Capital First Research Report By Sharekhan (June 2016)

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June 20, 2016 at 10:23 pm #3245

Vidhi Khanna
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Going forward, CAPF should continue with a strong operating performance. Being a niche player in SME and retail loans (consumer durables, two-wheelers etc), we expect the asset growth momentum to continue due to a favourable base effect and strong asset quality. Also, the lower interest rate cycle would help the company to lower its borrowing cost, which is positive for margins. We have rolled over our estimates to FY2018 and value CAPF at 2.7x FY2018E adjusted book value, leading to a revised price target of Rs625. We maintain our Buy rating on the stock.

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