Accumulate Dewan Housing Finance: Elara Capital

Tagged: Dewan Housing, Elara

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June 25, 2014 at 7:20 am #559

Vidhi Khanna
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Strong levers, but needs to deliver

Cheapest play in the flourishing housing finance space…

The housing finance space has fared better than other credit segments recently (NPA: sub 1.5% vs 4.5% for banking) due to stable real estate prices, healthy wage growth, and under penetration. Dewan Housing Finance (DEWH IN), with its niche in lower- and middle-income (LMI) segment, has benefited from being an early entrant. Trading at 0.9x FY16E P/BV, it is cheap vs peers trading at 1.6-6.4x P/BV FY16E.

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