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Sushil Finance
Can Fin Homes (Buy)
CMP: ₹225.60
Target: ₹270
Can Fin Homes has emerged as one of the fastest growing non-banking finance company over the last 3 years with major focus on retail housing. Focused approach along with implementation of well defined strategies has helped it to grow at a much faster pace. Aggressive branch expansion in recent past is likely to aid strong advances growth going forward. Despite slowdown, we expect advances to grow at a CAGR of about 30 per cent over FY14-16E.
Secured loan portfolio along with prudent risk management is likely to keep asset quality intact. Strong fundamentals, robust return ratios coupled with stringent provisioning norms provides better comfort. Considering the sound business model and strong growth prospects, we feel the stock is trading at very attractive valuations compared to its peers and hence recommend a ‘Buy’.
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