NSE: MASFIN | BSE: 540749 | ISIN: INE348L01012
INDUSTRY : Finance (including NBFCs)
687.50 7.50 (1.10%)
NSEJul 09, 2020 15:31
The 3 reports from 1 analysts offering long term price targets for Mas Financial Services Ltd. have an average target of 700.00. The consensus estimate represents an upside of 1.82% from the last price of 687.50.
|Summary||Date||Stock||Broker||Price at Reco.||Target||Price at reco|
Change since reco(%)
|2020-06-04||Mas Financial Servic..||Motilal Oswal||621.55||700.00||621.55 (10.61%)||Target met||Buy|
4 June 2020 MASFIN reported 4QFY20 PAT at INR357m (69% beat due to lower-than- est. For FY20, PPoP grew 11% YoY, in line with AUM growth (flat QoQ). While PBT was flat YoY at INR2.3b, lower tax rate led to a 17% YoY growth in PAT to INR1.8b. Estimated disbursement loss of INR3.3b during the lockdown in Mar20, led to flat AUM QoQ to INR59.7b (up ~12% YoY). Due to the lockdown and lack of visibility, the company did not disburse in Apr-May20; it expects to gradually start disbursements from Jun20. The company remains extremely comfortable on capitalization (Tier I ~29%), leverage (debt to equity) of ~3x and liquidity with cash (incl. undrawn sanction) of INR14b (sufficient to service one year of debt obligations). Apr-May20 collections were ~45-50% in terms of value. We largely maintain our estimates for FY21/22E and expect R0A/RoE at ~2.
|2020-02-07||Mas Financial Servic..||Motilal Oswal||1127.05||1200.00||1127.05 (-39.00%)||Target met||Buy|
7 February 2020 MASFINs 3QFY20 PAT of INR551m (25% beat, +21% YoY) was Core business trends remained stable; disbursements have been range- bound at INR12-13b since the start of the IL&FS; crisis. Hence, AUM growth has slowed from 26% YoY in 2QFY20 to 20% YoY in 3QFY20. Total income jumped ~20% QoQ on higher upfront assignment income (up 40% QoQ to INR344m) and 6% QoQ decline in interest expense. Since the crisis, the company has taken a cautious stance on its auto and housing finance segments. While the auto finance (2W + CV) book has declined 7% YoY, the QoQ growth in the CV segment was strong at 15%. cost of funds is down ~70bp QoQ to 9.2% YoY. The share of direct assignments in total borrowings increased 200bp QoQ to 50%. Overall, the company maintained largely stable spreads at 7.1% on a YoY basis.
|2019-08-01||Mas Financial Servic..||Motilal Oswal||590.40||745.00||590.40 (16.45%)||Target met||Buy|
PAT grew 34% YoY to INR407m (in-line) in 1QFY20, driven by healthy AUM growth and stable asset quality, partly offset by margin compression. While operating profit missed our estimate by ~5%, lower credit costs led to inline PAT. Disbursements (standalone) increased 21% YoY to INR12b. AUM grew 4.5% QoQ (+29% YoY) to INR55.8b (in-line). MEL and SME lending continued driving loan growth (+30% YoY). 2W and CV loan book declined by 2-4% QoQ, as disbursements in these segments were calibrated. NIM compression of 50bp YoY (calc.) restricted net income growth to 21%...
|2018-11-01||Mas Financial Servic..||Motilal Oswal||474.00||650.00||474.00 (45.04%)||Target met||Buy|
|2018-09-04||Mas Financial Servic..||Motilal Oswal||603.10||780.00||603.10 (13.99%)||Buy|
4 September 2018 MAS Financial Services (MASFIN) PAT (Ind-AS) rose 80% YoY to INR313m, driven by higher operating profit (+64% YoY) and stable asset quality. With disbursement growth of 24% YoY, AUM rose 30% YoY to INR42.5b. Growth was broad-based across segments (in the range of 20-35% YoY). Margin expanded 100bp YoY, driven by a 25bp YoY decline in CoF. Margin improvement, operating efficiency and controlled credit cost are expected to lead to RoA improvement of 60bp+ and consistent RoE of small base and presence in well-developed states for strong growth, (b) relentless management focus on generating sustainable, high return ratios, (c) healthy capitalization and d) consistent and healthy asset quality, despite catering to the lower end of the socio-economic customer segment. Housing finance) grew 3% QoQ and 30% YoY to INR42.5b, driven by 24% YoY growth in disbursements to INR10.
