INDIA l Institutional Research l BFSI l 05 April 2021 Manappuram Finance l BUY l TP: 255 The Gold' that is set to glitter We initiate coverage on Manappuram Finance (MGFL) with a BUY and target price (TP) of Rs255. We believe, despite this thinly covered stock sporting an appealing combination of diversified product offerings, strong revenue/earnings growth, and respectable return ratios, it is grossly undervalued. Our concerted deep dive analysis reveals a business well-architected to combat external shocks, even as MGFL operates...