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Nirmal Bang Report
We hosted the management of Sundaram Finance Ltd. as a part of our Virtual Investor Conference. Key takeaways from the meeting include:
Expect overall growth of 8-10% for the auto industry led by medium and heavy commercial vehicle, retail commercial vehicle and construction equipment segments. While H1 FY25 could see a disruption in economic activity due to elections, growth in H2 FY25 is likely to be strong.
Focusing on gaining market share in the MHCV, retail cv and tractor segments and expanding in new geographies through 'sub-branches.' Within micro, small and medium enterprise/ home finance, it is targeting southern states.
Will be cautious on asset quality trends at a system level in the near-term due to likely stress emanating from states going into elections
We have an 'Accumulate' on Sundaram Finance and value its standalone business at Rs 2,752 (3.7 times Dec-25 adjusted book value) and assign a value of Rs 798 to subsidiaries with a 20% holding discount to arrive at a target price of Rs 3,550.
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