Cholamandalam Finance Research Reports By Motilal Oswal, Religare, KR Choksey & Emkay

Tagged: Chola Finance, Emkay, KR Choksey, Motilal Oswal, Religare

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May 28, 2016 at 8:33 pm #3177

Vidhi Khanna
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Diversification of loan book towards home loans, normalization of credit costs and reduction of GNPAs / provisioning from the current cyclical peaks should transform the business to 3.0% ROA from current ROA of 2.3% in coming years. Improvement in ROA should translate into a rerating opportunity for the business. We raise our earnings estimates for FY17/18 by 9% and also raise our target P/B multiple to 3.0x (in line with Sundaram Finance; earlier 2.3x) and arrive at a target of INR 1,000 (earlier INR 700).

Cholamandalam-Finance-Emkay-Q4FY16

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Cholamandalam_MotilalOswal-Q4FY16
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