has buy call on Aptus Value Housing Finance India Ltd. with a target price of Rs 526. The current market price of is Rs 350.75 time period given by analyst is one year when the company’s price can reach defined target.
Aptus Value Housing Finance India, incorporated in the year 2009, is a small cap company (having a market cap of Rs 17439.34 crore) operating in NBFC sector.
It’s key products/revenue segments include interest, fees & commission income and income from sale of share & securities for the year ending March 31, 2022.
Financials
For the quarter ended June 30, 2022, the company has reported a consolidated total income of Rs 248.76 crore, up 6.15 per cent from last quarter total income of Rs 234.34 crore.
It was up 33.83 per cent from last year same quarter total income of Rs 185.88 crore. Company has reported net profit after tax of Rs 118.84 Crore in latest quarter.
The company’s top management includes Mr.M Anandan, Mr.Kanarath Payattiyath Balaraj, Mr.Suman Bollina, Mr.Shailesh Jayantilal Mehta, Ms.Mona Kachhwaha, Mr.V G Kannan, Mr.Krishnamurthy Vijayan, Mr.Sankaran Krishnamurthy, Mr.Kandheri Munuswamy Mohandass, Mr.Sumir Chadha. Company has T R Chadha & Co. LLP as its auditors. As on June 30, 2022, the company has a total of 50 Crore shares outstanding.
Investment Rationale
APTUS would continue to command a premium valuation, as it delivers best-in-class ROA among its peers, led by continued focus on affordable housing in Tier-II/III cities along with rigorous underwriting practices, which has helped it to withstand covid-led disruptions.
The brokerage expects strong AUM growth (27% estimated), stable NIM (calculated) of 10.7% and opex at 2.2% of average assets will help APTUS to deliver strong PAT (30% CAGR) over FY22-FY24E.
The brokerage value the company at 6.5xFY24E book value to arrive a target price of ₹526.
Promoter/FII Holdings
Promoters held 62.51 per cent stake in the company as of 30-Sep-2021, while FIIs owned 28.0 per cent, DIIs 2.47 per cent.
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