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ICICI Securities Report
We initiate coverage on Muthoot Finance Ltd. and Manappuram Finance Ltd. on a positive note.
Key investment thesis remains that of steady 15% growth outlook in gold loan assets under management with 6.0-7.0% expected return on asset and 22-26% return on equity over the medium term.
We believe this should lead to 18/14% earnings compound annual growth rate over FY21-25E for Muthoot Finance/Manappuram Finance at standalone level.
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