If we see the HFC space, only HDFC, GRUH and REPCO seem that they can continue to grow at 20-25% for long time without diluting thier equity since they have high ROE.
If we look at LIC, GIC and CAN FIN HOMES they have less ROE due to lower margins and hence to keep growing at 20-25% will be a challenge and they will have to dilute equity to maintain the CAR of 12%.
So is REPCO which is trading at 4-5 X P/BV still a good buy ???
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