Neutral on PNB Housing Finance, target price Rs 400: Motilal Oswal

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Neutral on PNB Housing Finance, target price Rs 400:  Motilal Oswal


Motilal Oswal has neutral call on PNB Housing Finance with a target price of Rs 400. The current market price of PNB Housing Finance Ltd. is Rs 341.95.

PNB Housing Finance Ltd., incorporated in the year 1988, is a Mid Cap company (having a market cap of Rs 5938.03 Crore) operating in NBFC sector.

Financials
For the quarter ended 31-12-2020, the company reported a Consolidated sales of Rs 1886.67 Crore, down 6.39 % from last quarter Sales of Rs 2015.51 Crore and down 9.07 % from last year same quarter Sales of Rs 2074.76 Crore. Company reported net profit after tax of Rs 232.40 Crore in latest quarter.

Investment Rationale
Over the past three years, CANF’s loan book growth has been on the decline. While its performance in 1HFY21 was muted as per expectations, disbursements in 3QFY21 were also disappointing due to state-specific issues. However, this is expected to normalize in 4QFY21.


Promoter/FII Holdings
Promoters held 32.7 per cent stake in the company as of Dec 30, 2020, while FIIs held 24.6 per cent, DIIs 3.5 per cent and public and others 39.3 per cent.





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