External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>CanFin Homes (CFHL) was promoted by Canara Bank in 1987, with ~30% stake as of September 2022.</li><li>The HFC is spread across 204 locations across 21 states and UTs with south contributing ~72% of loans and focus on tier II &amp; III cities.</li><li>Most borrowers are first time home buyers with average age of 35 years.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

CanFin Homes (CFHL) was promoted by Canara Bank in 1987, with ~30% stake as of September 2022.The HFC is spread across 204 locations across 21 states and UTs with south contributing ~72% of loans and focus on tier II &amp; III cities.Most borrowers are first time home buyers with average age of 35 years.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Can Fin Homes’ (CANF) reported a steady performance in Q2FY23.</li><li>However, it was marginally below our estimates with a miss on PAT owing to higher-than-expected provisions.</li><li>The operational performance was robust, driven by sustained growth in AUM (+22% YoY,5% QoQ), stable improved NIMs (+4bps YoY), and stable asset quality.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Can Fin Homes’ (CANF) reported a steady performance in Q2FY23.However, it was marginally below our estimates with a miss on PAT owing to higher-than-expected provisions.The operational performance was robust, driven by sustained growth in AUM (+22% YoY,5% QoQ), stable improved NIMs (+4bps YoY), and stable asset quality.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Can Fin Homes - Steady Performance; Maintain BUY!

<ul><li>Can Fin Homes (CANF) reported strong set numbers in Q4FY22 with the pick-up in loan growth led by higher disbursements, improved NIMs due to higher yields, and robust asset quality</li><li>We remain positive on the stock given its favourable loan mix, comfortable liquidity position, and robust CAR (23.3%)</li><li>We maintain BUY with a target price of Rs 790 (2.5x FY24E BV), implying an upside of 23% from CMP.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Can Fin Homes (CANF) reported strong set numbers in Q4FY22 with the pick-up in loan growth led by higher disbursements, improved NIMs due to higher yields, and robust asset qualityWe remain positive on the stock given its favourable loan mix, comfortable liquidity position, and robust CAR (23.3%)We maintain BUY with a target price of Rs 790 (2.5x FY24E BV), implying an upside of 23% from CMP.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Can Fin Homes: Growth Momentum Strong; Maintain BUY

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>Record disbursements: The company recorded disbursements worth Rs27bn in 4QFY22, increasing by 35.2% YoY and 9.4% QoQ.</li></ul><div><div><div><div><ul><li>Loan growth strong on the back of record disbursements: Overall loan book increased by 19.7% YoY and 5.1% QoQ to Rs263.8bn.</li></ul><div><div><div><div><ul><li>NIM expansion aided by yield improvement and stable CoF.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Record disbursements: The company recorded disbursements worth Rs27bn in 4QFY22, increasing by 35.2% YoY and 9.4% QoQ.Loan growth strong on the back of record disbursements: Overall loan book increased by 19.7% YoY and 5.1% QoQ to Rs263.8bn.NIM expansion aided by yield improvement and stable CoF.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Can Fin Homes - Record Disbursements and Margin Expansion Aid Earnings

Thematic (Sector/Industry)

<ul>
<li>We expect loan growth momentum for banks to sustain on a sequential basis, mainly driven by Retail/SME segments</li>
<li>Deposit growth continues to remain range-bound. However, most banks have reported a healthy CASA growth aiding CoF, thereby supporting margins.</li>
<li>Positive result plays: SBI, ICICI Bank, HDFC Bank, CanFin Homes, SBI Cards, AU Small Finance Bank</li>
</ul>
<p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>


We expect loan growth momentum for banks to sustain on a sequential basis, mainly driven by Retail/SME segments
Deposit growth continues to remain range-bound. However, most banks have reported a healthy CASA growth aiding CoF, thereby supporting margins.
Positive result plays: SBI, ICICI Bank, HDFC Bank, CanFin Homes, SBI Cards, AU Small Finance Bank

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BFSI Q4FY22 Result Preview – Growth Momentum Robust; Asset Quality Pressures to Ease

India

Can Fin Homes Ltd provides housing finance.  The company offers long term housing loans to middle and lower income individuals or corporate bodies for construction and acquiring houses/flats.

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Can Fin Homes (CANF IN)

CanFin Homes (CFHL) - In Sweet Spot

The HFC is spread across 204 locations across 21 states and UTs with south contributing ~72% of loans and focus on tier II & III cities.

ICICI Securities Limited

Can Fin Homes - Steady Performance; Maintain BUY!

The operational performance was robust, driven by sustained growth in AUM (+22% YoY,5% QoQ), stable improved NIMs (+4bps YoY), and stable asset...

Axis Direct

Can Fin Homes: Growth Momentum Strong; Maintain BUY

We remain positive on the stock given its favourable loan mix, comfortable liquidity position, and robust CAR (23.3%) We maintain BUY with a...

Axis Direct

Can Fin Homes - Record Disbursements and Margin Expansion Aid Earnings

Can Fin Homes reported strong earnings growth of 28% YoY on the back of record high disbursements. NII grew by 27.7% YoY as NIM expanded by 46bps...

Nirmal Bang

BFSI Q4FY22 Result Preview – Growth Momentum Robust; Asset Quality Pressures to Ease

We expect loan growth momentum for banks to sustain on a sequential basis, mainly driven by Retail/SME segments. Deposit growth continues to remain...

Axis Direct

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