CD Equisearch has given Buy recommendation for Can Fin Homes recommended buy rating on the stock with a target price of Rs 754 in its research with a target price of Rs. 754 in its research report issued on Mar 24, 2022

CD Equisearch’s research report on Can Fin Homes

ICRA expects the NBFC housing finance companies AUM to grow in the range of 8-10% in FY22 and around 9-11% in FY23 on the back of healthy demand in the industry, increasing level of economic activity and successful mass vaccination drive in the country. The housing finance market is currently reaping the benefits of a sharp decline in the cost of funds and liquidity measures provided by the central bank. Consequently, the lower interest rates to borrowers and the enhanced role of RBI in ensuring a better-regulated environment have further improved affordability thereby driving the sale of housing units, particularly in the affordable and mid-income segment.

Outlook

Balancing odds, we assign a “BUY” rating on the stock with a revised target of Rs 754 (previous target: Rs 665) based on 2.8x FY23e BV of Rs 269.

More Info

At 16:01 hrs Can Fin Homes was quoting at Rs 599.65, down Rs 5.05, or 0.84 percent.

It has touched an intraday high of Rs 608.50 and an intraday low of Rs 594.70.

It was trading with volumes of 20,019 shares, compared to its thirty day average of 28,980 shares, a decrease of -30.92 percent.

In the previous trading session, the share closed up 0.43 percent or Rs 2.60 at Rs 604.70.

The share touched its 52-week high Rs 721.25 and 52-week low Rs 490.00 on 18 October, 2021 and 19 April, 2021, respectively.

Currently, it is trading 16.86 percent below its 52-week high and 22.38 percent above its 52-week low.

Market capitalisation stands at Rs 7,984.59 crore.

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