External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

Cholamandalam Investment and Finance / Equity Bottom-Up

Cholamandalam Investment and Finance (CIFC IN)

<p>We reiterate CIFC among larger NBFCs and CREDAG among mid-sized ones as our top picks within our universe. As REPCO finally brought the curtain down on a long earnings season for NBFCs, we argue that within our coverage universe (18% of the NBFC AUM market share), they are comfortably positioned on their balance sheets, having utilised the benign funding cost environment (50-150bps benefit during FY21) to significantly shore up their coverage (FY21: 2.5%, FY20: 2%). The second wave is likely to manifest itself in deferred disbursement momentum, softer collections, and a larger restructured portfolio (compared to FY21).</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 reiterate CIFC among larger NBFCs and CREDAG among mid-sized ones as our top picks within our universe. As REPCO finally brought the curtain down on a long earnings season for NBFCs, we argue that within our coverage universe (18% of the NBFC AUM market share), they are comfortably positioned on their balance sheets, having utilised the benign funding cost environment (50-150bps benefit during FY21) to significantly shore up their coverage (FY21: 2.5%, FY20: 2%). The second wave is likely to manifest itself in deferred disbursement momentum, softer collections, and a larger restructured portfolio (compared to FY21).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.

NBFCs: Pandemic year navigated; recovery interrupted