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StocksDB › StocksDB › Dewan Housing › Dewan Housing Research Report By Motilal Oswal
Tagged: Dewan Housing, Motilal Oswal
Dewan Housing continues to perform well on growth and asset quality front. While margins have inched up, Ratings upgrade coupled with reduction in base /wholesale rates are likely to aid margins. Moreover management’s commitment to bring down cost structure can provide delta to earnings. We expect AUM CAGR of 27% over FY14-17, and estimate RoA/RoE at 1.4%/20% for FY17. Better than expected growth and cost control should provide upsides to our RoA/RoE estimates. Valuations at 1.3x/1.1x FY16/17E ABV is attractive and at significant discount to peers (refer exhibit 1). Strong visibility on business growth, superior asset quality and improving return ratios. Reiterate Buy with target price of INR724, valuing stock at 1.75x FY17E adjusted book value.
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