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 | Reiterate Buy - The Worst Is Behind Us

LIC Housing Finance: The Worst Could Be Behind Us; Post Moratorium Borrower Behavior Key

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

LIC Housing Finance - Not Rational for Bulls or Bears

Indian Housing Finance Companies-Series 2- LIC Housing Finance

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> reported its earnings last week. Asset quality deteriorated, like for many of its peers. Profit Before Tax (PBT) declined by 13% YoY while Profit After Tax (PAT) was flattish led by gains from one-time corporate tax cut benefits.
Despite the weak asset quality and earnings, we remain optimistic on the business. During times of stress and fear, the market tends to be myopic and gets too focused on short-term quarterly earnings. It tends to ignore the true potential of a business that so often is a function of sustainability and longevity of a business. What LICHF is going through is common for the whole sector and is, in many ways, a function of external factors such as slowdown in real estate housing sales, liquidity crunch led by credit crunch and RERA induced regulatory shifts, etc.
Despite the weak results, we think there are many green shoots to take note of, as discussed in detail below.

LIC Housing Finance (LICHF IN) reported its earnings last week. Asset quality deteriorated, like for many of its peers. Profit Before Tax (PBT) declined by 13% YoY while Profit After Tax (PAT) was flattish led by gains from one-time corporate tax cut benefits.
Despite the weak asset quality and earnings, we remain optimistic on the business. During times of stress and fear, the market tends to be myopic and gets too focused on short-term quarterly earnings. It tends to ignore the true potential of a business that so often is a function of sustainability and longevity of a business. What LICHF is going through is common for the whole sector and is, in many ways, a function of external factors such as slowdown in real estate housing sales, liquidity crunch led by credit crunch and RERA induced regulatory shifts, etc.
Despite the weak results, we think there are many green shoots to take note of, as discussed in detail below.

LIC Housing Finance: Asset Quality Weakens But Green Shoots Emerging