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.
Systematix Research Report
Sundaram Finance Ltd. pioneered vehicle finance in India and has built a diversified vehicle finance book over the last six decades.
Non-South geographies and non-commercial vehicle plays into tractors and construction equipment offer risk diversification and help the company counter cyclicality.
We expect the company to post stable spreads of 4.7% over FY22E-24E based on its strong pricing power.
With stable opex, we model ~1.9% opex-to-average assets ratio for Sundaram Finance over FY22-24E and an ability to raise liabilities at competitive pricing.
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