Repco Home Finance Ltd. share price target

Background: Repco Home Finance Limited (RHFL) is a low to medium ticket size home loan financing company predominately based in tier II / III cities of southern India. Promoted by the State-owned Repco Bank Ltd in 2000, RHFL presently has108 branches and 36 satellite centers of which ~90% are located in the Southern market. Repco has grown from strength to strength with its loan book clocking 30% CAGR (FY11-FY15) and stood at INR ~63.4bn at the end 1QFY16. RHFL average loan ticket size is at INR 1.20mn, with live accounts at 59,428. RHFL maintained a healthy NIM of...

Strong business and non- interest growth followed by asset quality pressure due to seasonality were the key highlights of the Q1FY16 results for Repco. Earnings grew by 21.9% YoY (-13.2% QoQ) to Rs 302 mn led by strong growth in NII and non- interest income though higher provision expenses impacted the overall earnings growth.

Background: Repco Home Finance Limited (RHFL) is a low to medium ticket size home loan financing company predominately based in tier II / III cities of southern India. Promoted by the State-owned Repco Bank Ltd in 2000, RHFL presently has106 branches and 36 satellite centers of which ~91% are located in the Southern market. Repco has grown from strength to strength with its loan book clocking 30% CAGR (FY11-FY15) and stood at INR ~60bn at the end 4QFY15. RHFL average loan ticket size is at INR 1.20mn, with live accounts at 60000+. RHFL maintained a healthy NIM of...

Strong business growth, stable margins and best ever asset quality were the key highlights of the Q4FY15 results for Repco. Earnings grew by 10.5% YoY (13.4% QoQ) to Rs 348 mn led by strong growth in NII and non- interest income though higher provision expenses impacted the overall earnings growth.

Background: Repco Home Finance Limited (RHFL) is a low to medium ticket size home loan financing company predominately based in tier II / III cities of southern India. Promoted by the State-owned Repco Bank Ltd in 2000, RHFL presently has 97 branches and 40 satellite centers of which 90 are located in the Southern market. Repco has grown from strength to strength with its loan book clocking 36% CAGR (FY09-FY14) and stood at INR ~55.0bn at the end 3QFY15. RHFL average loan ticket size is at INR 1.18mn, with live accounts at 54,377. RHFL maintained a healthy NIM of 4.5%,...

Background: Repco Home Finance Limited (RHFL) is a low to medium ticket size home loan financing company predominately based in tier II / III cities of southern India. Promoted by the State-owned Repco Bank Ltd in 2000, RHFL presently has 92 branches and 42 satellite centers of which 87 are located in the Southern market. Repco has grown from strength to strength with its loan book clocking 36% CAGR (FY09-FY14) and stood at INR ~52.38bn at the end 2QFY15. RHFL average loan ticket size is at INR 1.16mn, with live accounts at 52,702. RHFL maintained a healthy NIM of...

Repco reported steady growth for Q1FY15 with NII increasing by 25% yoy to Rs 530mln. Loan book grew at a robust 31% yoy to Rs 48.9 bln driven by 35% and 24% yoy growth in sanctions and disbursements respectively. NIMs declined 30bps yoy to 4.4% on account of interest reversals on higher slippages and higher funding costs. Share of LAP loans increased further to 19.2% from 18.7% in previous quarter. PAT grew by modest 11.2% yoy to Rs 248 mln due to Rs 32mln charged on account of DTL on Special Reserve as per NHB circular. Excluding this impact PAT growth was 25.6% yoy. Asset quality worsened due to...

Background: Repco Home Finance Limited (RHFL) is a low to medium ticket size home loan financing company predominately based in tier II / III cities of southern India. Promoted by the State-owned Repco Bank Ltd in 2000, RHFL presently has 91 branches and 31 satellite centers of which 87 are located in the Southern market. Repco has grown from strength to strength with its loan book clocking 36% CAGR (FY09-FY14) and stood at INR ~48.92bn at the end FY1QFY15. RHFL average loan ticket size is at INR 1.1mn, while client base stood at 50,486. RHFL maintained a healthy NIM of...

Background: Repco Home Finance Limited (RHFL) is a low to medium ticket size home loan financing company predominately based in tier II / III cities of southern India. Promoted by the State-owned Repco Bank Ltd in 2000, RHFL presently has 91 branches and 31 satellite centers of which 87 are located in the Southern market. Repco has grown from strength to strength with its loan book clocking 36% CAGR (FY09 -FY14) and stood at INR ~46.619bn at the end FY14. RHFL average loan ticket size is at INR 1.1mn, while client base stood at 49,093. RHFL maintained a healthy NIM...

Background: Repco Home Finance Limited (RHFL) is a low to medium ticket size home loan financ ing company predominately bas ed in tier II / III cities of southern India. Promoted by the State-ow ned Repco Bank Ltd in 2000, RHFL presently has 82 branches and 21 satellite centers of which 91 are located in the Southern market. Repco has grow n from strength to strength w ith its loan book cloc king 38% CAGR ( FY 09- FY13) and stood at INR ~43.19bn at the end 3QFY14. RHFL average loan ticket s ize is at INR 1.07mn, w hile client base stood at 47064. RHFL maintained a healthy NIM of 4.6%, along w ith GNPA at...