ICICI Direct recommended hold rating on LIC Housing Finance with a target price of Rs 540 in its research report dated May 06, 2019.
ICICI Direct's research report on LIC Housing Finance
LIC Housing Finance reported a healthy operational performance led by steady advances growth coupled with improvement in margins. NII came in at Rs 1223 crore, up 12.8% QoQ (21.8% YoY) mainly led by sharp expansion in margins of 21 bps QoQ. Higher slippages & provisions impacted earnings, though above our estimates at ~Rs 693 crore, up 14.4% YoY.
Outlook
We revise our target price higher to Rs 540 (earlier Rs 475) valuing the stock at 1.4x FY21E ABV. We maintain HOLD recommendation.
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