BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
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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