|2018-05-09||Mas Financial Servic..||Motilal Oswal||614.00||750.00||614.00 (11.97%)||Buy|
MAS Financial Services (MASFIN) reported PAT of INR299m (up 2x YoY),driven by higher operating profit (+85% YoY) and stable asset quality. With disbursement growth of 18% YoY, AUM rose 30% YoY to INR41b.Growth was broad-based across segments (in the range of 20-35% YoY). The share of various products in total AUM is as follows: MEL: 63%, SME finance: 25%, 2W finance: 9% and CV finance: 4%. Over the past year, the share of MEL + SME finance has increased by ~500bp
|2018-01-24||Mas Financial Servic..||Motilal Oswal||638.25||750.00||638.25 (7.72%)||Buy|
MAS Financial Services (MASFIN) reported PAT of INR253m (+37% YoY), driven by operating profit growth (+55% YoY). Net income grew 50% YoY and 10% QoQ to INR735m, led by a) strong AUM growth of 5% QoQ and 33% YoY to INR36.6b (ex-housing finance portfolio) and b) NIM (calculated) improvement of 50bp/110bp QoQ/YoY to 8.2%, partially helped by capital raise. Micro enterprises lending (MEL), which constitutes ~62% of overall AUM, was the key driver of growth QoQ (+8%). SME growth remained flat QoQ.On a YoY basis, MEL (25%) and SME (62%) loans were the key drivers.
|2017-12-26||Mas Financial Servic..||Prabhudas Lilladhar||621.35||621.35 (10.65%)||Mgmt Note|
SME and individuals with total AUM of Rs36.6bn as of H2FY18. Management remains highly focused to retain its best in class return ratios of +25% and asset qualitybutwillcontinuetogrowat25%onsteadystatebasisfornextfewyears.We believe,companywillcontinuetocreatestrongnicheforitselfwithinthemid/lower end segment delivering high NIMs of 78% with strong asset quality, but at...
|2017-10-10||Mas Financial Servic..||Systematix Group||IPO Note|
Proceeds will go to the Selling Shareholders. Business Overview: MAS Financial Services Ltd (MAS) is a NBFC with more than two decades of business operations. As of June 30, 2017, they operated across 6 States and the NCT of Delhi. The Company's business and financing products are primarily focused on middle and low income customer segments, and include five principal categories: (i) micro-enterprise loans; (ii) SME loans; (iii) two-wheeler loans; (iv) Commercial Vehicle loans (which include...
|2017-10-06||Mas Financial Servic..||HDFC Securities||IPO Note|
MAS Financial Services Limited IPO Issue Open: Oct 06 - Oct 10, 2017, Price Band: Rs. 456 - 459 (A discount of Rs 45 is offered to eligible Employees) Issue Size: *100,22,702 Equity Shares (including *Fresh issue of 50,76,253 Equity Shares + Offer for sale 49,46,449 equity shares including Employee Reservation)
|2017-10-05||Mas Financial Servic..||Prabhudas Lilladhar||IPO Subscribe|
MAS Financial Services (MASFIN) is Gujarat based NBFC lending to middle & lower income segments mainly to Micro enterprises, SME and individuals with AUM of Rs34.5bn as of Jun'17. It currently operates in six states & Delhi NCR with a combinationofbranchesandsourcedbusinessthroughaffiliationshelpingleverage its knowhow for lending to riskier segment. At the upper band of Rs459, the company trades at 3.6x post issue BV of Rs130 which is fairly priced in our view comparedtopeersandrecommendtosubscribethisissueforlongterminvestment...
|2017-10-05||Mas Financial Servic..||Choice India||IPO Subscribe|
|2017-10-05||Mas Financial Servic..||Angel Broking||IPO Note|
MAS Financial Services (MAS) is a Gujarat based NBFC, which is two decades old. It primarily lends to Micro Enterprises (ME) and SME, which contribute 60% and 23% of its AUM respectively. Companys business and financing is in five categories i.e. micro-enterprise loan, SME loans, two wheeler loans, commercial vehicle loans and housing loa..
|2017-10-05||Mas Financial Servic..||Ashika Research||IPO Note|
MAS Financial Services Ltd. (MFSL) is a Gujarat-headquartered NBFC with more than two decades of business operations and as of June 30, 2017, it operated across six States and the NCT of Delhi. Its business and financing products are primarily focused on middle and low income customer segments, and include five principal categories: (i) micro-enterprise loans; (ii) SME loans; (iii) two-wheeler loans; (iv) Commercial Vehicle loans (which include new and used commercial vehicle loans, used car loans and tractor loans); and (v) housing loans. MFSL's shareholders...
|2017-10-05||Mas Financial Servic..||SMC online||IPO Note|
MAS Financial Services Limited is a Gujarat-based NBFC with more than two decades of business operations and as of June 30, 2017, the company operates across six States and the NCT of Delhi. The company's business and financing products are primarily focused on middle and low income customer segments, and include five principal categories: (i) microenterprise loans; (ii) SME loans; (iii) two-wheeler loans; (iv) Commercial Vehicle loans...
|2017-10-05||Mas Financial Servic..||ICICI Securities Limited||IPO Note|
ICICI Securities Limited
MAS Financial Services (MASFS) is a Gujarat-headquartered NBFC with more than two decades of operations. As of Q1FY18, it operated across six states and the NCT of Delhi. The company's business and financing products are primarily focused on middle and low income customer segments, and include five segments - micro-enterprise loans, SME loans, two-wheeler loans, commercial vehicle loans and housing loans. As of Q1FY18, AUM was at | 3452 crore and has increased at a robust pace of 33.4% CAGR from | 1053 crore as of FY13 to | 3332 crore in...