Manappuram Finance Ltd. share price target

Manappuram Finance's (MGFL) gold AUM surged 30% YoY to Rs 162bn in Q3FY20.

Manappuram Finance reported strong gold loan (core business) AUM growth of 30% YoY which supported overall AUM growth of 35.5% YoY. Within Non-Gold, Asirvad MFI and vehicle finance segment clocked a 57/43% YoY growth respectively, along with its core Gold loan book growing at 30% YoY. NII/PAT growth came in strong at 30/63% YoY. Strong growth in PAT came on the back of reduction in the corporate tax rate along with higher operating profit growth (up 50% YoY). We retain our BUY rating on...

Transforming into a full-fledged NBFC model Error! Bookmark not defined. Investment Thesis.................................................................................................. 6 In a sweet spot ................................................................................................... 6 Gold financing a structural opportunity ........................................................ 6 AUMs to grow at 20% CAGR over FY20-22E .................................................. 14 Gold Lending Business to grow at 11% CAGR............................................. 16 Non-gold lending business to grow at 34% CAGR ....................................... 19 Guarded gold asset quality; non-gold closely monitored .................................. 23...

Manappuram Finance (MGFL) in Q2FY20 benefitted from positive gold price momentum resulting in better than expected revenue growth, sustained scale up of non-gold businesses and benefit of tax resulting in bottom line improving by 82/50% YoY/QoQ. Asset quality was maintained at 0.6% GNPAs.

Manappuram Finance (MGFL) is one of the leading gold loan NBFCs in India and is well diversified into other business segments like housing loan, vehicle loan and microfinance, with a branch network size of around 4,490 spread across the country. The total assets under management (AUM) grew at 32% YoY and at 12% sequentially, backed by gold loans ( 21% YoY, 14% QoQ), microfinance ( 73% YoY, 13% QoQ), home loans ( 27% YoY, 5% QoQ) & vehicle loans ( 61% YoY, 7% QoQ)....

Manappuram Finance delivered a positive momentum of 32% on its overall AUM book. Within Non-Gold, Asirvad MFI and vehicle finance segment clocked a 73/61% YoY growth respectively, along with its core Gold loan book growing at 20.4% YoY. NII/PAT growth came in strong at 17/82% YoY. Strong growth in PAT came on the back of reduction in the corporate tax rate. We retain our BUY rating on the stock with a TP of...

Manappuram Finance's (MGFL) gold AUM surged 20% YoY to Rs 152bn in Q2FY20, clocking the highest growth rate in the past 11 quarters.

Manappuram Finance (MGFL) Q1FY20 performance continued to be driven by growth in the non-gold business and NIM improvement. Overall AUM growth of 21% YoY was led by ~66% growth in non-gold business. NIMs stood at 16.7%, up ~10bps sequentially, resulting in NII growth of 24%.

New synergistic product segments, which currently constitute around one-third of the total assets under management (AUM), to grow at 34% CAGR over FY19-21E by leveraging strong brand...