Neutral Manappuram Finance Ltd for the Target Rs. 320 by Motilal Oswal Financial Services Ltd

* Expect gold AUM/consolidated AUM to grow ~8%/3% on a sequential basis.
* Expect credit costs to decline ~170bp QoQ to ~3.4%.
* Expect margin and spreads to contract ~60bp each QoQ in the consolidated loan book.
* Commentaries on gold loan growth and asset quality in the MFI and PL segments are the key monitorables.
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Neutral Manappuram Finance Ltd for the Target Rs. 280 by Motilal Oswal Financial Services Ltd


