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. MUTH is well placed to...