Prabhudas Lilladher ne M&M Financial Services ke stock par 'Buy' rating di hai, kyunki share price **16%** tak correction dikha chuka hai. Disbursal toh strong hai, par rural demand aur funding costs abhi bhi chinta ka vishay bane hue hain.
Mahindra & Mahindra Financial Services (MMFS) ke investors ke liye ek badi update hai! Prabhudas Lilladher ne stock ko 'Accumulate' se upgrade karke seedha 'Buy' rating di hai. Iske peeche ka main reason hai stock mein aayi 16% ki heavy correction. Brokerage ne ab iske liye ₹350 ka target set kiya hai.
Numbers kya kehte hain?
Company ne Q2 mein tagda performance dikhaya hai. Inki total disbursements mein 22% ka jump aaya hai aur AUM (Assets Under Management) ₹1,465.1 Billion tak pahunch gaya hai, jo ki pichle saal ke muqable 15% zyada hai. Lekin analysts ab FY27-28 ke liye thode cautious hain aur growth ko 14% se 15% ke beech dekh rahe hain, kyunki rural demand unpredictable hai.
Margin aur Funding ka chakkar
Company ke liye thodi mushkil ye hai ki inka Net Interest Margin (NIM) 7.0% par stagnate ho gaya hai. Excess cash aur high funding costs profit par dabav daal rahe hain. Company chaah kar bhi rates badha nahi sakti kyunki isse demand kam ho sakti hai.
Investors ke liye alert!
Do cheezein aapko monitor karni hongi:
- Insurance Commissions: Regulatory changes ka risk hai, jisse inki fee income par asar pad sakta hai.
- Rural Stress: Tractor aur vehicle financing ka business hai, toh agar baarish ya crop cycle bigda, toh loan repayment mein dikkat aa sakti hai.
Brokerage ka target ₹350 nikalne ke liye unhone core lending business ko ₹335 aur subsidiaries ko ₹19 value kiya hai, jisme 25% ka holding company discount adjust kiya gaya hai. Credit costs abhi 1.6% par stable hain, par aage ka rasta thoda tricky ho sakta hai.