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Motilal Oswal Report
Can Fin Homes Ltd. said the audit of all its branches has been completed. The same was initiated after a few fraudulent accounts came to light. The outcome of the investigation has been covered in greater detail inside.
While disbursements in Q1 FY23 were arguably below our expectations, the same will gather pace in subsequent quarters. We model in an assets under management/disbursement compound annual growth rate of 16%/9% over FY22-24.
Based on the above development, we expect a credit costs of ~22 bps and upgrade our FY23 earnings per share estimate by ~7%.
Valuations can get re-rated to two times price/book , if Can Fin Homes can continue to deliver the same pristine asset quality over the next few quarters.
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