MS on M&M Fin
OW, TP Rs 225
Cut EPS forecasts, due mainly to lower NIM & higher costs
RBI’s ban likely to cause higher F23 provisions with reversals in future, net impact being low
Fears of moral hazard & macro volatility could weigh on stock in near term

Jefferies on M&M Fin
U-P, TP Rs 155
RBI ban could lead to 75-80% drop in repossession activity
This could lead to higher loan losses/LGD till it readjusts its processes
5% higher loan loss on assets, where repossession is delayed could lift credit cost by 10-15bps