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Systematix Research Report
Vasco Da Gama went to the shores of Kerala looking for spices and good fortune. We went to the shores of Kerala ~500 years later, looking for the elusive growth in gold finance and yield spike on portfolio. We met the managements of Muthoot Finance Ltd. and Manappuram Finance Ltd.
We believe both Muthoot and Manappuram are at undemanding valuations and trade at 2.1 times and 0.9 times FY24 book.
Auctions and stiff competition from banks, both gold loan non-banking financial companies are indulging in teaser rates. Though, teaser rates may bring about the elusive growth back to normalised levels but will clip away 50-100 bps of yield in Q4 in our view.
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