Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

I possess investment research experience across asset classes and geographies, acquired at Investcorp (New York) and Howe & Rusling (Rochester). At Investcorp, an alternative asset manager, I was part of an investment team managing >$1bn in discretionary client assets. I was also a member of investment recommendation, monitoring, cross-asset strategy and macro outlook committees that met periodically for investment decisions and top-down views. At Howe & Rusling, a long-only asset manager, I helped cover US large-cap equity investments across sectors for growth and income focused portfolios as well as assisted in managing a US small-cap growth focused equity portfolio. I possess an MBA in finance and corporate accounting from University of Rochester in US, a CFA Charter, and an Engineering degree from Indian Institute of Technology Bombay in India.  

My current focus is L/S equity fundamental research across market cap and sectors with an eye on corporate governance and forensic accounting. I am currently based in India and my current coverage universe is biased towards India.

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Regulatory Disclosure: Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Research Analyst Contact Details -
Address: A-602, Titanium Business Park, Makarba, Ahmedabad - 380051 |
Email: services@yellowstoneequity.com |
Mobile: +91-7575817289

Compliance/Grievance Officer -
Name: Ankit Agrawal |
Email: services@yellowstoneequity.com |
Mobile: +91-7575817289
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Equity L/S Analyst | Forensic Accounting | India

LIC Housing Finance: Asset Quality Weakens But Green Shoots Emerging

LIC Housing Finance | Reiterate Buy - The Worst Is Behind Us

LIC Housing Finance Ltd. - Builder Loans and LAP to Drive Growth in Loan Book

Indian Housing Finance Companies-Series 2- LIC Housing Finance

LIC Housing Finance - Not Rational for Bulls or Bears

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/lic-housing-finance-ltd" target="_blank" data-smartkarma-citation="entities:15667:1" rel="noopener">LIC Housing Finance (LICHF IN)</a> is a veteran housing finance company (HFC) in India and is the second largest pure-play housing finance player in India in terms of market share. It is owned by LIC, a life insurance company owned by the Government of India (GoI). LIC is the largest life insurer in India with &gt;70% market share. It is a behemoth in terms of its size and offers strong parentage to LICHF.
Over the past few quarters, post the IL&amp;FS (AAA rated) default in Sep 2018, NBFCs and HFCs in India have faced liquidity crunch. This coupled with stress in real estate financing have deteriorated the asset quality significantly for the HFCs including LICHF.
We believe LICHF is a strong beneficiary of current stressed environment with potential to improve its market share and asset quality. LICHF’s prudent business strategy with low cost advantages, conservative risk-taking and deep distribution network sets it up well to increase its market share in the housing finance space. We also believe that asset quality issues for LICHF have peaked and things are poised to improve over the coming quarters.

LIC Housing Finance (LICHF IN) is a veteran housing finance company (HFC) in India and is the second largest pure-play housing finance player in India in terms of market share. It is owned by LIC, a life insurance company owned by the Government of India (GoI). LIC is the largest life insurer in India with &gt;70% market share. It is a behemoth in terms of its size and offers strong parentage to LICHF.
Over the past few quarters, post the IL&amp;FS (AAA rated) default in Sep 2018, NBFCs and HFCs in India have faced liquidity crunch. This coupled with stress in real estate financing have deteriorated the asset quality significantly for the HFCs including LICHF.
We believe LICHF is a strong beneficiary of current stressed environment with potential to improve its market share and asset quality. LICHF’s prudent business strategy with low cost advantages, conservative risk-taking and deep distribution network sets it up well to increase its market share in the housing finance space. We also believe that asset quality issues for LICHF have peaked and things are poised to improve over the coming quarters.

2020 High Conviction: LIC Housing Finance: A Growth Compounder Ripe for Re-Rating