Sunday, June 21, 2020

Manappuram Finance Ltd – Double Your Investment Value


Manappuram Finance Ltd  closes   at ₹ 151.60 with  a Gain    of   +1.60   %   on    19-June- 2020   with formation of  a  Green   Candle    on Daily  Price Chart.
About the Company : Manappuram Finance is engaged in a Non-Banking Finance Company (NBFC), which provides a wide range of fund based and fee based services including gold loans, money exchange facilities, etc.
The Company  has  post  Net Interest Income   of ₹3384.83 Cr & Net Profit   of ₹1467.75 Cr in FY 2020 and  and  expected to Post Net Interest Income   of ₹ 3698.69 Cr & Net Profit of ₹ 1440.97 Cr in FY 2021 .
Valuations  : The Company is now Trading at X 0.50  of its Value. We have valued the company with its last  Financial Year 2020 earnings  , which is now almost ~50 %  Discount   to its value & X 0.52  of its FY 2021 earning with a Discount  of ~ 48%  .
Growth Story  : According to the management of the company, most of gold loan customers have preferred not to opt for moratorium as they realize the deferment of payments without waiver of interest would add to their interest outflow. The total number of gold loans customers stood at 26.23 lakhs. Gold loan disbursement during the quarter at Rs 51912 crore compared to Rs 40,304 crore in Q3 FY '20. The online gold loan book is growing, which accounted for 48% of total gold loans and gained to 61% end April 2020.
Gold loan business constitutes 67.3% of consolidated AUM. The gold holdings stood at 72.39 tonnes and the tonnage increased by 7.2% yoy year.
The company has improved asset quality on standalone basis and the management of the company expects 10% growth in the loan book for Fy2021.
Margin of Safety (1Yr Bond Yield: Value>1 ) is now 3.1  ,which is  attractive.  its Future Price with its FY 2021 earnings is ₹ 291.
Disclaimer : We are / may going to take exposure shortly.
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