424.10 -2.05 (-0.48%)

New 52W High in past week

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NSEJan 15, 2021 03:31 PM



Axis Direct
We upgrade our target multiple to 2.6x (from 1.9x) and revise to Buy from Hold with a target price of Rs 309 (2.6x FY22E ABV).
Cholamandalam Investment & Finance Company Ltd. has gained 27.88% in the last 1 Year
HDFC Securities
Maintain BUY with a revised target price of Rs 319. CIFCs 2QFY21 PPOP was significantly ahead of our estimates, aided by strong margin expansion and controlled operating expenditure growth. The management prudently chose to insulate the balance sheet by creating further COVID-19 related provisions, which is always welcome. Business traction improved as disbursals reached ~88% of 2QFY20 levels and YoY AUM growth accelerated slightly. Even as CIFC witnessed a sustained improvement in collection efficiency, which is heartening, we conservatively factor in a rise in GNPAs in FY21E. We have upgraded our earnings estimates on the back of strong operating performance, as we build in an improvement in margins and operating efficiency. CIFC remains our top pick amongst the NBFCs within our coverage due to its demonstrated superior performance on multiple business parameters
Cholamandalam Investment & Finance Company Ltd. has gained 109.74% in the last 6 Months
Axis Direct
Cholamandalam Invst. & Finance Company Ltd (CIFC) Q1FY21 earnings performance was better than expectations as provisioning was much lower than estimates accompanied by improvement in cost to income. However, since the morat book tag still remains elevated at ~76%
Cholamandalam Invest.. has an average target of 254.17 from 6 brokers.
HDFC Securities
Maintain BUY with a target price of Rs 249 (2.2xFY22E ABV). CIFCs 1QFY21 performance was ahead of our estimates on account of lower provisions. The management believes that COVID-19 related provisions made in 4QFY20 are sufficient. While we have reduced our provision estimates, they remain conservative. CIFCs 1QFY21 disbursal performance is creditable, given the challenging environment. The company remains our top NBFC pick, its ability to access funds, strong capital position, and diversified portfolio will enable the company to capture resurgent growth
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Number of FIIs/FPIs decreased from 236 to 229 in Sep 2020 qtr
buy
KRChoksey
CIFC's Net Interest Income (NII) increased 13.8% YoY to INR 940 Cr. in Q1FY21 (up 3.3% QoQ) while PPOP grew 7.5% YoY/up 3.8% QoQ to INR 637 Cr, led by increase in asset under management. Provisions stood at INR 56 Cr. in Q1FY21 versus INR 557 Cr. in Q4FY20 (down ~90% QoQ) and INR 110 Cr. in Q1FY20 (down ~49% YoY)...
Cholamandalam Investment & Finance Company Ltd. has gained 78.72% in the last 3 Months
Edelweiss
Cholamandalam Investment and Finance Company (CIFC) is primarily a vehicle financing (VF) non-banking financial company (73% of AUM) with overall assets under management of INR 60,549 crore
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Cholamandalam Investment & Finance Company Ltd. has gained 109.74% in the last 6 Months
Axis Direct
Cholamandalam Investment and Finance Company Ltd (CIFC) earnings performance in Q4FY20 was impacted by the one-time provisioning impact of Rs 5.04bn on Covid19 and subsequent macro related provisions resulting in 85/89% YoY/QoQ dip in PAT.
Cholamandalam Investment & Finance Company Ltd. has gained 78.72% in the last 3 Months
HDFC Securities
Maintain BUY with a TP of Rs 225 (2.0x FY22E ABV). CIFCs operating performance was a tad below our estimates, while earnings were considerably lower as CIFC made significant proactive provisions (Rs 5.0bn, 83bps of AUMs). Weve lowered our earnings to factor in (1) higher provisions, given that 76% of the book is under moratorium, and (2) slower growth. Nevertheless, CIFC remains our top NBFC pick, given (1) its strong liquidity and funding profile, (2) superior historical asset quality trends and (3) diversified portfolio.
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Cholamandalam Invest.. has an average target of 254.17 from 6 brokers.
Prabhudas Lilladhar
anticipation of increased LGDs for stage 3 assets (current Stage 3 at 3.8%) falling under morat, similar percentage expected in round 2; (b)Rs2.5bn (c)steep 24%QoQ decline in disbursements led by 21%QoQ vehicle finance...
Cholamandalam Investment & Finance Company Ltd. has gained 78.72% in the last 3 Months
Motilal Oswal
4 June 2020 CIFCs 4QFY20 PAT declined 85% YoY to INR427m (88% miss), weighed by an 8% operating profit miss and coupled with higher-than-expected provisions. ~76% of CIFCs customers have been granted moratorium. Hence, AUM was flat QoQ (up 12% YoY) at INR606b. This, coupled with lower assignment income (INR330m v/s est. INR660m), caused the 7% miss on total income v/s our estimates. Hence, the company is comfortable to meet all fixed obligations up to Sep20 without availing moratorium from its lenders. The GNPL ratio increased 30bp QoQ to 3.8%. This is slightly negative given that the 4Q is typically a strong season and the company granted moratorium to customers in Mar20. Some customers who were overdue on 29 moratorium have cleared EMIs for 1-2 months. Also, among non- moratorium customers, the slippage rate into higher buckets has been lower. However, not many moratorium customers are paying dues.
Cholamandalam Investment & Finance Company Ltd. has gained 78.72% in the last 3 Months