348.20 2.90 (0.84%)
158.4K NSE+BSE Volume
NSE Aug 08, 2022 03:31 PM
Summary | Date | Stock | Author | LTP | Target | Price at reco (Change since reco%) |
Upside(%) | Type | Report | Discuss | |
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21 Jan 2022 | PNB Housing Finance .. |
Motilal Oswal
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348.20 | 535.00 | 462.50 (-24.71%) | 53.65 |
Neutral
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Consolidation mode still far from over
Motilal Oswal
NII fell 19% YoY and 11% QoQ to INR4.15b (20% below expectation). Provisions at INR1.3b were below our estimate of INR2.4b. Disbursements declined ~5% QoQ to INR28.3b. Accordingly, AUM decreased 5% QoQ and 14% YoY to ~INR665b. GNPA and NNPA rose ~170bp and 155bp QoQ to 7.6% and 4.9% (as a percentage of loans), respectively, with Stage 3 PCR declining 760bp to 36%. ECL/EAD also declined ~40bp sequentially to 4.4%. A corporate exposure of ~INR4b (already identified as SICR) slipped into NPA in 3QFY22, while the...
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03 Nov 2021 | PNB Housing Finance .. |
Motilal Oswal
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348.20 | 560.00 | 486.40 (-28.41%) | Target met |
Neutral
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Still in consolidation mode
Motilal Oswal
PNBHF reported a 2QFY22 PAT of INR2.3b (9% miss), which declined by 25% YoY and 3% QoQ. The miss was driven by lower-than-estimated NII on account of income reversals due to accelerated run-off in the securitized pool of loans and partly mitigated by lower credit costs. NII fell 25% YoY and 9% QoQ to INR4.7b (9% below our estimate of INR5.1b). Provisions at INR1.4b were below our estimate of INR1.8b....
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18 Oct 2021 | PNB Housing Finance .. |
ICICI Securities Limited
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348.20 | 485.00 | 638.65 (-45.48%) | Target met |
Sell
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Preferential issue called off; overhang resurfaces
ICICI Securities Limited
PNB Housing Finance’s (PNBHF) Board has decided not to proceed with the proposed preferential issue of Rs40bn @Rs390 per share to Carlyle group, General Atlantic, SSG Group and other investors. Preferential issue has been held up for more than 4 months (after already taking over 2 years), due to the pending legal proceeding before SAT. Also, in an exchange filing, the company highlighted that there is lack of visibility or certainty as to the timeline for judicial determination of the legal issues and regulatory approvals were not expected to be forthcoming amidst litigation. With proposed deal being off the table, the overhang resurfaces.
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05 Aug 2021 | PNB Housing Finance .. |
Motilal Oswal
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348.20 | 760.00 | 729.30 (-52.26%) |
Neutral
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Retailisation of AUM continues
Motilal Oswal
PNBHF reported a PAT of INR2.4b in 1QFY22 (v/s INR2.6b YoY). The 45% beat was driven by lower-than-estimated credit costs (~0.9% annualized) and opex (47%/9% below our estimate). Asset quality deteriorated with Gross Stage 3 increasing by 155bp QoQ to 6%. Few corporate accounts in Stage 2 and under the SICR pool slipped into NPAs. Total restructured pool (under both OTR 1.0 and 2.0) stood at INR17.33b (~2.9% of loan assets). PNBHF is working on different initiatives to optimize costs, leverage digital...
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27 Jan 2021 | PNB Housing Finance .. |
Motilal Oswal
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348.20 | 400.00 | 341.95 (1.83%) | Target met |
Neutral
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Stable operating performance; sharp spike in proforma GNPL
Motilal Oswal
PNBHOUSI reported a 3QFY21 PAT of INR2.3b (flat YoY; 13% beat). The beat was driven by stronger PPOP (13% above our estimate). Opex fell ~26%/7% YoY/ QoQ. Credit cost stood at INR2.6b v/s our estimate of INR2.3b. In 9MFY21, PPOP/PAT fell 6%/10% YoY to INR15.3b/INR8b....
