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 believe the business franchise of Repco Home Finance Ltd. is currently underd:
1. stock trades below FY23E book and seven times earnings, and is available at less than 0.2 times assets under management;
2. productivity metrics are superior (more than Rs 600 million AUM per branch and more than Rs 120 million AUM per employee);
3. runs a lean cost structure with Rs 4 million-5 million cost per branch.
Recently, we saw instances of market recognising potential business and rerating stocks significantly with a change in promoter/ownership.
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