on the stock, with an unchanged Sep-24E TP of Rs 225/share.
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