Sharekhan is bullish on LIC Housing and has recommended buy rating on the stock with a target of Rs 373 in its July 1, 2014 research report.
"LIC Housing Finance being the second largest housing finance company (a loan book of over Rs90,000 crore) will benefit from the recovery in the housing market. The company has strong brand recall (due to the LIC parentage) and widespread distribution network which will aid expansion in the business. The re-pricing of the fixed rate loans to floating rate loans over FY2015 and FY2016 coupled with a moderation in the interest rates will boost margins. The company's gross and net NPAs are at 0.67% and 0.39% respectively, amongst the best in the system."
"Currently, it trades at 1.6x FY2016E book value, which seems attractive considering the stable RoE of around 18- 20% and healthy asset quality. Going ahead, a revival in the economy and moderation in the borrowing rates could be the key triggers for the stock. We have a Buy rating on the stock with a price target of Rs373," says Sharekhan research report.
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