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ICICI Securities Report
Aptus Value Housing Finance India Ltd. has leveraged the opportunity in affordable housing finance exceedingly well as evident from its proven business credentials of delivering 48% assets under management compound annual growth rate, superior return on asset at 7% plus and curtailing credit risks to minimal.
Aptus Value Housing operates in less competitive areas, serving underserved new-to-credit self-employed customers in rural markets requiring low ticket housing loans.
Leadership dominance, deeper penetration, capital, liquidity and franchise investment positions it to compound AUM at 25-30% CAGR over the next three-five years.
Inelastic yield behaviour, recent rating upgrade, lean cost structure bode well for best-in-class operating profit.
Near-to-medium risks exist in the form of succession planning, portfolio rebalancing in favour of qualifying housing loans and Reserve Bank of India notification leading to higher gross non performing asset.
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