ICICI Direct's research report on CanFin Homes
CanFin Homes (CFHL) was promoted by Canara Bank in 1987, with ~30% stake as of June 2023. The HFC is spread across 205 locations across 21 states and UTs with south contributing ~72% of loans and focus on tier II & III cities. Most borrowers are first time home buyers with average age of 35 years. Housing loans comprise ~90% of advances of which ~74% is to salaried customers • The company caters to customers in the mid & affordable segment with average ticket size being ₹ 22-24 lakh for housing and ₹ 8 lakh for non-housing loans.
Outlook
At the CMP, CFHL trades at ~1.9x FY25E ABV, which seems a good opportunity given its fundamental strength and historical valuation. Hence, we assign a BUY rating with a target price of ₹ 935/share.
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