Triggers in place to drive up the return ratios Dewan Housing (DEWH) is one of the largest pan-India housing finance companies focusing on the lower and middle income (LMI) segment. With 353 branches/centers across the country, it largely caters to the self-employed segment, which constitutes 40% of total AUM. DEWH's core competence lies in its ability to conduct credit appraisals for customers in the LMI and self-employed segments. We expect 20%/23% AUM/PAT CAGR over FY16-19 and 1.4%/19% RoA/RoE by FY19. At P/B of 1.1x FY18E, we believe DEWH is undervalued,...