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ICICI Securities Report
ICICI Securities highlighted that Cholamandalam Investment and Finance Co. Ltd. has corrected 16% in the past one month vs 12% fall in the Nifty Financial Services Index (during the same period).
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The brokerage believe its recent underperformance stems largely from concerns about near-term asset quality amid rising oil prices. However, its analysis suggests Chola has emerged as the most resilient VF player during past cycles.
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This is evident in its credit costs, which declined steadily to 64 basis points by FY19 vs 79bps in FY18 vs 97bps in FY17 vs 155 bps in FY16.
Oil prices surged to $70/per barrel by FY19 from $48/per barrel in FY16.
The brokerage upgrade Chola to Add (from Hold) with an unchanged target price of Rs 1,625, valuing the stock at 3.5x Sep'27E book value per share.
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