Fan Site: Inspired, Not Endorsed, By Rakesh Jhunjhunwala

Morgan Stanley on M&M Fin
Overweight , Target Price Rs 225
F2Q23e disbursements ahead of MSe
Disbursements & collections remained strong in Sept, aided by macro tailwinds
Collection efficiency in Sept rose MoM, with Gross Stage 3 at 7%(vs F1Q23 at 8%)
Both AUM & asset quality better than MSe

BoFA Sec on M&M Fin
Buy, Target Price Rs 245
Sep’22: strong growth revival while AQ outlook improving
Gross loans up 9.2% QoQ; GS-2/GS-3 down 170/100bp QoQ
Strong medium term (FY25) guidance: 2x AUM, GS-3<6%
IRACP provision remains key near term overhang

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