@Pulak I think the overhang due to the mentioned large investor sell off is bringing down the price. This generally happens with all IPOs 2-3 years into the listing. Early PE investors sell their stake.
Another reason for weakness is sector sentiment. NBFCs and all banks are going through this because the banks are going through slow deposit growth phase. I am not sure if you had followed this whole discussion on people moving from term deposits to equities. If banks face this pressure they are going to cut down on their lending to NBFCs. Aptus borrows from banks and the exposure is probably 15-20%. There was a news article as well on this issue, just google it.
Lastly, I can see concerns in unsecured lending (microfinance) as NPAs are slowly rising and RBI issued a circular few weeks back on microfinance. Though this should not apply to Aptus as much because its dominantly a HFC. Their SME financing is also collateralized probably as I remember they mentioned LTV on these loans of 42% (need to check again this).
I think once the market sentiment improves its going to be a clear value buy, aptus at 300 is super cheap. They are growing AUM at 30%.
Disclosure: invested and biased
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