{"id":93,"date":"2019-08-05T12:02:35","date_gmt":"2019-08-05T12:02:35","guid":{"rendered":"http:\/\/www.assetmultiplier.co.in\/blog\/?p=93"},"modified":"2019-08-05T12:02:37","modified_gmt":"2019-08-05T12:02:37","slug":"can-fin-homes-canf-1qfy20-strong-growth-outside-metros","status":"publish","type":"post","link":"https:\/\/www.assetmultiplier.co.in\/blog\/2019\/08\/05\/can-fin-homes-canf-1qfy20-strong-growth-outside-metros\/","title":{"rendered":"Can Fin Homes (CANF): 1QFY20 Strong growth outside Metros"},"content":{"rendered":"\n<p><em>Dated: 24th July 2019<\/em><\/p>\n\n\n\n<p>Result:<\/p>\n\n\n\n<ul><li>Reported NII grew 17% YoY (+7%\nQoQ) for 1QFY20 to Rs 1,479 mn. Reported NIMs were at 3.18% showing an increase\nof 40 bps QoQ. <\/li><li>In 1QFY20, PPOP grew by 15% YoY\n(+12% QoQ) to Rs 1,316 mn. Reported PAT grew 8% YoY (+21% QoQ) at Rs 810 mn.<\/li><li>Loan book grew 17% YoY on the\nback of disbursements growth of 10% YoY.<\/li><li>Asset quality deteriorated\nsequentially in 1QFY20. GNPAs and NNPAs were at 0.73% and 0.52% respectively in\n1QFY20 compared to 0.62% and 0.43% respectively in 4QFY19.<\/li><\/ul>\n\n\n\n<p>Management commentary:<\/p>\n\n\n\n<ul><li>The company expects to bring\nNPAs down to March 19 levels by 2QFY20. <\/li><li>During the quarter, the company\nmade NPA provisions of Rs 67.5 mn and standard asset provisions of Rs 19.1 mn. <\/li><li>In Karnataka, AUM growth was\n7%, while ex-Karnataka AUM growth was 22%. Overall, southern region grew 15%\nand non-south regions reported 20% growth. <\/li><li>Growth in Metro cities is ~11%\nwhile non-metro growth is ~30%. <\/li><li>The company expects to benefit\nfrom the new affordable housing projects coming up on the outskirts of\nBangalore. Can Fin will be focusing on tier 2-3 cities. <\/li><li>Management is hopeful of achieving\nloan book of Rs 23,000 mn by end of FY20 <\/li><\/ul>\n\n\n\n<p>Consensus Estimate (Source:&nbsp;Market\nscreener website)<\/p>\n\n\n\n<ul><li>The stock\nprice was Rs 390\/- as of close price of 24<sup>th<\/sup> July 2019 and traded at\n2.5x\/ 2.1x the consensus book value for FY20E \/ 21E of Rs 158 \/ 186\nrespectively.&nbsp;<\/li><li>Consensus\ntarget price is Rs 431\/- implying P\/B of 2.3x for FY21E book value of Rs 186.<\/li><\/ul>\n\n\n\n<p><em>Note:<\/em><\/p>\n\n\n\n<p><em>NII- Net interest income<\/em><\/p>\n\n\n\n<p><em>NIM- Net interest margins<\/em><\/p>\n\n\n\n<p><em>PPOP- Pre-provision profits<\/em><\/p>\n\n\n\n<p><em>NPA- Non-performing assets<\/em><\/p>\n\n\n\n<p><em>AUM- Assets under management<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dated: 24th July 2019 Result: Reported NII grew 17% YoY (+7% QoQ) for 1QFY20 to Rs 1,479 mn. Reported NIMs were at 3.18% showing an increase of 40 bps QoQ. In 1QFY20, PPOP grew by 15% YoY (+12% QoQ) to Rs 1,316 mn. Reported PAT grew 8% YoY (+21% QoQ) at Rs 810 mn. Loan [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.assetmultiplier.co.in\/blog\/wp-json\/wp\/v2\/posts\/93"}],"collection":[{"href":"https:\/\/www.assetmultiplier.co.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.assetmultiplier.co.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.assetmultiplier.co.in\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.assetmultiplier.co.in\/blog\/wp-json\/wp\/v2\/comments?post=93"}],"version-history":[{"count":1,"href":"https:\/\/www.assetmultiplier.co.in\/blog\/wp-json\/wp\/v2\/posts\/93\/revisions"}],"predecessor-version":[{"id":94,"href":"https:\/\/www.assetmultiplier.co.in\/blog\/wp-json\/wp\/v2\/posts\/93\/revisions\/94"}],"wp:attachment":[{"href":"https:\/\/www.assetmultiplier.co.in\/blog\/wp-json\/wp\/v2\/media?parent=93"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.assetmultiplier.co.in\/blog\/wp-json\/wp\/v2\/categories?post=93"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.assetmultiplier.co.in\/blog\/wp-json\/wp\/v2\/tags?post=93"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}