India's Aadhar Housing Finance rises after Kotak initiates coverage with 'buy'

Aadhar Housing Finance

03/09/2024 06:30

** Shares of Aadhar Housing Finance  AADA.NS  rise 4% to 405
rupees
    ** Kotak Institutional Equities initiates coverage on
affordable housing finance co with "BUY" rating and fair value
of 550 rupees per share (41% upside)
    ** Expects co's expansion strategy to drive a 21% annual
growth in assets under management from FY2024-27, with low
credit costs
    ** Stable margins and improving leverage will accelerate 
return on equity back to high-teens - Kotak
    ** Avg rating of analysts covering the stock at "Buy";
median PT is at 550 rupees - LSEG data
    ** Stock has risen 28% since listing in May 2024

 (Reporting by Yagnoseni Das in Bengaluru)
 ((Yagnoseni.Das@thomsonreuters.com;))