Naidu’s portfolio

I have been studying both arman financials and one of my favorite companies in NBFC’s – Cholamandalam finance. About Chola finance- first of all it is from one of the most reputed conglomerates known for its corporate governance – the Murugappa group. Other group companies have also been in news and market favorites like tube investments recently, but chola has been known for a long time. It has occupied a niche that provides vehicle finance mostly to transport vehicles like trucks, etc and to people who want to run small to medium logistics businesses, small packers and movers etc. Though its forte is in south India but is not restricted to the said location. I was thinking as Highways and infrastructure is being built on such a large scale for almost a decade now and no signs of slowing down, logistics businesses will boom as a result. Now I don’t know which players might succeed, or multiple players may succeed but the company financing many of these players especially small to medium ones, I think it has a runway for growth. But the problem is valuation. Price to book is an expensive 6.5-7.5 range most of the time. The only growth will be the earnings growth and not valuation and no margin of safety otherwise the company itself by my evaluation is an excellent one, the cost of funds is lesser than thier peers like sundaram, aptus etc. Closely looking to invest if valuations come down, unlikely scenario, hope it happens because somehow at such valuations I am not able to convince myself to make it 10% of my portfolio.