Valuation now is ~5.5 P/B. Probably market is discounting the fact that the Arman will continue with 30%+ RoE, which clearly is unsustainable.
Most of the profit growths over the last 2 years have come from MFI upcycle and hike in interest rates due to new regulations. One thing that comforts me, is the management has been very transparent about this current growth. They have c
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