External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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Equity Bottom-Up

<ul><li>Will continue to stand tall despite the many challengers Muthoot Finance (MUTH') is our top pick for CY22 in the NBFC Lending space.</li><li>Our investment idea is premised on our thesis of a structural opportunity in Gold lending as the market pie expands with customers evolving, taboo around Gold loans fading away, and apprehensions regarding Gold loans addressed through customer education.</li><li>In this report, we list MUTH's competitive strengths vis--vis its peers and some of the challengers like Fintech Gold loan NBFCs.</li></ul><div class="content-highlight"><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></div>

Will continue to stand tall despite the many challengers Muthoot Finance (MUTH') is our top pick for CY22 in the NBFC Lending space.Our investment idea is premised on our thesis of a structural opportunity in Gold lending as the market pie expands with customers evolving, taboo around Gold loans fading away, and apprehensions regarding Gold loans addressed through customer education.In this report, we list MUTH's competitive strengths vis--vis its peers and some of the challengers like Fintech Gold loan NBFCs.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.

Will continue to stand tall despite the many challengers

<ul><li>For MUTH, 3QFY22 was characterized by: interest cost savings, which led to an in line PPOP/PAT performance; elevated Gold loan auctions of INR28b, which resulted in gold AUM remaining largely flat QoQ, stable spreads of 13%, despite an aggressive competitive landscape; GS3 increasing by ~200bp QoQ to 3.8%, suggesting that auctions will remain elevated in 4QFY22 as well to pare down GS3 to the management's guided level of 2-3%.</li><li>We estimate MUTH to deliver a gold loan growth of ~10% in FY22E.</li><li>However, this incremental growth in 4Q will come at the cost of a minor compression in spreads/margin,.</li></ul><div class="content-highlight"><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></div>

For MUTH, 3QFY22 was characterized by: interest cost savings, which led to an in line PPOP/PAT performance; elevated Gold loan auctions of INR28b, which resulted in gold AUM remaining largely flat QoQ, stable spreads of 13%, despite an aggressive competitive landscape; GS3 increasing by ~200bp QoQ to 3.8%, suggesting that auctions will remain elevated in 4QFY22 as well to pare down GS3 to the management's guided level of 2-3%.We estimate MUTH to deliver a gold loan growth of ~10% in FY22E.However, this incremental growth in 4Q will come at the cost of a minor compression in spreads/margin,.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.

Gold loan growth flat QoQ; auctions to stay elevated in 4QFY22

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

ICICI Securities Limited

<p>Muthoot Finance is a leading gold financier in India with gold loan AUM of | 52613 crore as on June 2021.</p><ul><li>It has a large footprint across India with 4625 gold lending branches</li><li>The company also has a presence in other lending segments like housing, microfinance, vehicle finance via its subsidiaries</li></ul><div class="content-highlight"><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></div>

Muthoot Finance is a leading gold financier in India with gold loan AUM of | 52613 crore as on June 2021.It has a large footprint across India with 4625 gold lending branchesThe company also has a presence in other lending segments like housing, microfinance, vehicle finance via its subsidiariesContent 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.

Muthoot Finance: Leadership in Gold Financing

India

Muthoot Finance Ltd. is a gold financing company. The Company provides personal and business loans secured by gold jewellery, or Gold Loans primarily to individuals who possess gold jewelry but can't access formal credit lines.

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Muthoot Finance (MUTH IN)

Will continue to stand tall despite the many challengers

Will continue to stand tall despite the many challengers Muthoot Finance (MUTH') is our top pick for CY22 in the NBFC Lending space. Our...

Motilal Oswal

Gold loan growth flat QoQ; auctions to stay elevated in 4QFY22

For MUTH, 3QFY22 was characterized by: a) interest cost savings, which led to an in line PPOP/PAT performance; b) elevated Gold loan auctions of...

Motilal Oswal

Muthoot Finance: Leadership in Gold Financing

Muthoot Finance is a leading gold financier in India with gold loan AUM of | 52613 crore as on June 2021. It has a large footprint across India...

ICICI Securities Limited

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Will continue to stand tall despite the many challengers

Will continue to stand tall despite the many challengers Muthoot Finance (MUTH&#x27;) is our top pick for CY22 in the NBFC Lending space. Our...

Motilal Oswal

Gold loan growth flat QoQ; auctions to stay elevated in 4QFY22

For MUTH, 3QFY22 was characterized by: a) interest cost savings, which led to an in line PPOP/PAT performance; b) elevated Gold loan auctions of...

Motilal Oswal

Muthoot Finance: Leadership in Gold Financing

Muthoot Finance is a leading gold financier in India with gold loan AUM of | 52613 crore as on June 2021. It has a large footprint across India...

ICICI Securities Limited

Will continue to stand tall despite the many challengers Muthoot Finance (MUTH') is our top pick for CY22 in the NBFC Lending space. Our...