Manappuram Finance Ltd. share price target

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...

Manappuram Finance (MGFL) Q4FY19 performance was primarily led by robust growth in the non-gold business and lower provisions. Overall AUM growth of 23% YoY was led by ~60% growth from non-gold business.

Manappuram Finance Ltd or MAFIL is a non-banking financial company situated in Valapad, Thrissur, Kerala state. Incorporated in 1992, Manappuram Finance Ltd.

the stock with a target price of Rs145 (Rs 115 earlier), valuing it at 2.0x P/ABV FY20. has offset softer growth of 10% in gold loan segment. Loan growth in MFI/Housing/CV is stupendous at 58%/38%/78% respectively. Gold holdings have grown by 5% YoY to 68 tonne and loan per gram is steady at Rs1,920. Non-gold is 33% currently and management targets it to be 50% of overall AUM. Dip on NIMs: NIMs have dropped by ~56bps sequentially to 15.7%. Drop in NIMs is largely attributable to 90bps drop in calculated yield on advances. Improvement in asset quality: Overall GNPA has eased by 20bps sequentially to...

Manappuram Finance's Q2FY19 result has beaten our expectations. AUM has grown by 25% YoY (3.4% QoQ), with positive momentum from all the segments. NII and PAT growth of 20%/38% YoY has been 6%/14% ahead of our estimates respectively. NIMs have expanded by ~80bps sequentially to 16.7% largely attributable to increase in net lending yields for gold loan segment. GNPA in the gold loan segment has seen a marginal uptick of 10bps sequentially to 0.7%. We have revised our FY19/FY20 estimates upwards by 4%/2% respectively. We retain a Buy rating on the stock with a...

Manappuram Finance's Q1FY19 result has come in line with our expectations. There has been an overall AUM growth of 24% YoY (+5.4% QoQ) backed by housing and CV finance in the non-gold segment. NII and PAT growth of 12%/19% YoY has largely been in line with our estimates. Growth in NII was majorly supported by 40% YoY increase in income from operations in the microfinance segment. Asset quality of the standalone business is stable on a sequential basis at 0.7%. Q1FY18 adjusted PAT has been revised upwards by 9% as it moves towards IND AS accounting. We retain a Buy rating on the...

Operating Income increased by 1.95% to Rs. 889.8 Cr in Q4FY18 when compared to the previous quarter. Manappuram Finance Ltd Result Comment

Operating Income increased by 1.95% to Rs. 889.8 Cr in Q4FY18 when compared to the previous quarter. Manappuram Finance Ltd Q4FY18 results Comment

Revival in gold loan growth of 4% QoQ and 5% YoY. Management has guided growth of 10-15% for FY19. Gold loan disbursement growth of 67% YoY not getting reflected in loan growth on account of decrease in average duration to 2 months....