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Neutral Aavas Financiers Ltd. For Target Rs.1,880 By Motilal Oswal Financial Services Ltd Disbursements weak; NIM compression continues Major tech transformation completed; unlikely to impact business ahead * AAVAS Financiers (AAVAS)’s 2QFY25 PAT grew 22% YoY to ~INR1.48b (in line). 1HFY25 PAT grew 18% YoY to ~INR2.74b and we expect 2HFY25 PAT to also grow by ~18% YoY. 2Q NII grew 9% YoY to ~INR2.42b (in line). * 2Q core NIM (calc.) declined ~25bp QoQ to ~6.6%. Reported spreads declined ~10bp QoQ to 4.9% (vs. ~5% as of Jun’24). vManagement shared ...
Neutral Aavas Financiers Ltd. For Target Rs.1,880 By Motilal Oswal Financial Services Ltd
Neutral Aavas Financiers Ltd. For Target Rs.1,880 By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2024-11-26 02:47:40 pm
Buy Aavas Financiers Ltd For Target Rs. 1,985 By JM Financial Services PAT beat driven by efficiencies; growth yet to pick up Aavas reported a healthy quarter with PAT at INR 1.5bn (+21.5% YoY, +17.3% QoQ, +15% JMFe), led by a) moderation in opex growth (-1% QoQ, +4.6% YoY) and b) lower credit costs (0.1% vs 0.2% QoQ). While partial moderation in costs was driven by a one-off ESOP reversal, the primary driver was realization of green shoots from previous tech spends. As a result, C/I ratio saw a meaningful improvement to 41.2% (vs 44.8% QoQ). Growth remained ...
Buy Aavas Financiers Ltd For Target Rs. 1,985 By JM Financial Services
Buy Aavas Financiers Ltd For Target Rs. 1,985 By JM Financial Services
Source: JM Financial Services Ltd
2024-11-09 11:51:17 am
Add Aavas Financiers Ltd For Target Rs. 1,900 By Yes Securities Disbursements impacted by RBI circular; persistent pressure on portfolio yield Aavas’s PPOP/PAT were in-line with our expectations, wherein the core NII miss and lower assignment income were offset by better fees and lower employee cost (lower disbursements and lesser ESOP-related provisions). Even though sanctions grew by 25% yoy in the quarter, the disbursement growth was modest at 13% yoy due to alignment of operations with RBI’s April-end circular on interest charging from ...
Add Aavas Financiers Ltd For Target Rs. 1,900 By Yes Securities
Add Aavas Financiers Ltd For Target Rs. 1,900 By Yes Securities
Source: Yes Securities Ltd.
2024-08-05 05:57:30 pm
Neutral Aavas Financiers Limited For Target Rs.1,615 - Yes Securities Ltd Spread compression and elevated Opex weigh on RoE Slightly weak core performance in the quarter Aavas delivered a 2%/7% miss on core NII/PPOP (ex. of DA income) as Portfolio Spread compression was significant reflecting loan pricing, funding cost and BT pressures, and non-employee opex continues to increase on implementation of new LMS and ERP. Disbursements improved as was expected (up 8% qoq), but the volume was marginally short of our expectation. However, AUM growth was steady at 5%...
Neutral Aavas Financiers Limited For Target Rs.1,615 - Yes Securities Ltd
Neutral Aavas Financiers Limited For Target Rs.1,615 - Yes Securities Ltd
Source: Yes Securities Ltd
2024-03-11 12:21:41 pm
Neutral Aavas Financiers Ltd For Target Rs.1,700 - Motilal Oswal Financial Services Disbursements yet to gain momentum even as NIM contracts * AUM grew 22% YoY/5% QoQ to ~INR153b. Disbursements grew 10% YoY and 18% QoQ to ~INR12.6b, but were still below consensus expectations. * 2QFY24 PAT grew 14% YoY to INR1.2b (5% beat). NII grew 18% YoY to ~INR2.2b. Other income grew 8% YoY, aided by higher assignment income of INR466m (PY: INR494m) and fee income of ~INR200m (PY: ~INR140m). * Cost-to-income ratio moderated to ~45% (PQ: 48%), which led to the earnings beat, desp...
Neutral Aavas Financiers Ltd For Target Rs.1,700 - Motilal Oswal Financial Services
Neutral Aavas Financiers Ltd For Target Rs.1,700 - Motilal Oswal Financial Services
Source: Motilal Oswal Financial Services Ltd
2023-11-15 11:34:10 am
Neutral Aavas Financiers Ltd For Target Rs.1,650 - YES Securities Lower-than-expected disbursements and NII/PPOP; asset quality was strong Aavas delivered 3%/6% miss on NII/PPOP (adjusted for assignment income) in Q2 FY24 on account of lower-than-estimated disbursements (8.5% miss) and a larger-thanexpected decline in portfolio spread (compressed 30 bps with unanticipated 10 bps decline in yield). While employee cost was lower (Q1 had significant ESOP cost), the other opex was higher due to system/tech changes (new LOS, LMS & ERP) being implemented. ...
Neutral Aavas Financiers Ltd For Target Rs.1,650 - YES Securities
Neutral Aavas Financiers Ltd For Target Rs.1,650 - YES Securities
Source: Yes Securities Ltd
2023-11-08 01:00:05 pm
Buy Aavas Financiers Ltd For Target Rs.2,060 - Centrum Broking Ltd Disbursements lower than anticipated; NIMs down Disbursements for the quarter stood at Rs12.6bn, up 10% YoY which was lower than our expectation. AUM was up 22% YoY to Rs 153.2bn. Spreads (reported) declined 31bps QoQ to 5.29% due to fall in interest yields with rise in competitive intensity and rise in CoF. CoF are expected to rise further by 15-25bps while yields are likely to remain stable. Management guided to maintain Spreads above 5.0%. NII was up 13.5% YoY and 3.7% QoQ, slightly bel...
Buy Aavas Financiers Ltd For Target Rs.2,060 - Centrum Broking Ltd
Buy Aavas Financiers Ltd For Target Rs.2,060 - Centrum Broking Ltd
Source: Centrum Broking Limited
2023-11-02 02:54:54 pm
Neutral Aavas Financiers Ltd For Target Rs.1,650 - Yes Securities Lower-than-expected disbursements and NII/PPOP; asset quality was strong Aavas delivered 3%/6% miss on NII/PPOP (adjusted for assignment income) in Q2 FY24 on account of lower-than-estimated disbursements (8.5% miss) and a larger-thanexpected decline in portfolio spread (compressed 30 bps with unanticipated 10 bps decline in yield). While employee cost was lower (Q1 had significant ESOP cost), the other opex was higher due to system/tech changes (new LOS, LMS & ERP) being implemented. ...
Neutral Aavas Financiers Ltd For Target Rs.1,650 - Yes Securities
Neutral Aavas Financiers Ltd For Target Rs.1,650 - Yes Securities
Source: Yes Securities Ltd
2023-10-31 10:22:58 am