India's Aadhar Housing at record high as JM Financial says 'buy'

Can Fin Homes

23/09/2024 09:14

** Aadhar Housing Finance  AADA.NS  rise 4.6% to record-high
of 485.50 rupees
    ** JM Financial starts with "buy" and 600 rupees target
price, 29% upside to last close
    ** JM notes AADA has longest track record in affordable
housing space, with total AUM of 217 bln rupees ($2.60 bln)
    ** Expects AADA's deeper geographical presence and Indian
govt push on housing to aid AUM growth at 20% CAGR over FY24-26
    ** Says AADA's focus on low income group and geographical
presence results in strong productivity metrics 
    ** Stock up ~47% since listing in mid-May
    ** That's more than peers Aavas Financiers  AVAS.NS  and Can
Fin Homes  CNFH.NS  YTD gains of ~23% and ~14%, respectively

 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))