Dewan Housing Finance (DHFL) Research Report By Edelweiss

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January 18, 2015 at 11:58 am #1594

Vidhi Khanna
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Dewan Housing Finance (DHFL) is a dominant player in niche markets (Tier II & III cities) with strong foothold in the limited competition low and middle income (LMI) segment. The company has built a lucrative model (bolstered by strategic inorganic expansion) that caters to a gamut of potential customer base, portending humungous growth opportunities. We estimate it to sustain loan CAGR of 20% plus, which along with improving NIMs (aided by recent rating upgrade), will lead to an impressive 23% PAT CAGR and improve RoE to over 19% in FY17E. Initiate coverage with ‘BUY’ and TP of INR642 (assigning 1.75x FY16E P/Adj. B), implying >50% upside.

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