External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

MAS Financial Services Ltd / Equity Bottom-Up

<ul><li>MAS Financial Services Ltd. (MAS) results were in line with our estimates. Disbursement growth remained healthy at 55% YoY translating into an AUM growth of 14% YoY</li><li>AUM growth was driven by SME Loans (+48% YoY) and CV loans (+48% YoY), while the Micro-enterprise loans remained muted and de-grew by 5% YoY</li><li>We maintain a BUY rating on the stock with a revised target price of Rs 765/share (2.5x H1FY24E BV), implying an upside of 35% from the CMP.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

MAS Financial Services Ltd. (MAS) results were in line with our estimates. Disbursement growth remained healthy at 55% YoY translating into an AUM growth of 14% YoYAUM growth was driven by SME Loans (+48% YoY) and CV loans (+48% YoY), while the Micro-enterprise loans remained muted and de-grew by 5% YoYWe maintain a BUY rating on the stock with a revised target price of Rs 765/share (2.5x H1FY24E BV), implying an upside of 35% from the CMP.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MAS Finance Services: Out of the Woods, Normalized Performance From FY23E Onwards

<p>With the company looking to restart its growth journey after a brief pause, MAS is likely to deliver strong returns over the long term. We maintain a BUY rating on the stock with target price of Rs 925/share (3.2x FY23E BV), implying an upside of 23% from CMP.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

With the company looking to restart its growth journey after a brief pause, MAS is likely to deliver strong returns over the long term. We maintain a BUY rating on the stock with target price of Rs 925/share (3.2x FY23E BV), implying an upside of 23% from CMP.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MAS Financial Services: COVID-19 Headwinds Well-Managed, Focus Shifts to Accelerate Growth!

<p>We maintain a BUY rating on the stock with an unchanged target price of Rs 960/share (3.3x FY23E BV), implying an upside of 23% from CMP.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We maintain a BUY rating on the stock with an unchanged target price of Rs 960/share (3.3x FY23E BV), implying an upside of 23% from CMP.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mas Financial Services: Collections at Pre-COVID Levels, Demand Outlook Strong

India

MAS Financial Services Limited provides retail financial services. The Company offers loans and other financial services for homes, two wheeler vehicles, industrial machinery, properties, agricultural use, commercial vehicles, and insurance products. MAS Financial Services offers its services to small and medium enterprises in India.

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MAS Financial Services Ltd (MASFIN IN)

MAS Finance Services: Out of the Woods, Normalized Performance From FY23E Onwards

We maintain a BUY rating on the stock with a revised target price of Rs 765/share (2.5x H1FY24E BV), implying an upside of 35% from the CMP.

Axis Direct

MAS Financial Services: COVID-19 Headwinds Well-Managed, Focus Shifts to Accelerate Growth!

With the company looking to restart its growth journey after a brief pause, MAS is likely to deliver strong returns over the long term. We maintain...

Axis Direct

Mas Financial Services: Collections at Pre-COVID Levels, Demand Outlook Strong

We maintain a BUY rating on the stock with an unchanged target price of Rs 960/share (3.3x FY23E BV), implying an upside of 23% from CMP.

Axis Direct

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