Investec initiates India's Aptus Value with 'buy'

Aptus Value Housing Finance India

09/01/2024 08:33

** Investec initiates Indian housing finance co Aptus Value
Housing Finance  APTS.NS  with "buy" and TP of 380 rupees, 16%
premium to current price
    ** Aptus has built an in-house cost-efficient model that is
difficult to disrupt - brokerage
    ** Forecasts 23% EPS growth over FY23-FY26E, adds Aptus
operates in an underpenetrated segment with rural areas
accounting for 76% of AUM
    ** Says, APTS has lowest cost-to-income ratio and lowest
credit losses
    ** Nine of 12 analysts covering stock rate it at "buy" or
above; 2 "sell" below; 1 "hold" media PT 340 rupees
    ** APTS gained 5.2% in 2023, underperforming 29.5% gains in
LIC Housing  LICH.NS , 77% gains in PNB Housing  PNBH.NS  
    ** APTS shares down 0.3% at 327 rupees 
    

 (Reporting by Sethuraman NR in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))