Tide has turned, smooth ride ahead

Company
17 Jan 2024
5 Min read 
  • PNB Housing Finance has shifted focus to retail and affordable housing.
  •  Expected CAGR of 18% in loans over FY24-FY26.
  •  NIM expansion expected through better product mix and lower borrowing costs.
  •  Improved asset quality and benign credit costs.
  •  Top pick with target price of INR1,025 based on 1.4x FY26E P/BV.
  •  Financials, valuations, spreads analysis, profitability, asset quality, and DuPont analysis provided.
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