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23 Jul 2020 | PNB Housing Finance .. |
Motilal Oswal
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348.20 | 210.00 | 220.60 (57.84%) | Target met |
Neutral
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Stable quarter; Moratorium rate declining
Motilal Oswal
23 July 2020 PNBHOUSI reported 1QFY21 PAT of INR2.6b (v/s est. The beat was driven by stronger PPoP and significantly lower credit cost. AUM remained sequentially stable at INR835b. Given the high leverage, we expect the company to continue to run down its balance sheet until it raises fresh equity capital. Maintain Neutral, with TP of INR210. As disbursements were negligible, AUM remained sequentially unchanged at INR835b. The company did not sell down any loans in the quarter; hence, upfront assignment income was nil v/s INR1.2b YoY. Cost of funds is likely to further decline due to recent MCLR cuts by banks. The GS3 ratio remained stable QoQ at 2.76%. While the company kept Stage 1 and 2 ECL provisions stable, it increased Stage 3 PCR from 36% to 40% QoQ. Collection efficiency stood at 9697% during the quarter and was largely stable each month.
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15 Jun 2020 | PNB Housing Finance .. |
Motilal Oswal
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348.20 | 190.00 | 203.90 (70.77%) |
Neutral
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Corporate asset quality deteriorating
Motilal Oswal
15 June 2020 PNBHOUSI reported INR2.4b net loss (v/s est. of INR2.4b PAT) in 4QFY20, driven by higher-than-expected provisions. The company reported provisions of INR7.5b (v/s est. of INR1.4b), including COVID-19-related provisions of INR4.7b. Given the high leverage, we expect the company to continue to run down its balance sheet. We increase our FY21 credit cost estimates by 70bp. Maintain Neutral, with TP of INR190. Given the lockdown in the last week of the quarter, disbursements were muted at INR28b. Interestingly, the retail home loan book declined 5% QoQ. On the other hand, the retail GNPL ratio doubled YoY to 1.
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06 Feb 2020 | PNB Housing Finance .. |
Edelweiss
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348.20 | 562.00 | 421.10 (-17.31%) |
Buy
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25 Oct 2019 | PNB Housing Finance .. |
Edelweiss
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348.20 | 735.00 | 536.35 (-35.08%) |
Buy
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01 Aug 2019 | PNB Housing Finance .. |
Arihant Capital
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348.20 | 770.00 | 714.15 (-51.24%) |
Hold
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PNB Housing Fin
Arihant Capital
PNB Housing Finance (PNBHFL) reported muted performance during Q1FY20. Profit for the quarter grew by 11% YoY to Rs 284 cr, impacted due to lower disbursements and higher credit cost. NII for the quarter grew by 45% YoY/2.6% QOQ to Rs 625 cr while margins compressed by 4bps QoQ. Disbursements during the quarter declined by 22% YoY to Rs 7634 cr, primarily due to company's cautious approach towards wholesale loan book which resulted into corporate disbursement de-growth of 81% YoY. PNB housing finance maintained excess liquidity of Rs 5000 cr in form of cash and liquid investments...
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31 Jul 2019 | PNB Housing Finance .. |
Edelweiss
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348.20 | 1240.00 | 711.80 (-51.08%) |
Buy
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10 May 2019 | PNB Housing Finance .. |
Edelweiss
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348.20 | 1240.00 | 759.00 (-54.12%) |
Buy
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09 May 2019 | PNB Housing Finance .. |
Arihant Capital
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348.20 | 835.00 | 788.00 (-55.81%) | Target met |
Buy
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PNB Housing Fin
Arihant Capital
PNB Housing Finance (PNBHFL) came out with good set of numbers, ahead of our estimates. Profit for the quarter grew by 51% YoY to Rs 380 cr, driven by lower provisions and better than expected margins. NII for the quarter grew by 13% YoY to Rs 610 cr, led by strong advances growth of 30% YoY. NIM fell by 12 bps QoQ to 3.18% due to decline in yields. Disbursements during Q4FY19 declined by 8% QoQ/2% YoY to Rs 8562 cr. PNB housing finance maintained excess liquidity of Rs 7000 cr in form of cash and liquid investments as on 31st Mar 2019. At the same time, PNBHFL did not face any issues in raising fund...
