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Hi, Yes, I am tracking and in fact have taken a position in the company. In the absence of a long history, difficult to say anything definitively but I like the fact that the business has natural tailwinds, financials are clean and the company seems to be growing faster than the industry, so gaining market share. Let’s see how it goes.
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B’s Notes : company analysis, portfolio roundup (22-07-2024)
Business Analysis of Secured MSME Financing:
There has been a huge growth and in this segment and also 2-3 firms are available at a reasonable valuations due to the recent correction in this segment. So a small write up to clear my mind.
First the Problems:
- Very high default ratios.
- Lack of scale benefits.
- Lack of formal documents like GST Returns and CIBIL Scores.
- Lack of collection Infrastructure and Geographical penetration.
Now the Solutions:
- Securing it with their Home.
- Technology to some extent but feet on Ground are required for such business
- Again Technology to some extent but either references network may help
- Slowly expanding geography and adequate seasoning
There are few companies which fit the Bill
MASFIN, SBFC and FIVESTAR
Please share your views/ critique
Disc: I eat my pudding. Hence Please presume that I may have financial interest in some of these companies.