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Yes Securities Report
Home First Finance Company Ltd. delivered an inline performance characterised by robust growth momentum, material compression in spread and incremental improvement in asset quality.
As per management, strong trends in assets under management growth and asset quality are likely to continue and portfolio spread may not decline incrementally much.
We have raised FY24/25 earnings estimates by 2-3% on lifting AUM growth assumptions. We now estimate AUM/earnings compound annual growth rate of 30%/25%, average return on asset delivery of 3.6% and return on equity reaching closer to 16% in FY25.
Consistent strong execution on growth and asset quality underscores our conviction on Home First.
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