Sharekhan is bullish on Capital First and has recommended buy rating on the stock with a target of Rs 215 in its May 09, 2014 research report.
"Capital First's Q4FY2014 earnings (consolidated) showed a strong growth of 220.4 percent YoY (Rs29.8 crore) contributed by a tax reversal of Rs6.6 crore (on account of the bad debt written off in the past years). The operating performance remained strong as the NII grew by 40.4 percent YoY and the margins (calculated) expanded marginally on a Q-o-Q basis. The AUM growth remained strong (up 29 percent YoY ) driven by mortgages (up 38.6 percent) and retail segments, like the two-wheeler loans and consumer durable loans segments. On the other hand, the asset quality improved resulting in a decline in the provisions (down 56 percent YoY, partly contributed by the Everstone account)."
"We believe Capital First is one of the most promising and emerging in the NBFC space, given its strong parentage (Warburg Pincus) and the quality of its management team. The trends over the past couple of quarters suggest a revival in the earnings which has been impacted by a transformation in the business. Going ahead, a leveraging of capital and growth in the high yielding products will boost earnings and return ratios. We upgrade the stock to Buy with a revised price target of Rs215 (1.3x FY2016 BV)," says Sharekhan research report.
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