Great set of numbers for the quarter gone by.
Investment thesis in 1 line – MFI spreads with Housing finance type risk/security & NPAs.
The damper is the forward guidance for the next 2 quarters. Not sure why the market reacted so negatively. There is at least so far very little stress on Five Star’s book. And exercising Temporary caution at a time of elevated consumer leverage is just being responsible. I don’t see how the terminal value of the company goes down by 13% because of it 
Disclosure – Invested.
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