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10 Apr 2019 | PNB Housing Finance .. |
Arihant Capital
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348.20 | 998.00 | 821.45 (-57.61%) |
Buy
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PNB Housing Fin
Arihant Capital
The slowdown in real estate market is peaking now and there is enough demand seen in retail segment. Though, liquidity scenario has improved compared to Q3FY19, sector continues to see challenges due to higher funding costs resulting into pressure on margin (as compared to last year). In light of liquidity issue and lower demand in reality sector, PNBHFL finds itself in a sweet spot. Company has maintained Rs. 6000 cr liquidity in form of cash and investments as on 9MFY19 and expects to close year FY19 with enough liquidity. PNBHFL has well diversified borrowings profile. It borrows 17%, 30% & 17% from...
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28 Jan 2019 | PNB Housing Finance .. |
Edelweiss
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348.20 | 1240.00 | 922.40 (-62.25%) |
Buy
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24 Jan 2019 | PNB Housing Finance .. |
Motilal Oswal
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348.20 | 924.30 (-62.33%) |
Buy
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Growth robust, but spreads under pressure
Motilal Oswal
PNB Housing Finances (PNBHF) 3QFY19 PAT increased 32% YoY to INR3.0b (14% beat). The beat was largely driven by higher-than-expected upfront income on loan assignment and MTM on the treasury book. Despite a tough and volatile environment, PNBHF disbursed INR93b worth of loans (+1% YoY). Repayment rate (annualized) continues to decline and hit a 24 January 2019 multi-quarter low of 21%, largely due to lower balance transfers in our view. As a result, AUM grew a healthy 38% to INR797b. PNBHF sold down INR27.1b worth of loans in the quarter, compared to INR31b in the previous quarter. The company recorded an upfront income of INR1.5b in 3QFY19 v/s INR617m in 2QFY19. The key negative surprise in the quarter came from loan spreads (calculated), which declined 17bp QoQ to a multi-quarter low of 1.77%. This was on account of ~60bp QoQ increase in cost of funds partially offset by ~40bp increase in loan yield.
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06 Nov 2018 | PNB Housing Finance .. |
Edelweiss
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348.20 | 901.00 (-61.35%) |
Buy
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23 Aug 2018 | PNB Housing Finance .. |
Edelweiss
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348.20 | 1700.00 | 1382.00 (-74.80%) |
Buy
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09 Aug 2018 | PNB Housing Finance .. |
Motilal Oswal
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348.20 | 1750.00 | 1299.25 (-73.20%) |
Buy
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Disbursement growth tepid; Asset quality intact
Motilal Oswal
9 August 2018 PNBHFs 1QFY19 PAT grew robustly by 38% YoY to INR2.4b, driven by strong AUM growth, margin pressure and lower credit costs. AUM grew 47% YoY/10% QoQ to INR686b. Repayment rate (annualized) was 24.6% in 1QFY19 v/s 29.7% in the year-ago period. While spreads (calc.) declined 10bp YoY to 2.47%, margins shrank ~40bp YoY to 2.65% due to higher leverage. As a result, NII growth was 28% YoY v/s AUM growth of 47% YoY. Spreads are likely to remain under pressure, as the increase in home loan rates may not be able to match the rise in cost of funds, in our view. C/I ratio (calculated) came in at 24.5% v/s average of 22-24% in the past few quarters. We believe that a sustained reduction in the C/I ratio is a must for an improvement in RoE.
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04 May 2018 | PNB Housing Finance .. |
HDFC Securities
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348.20 | 1405.00 (-75.22%) |
Results Update
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