{"id":7290,"date":"2015-04-22T12:56:46","date_gmt":"2015-04-22T07:26:46","guid":{"rendered":"https:\/\/blog.fundsindia.com\/blog\/?p=7290"},"modified":"2015-04-22T12:56:46","modified_gmt":"2015-04-22T07:26:46","slug":"gic-housing-finance-ltd","status":"publish","type":"post","link":"https:\/\/www.fundsindia.com\/blog\/equities\/gic-housing-finance-ltd\/7290","title":{"rendered":"GIC Housing Finance Ltd."},"content":{"rendered":"<p style=\"text-align: justify;\">GIC Housing Finance Ltd. (GICHF) is a leading company in India\u2019s Housing\u00a0Finance market promoted by domestic re-insurer General Insurance\u00a0Corporation (GIC), with the objective of entering into the field of direct lending\u00a0to individuals and other corporate to accelerate the housing activities in India.\u00a0The primary business of GICHF is granting housing loans to individuals and to\u00a0persons\/entities engaged in construction of houses\/flats for residential\u00a0purposes.<\/p>\n<p><strong>Valuation and view<\/strong><\/p>\n<p style=\"text-align: justify;\">GICHF continues to perform well on growth, margins, and\u00a0asset quality fronts. We expect the housing loan portfolio to\u00a0grow by 18% in FY15E. Margins continue to hold well on lower\u00a0cost of funds and higher bond market penetration. The\u00a0company aims to increase the disbursements to low cost\u00a0housing loans going forward, which is likely to keep the\u00a0margins firm. Asset quality remains best, with GNPA below 2%\u00a0and NNPA NIL. Strong visibility on business growth and\u00a0margins, superior asset quality, healthy provision cover and\u00a0healthy return ratios are key positives. We believe that with\u00a0bottoming out of the Indian economy, higher government\u00a0focus towards affordable housing and lower interest rate\u00a0benefit after RBI cut lending rate by 25 bps recently, GICHF is\u00a0well poised to witness higher earnings upside.<\/p>\n<p style=\"text-align: justify;\">At a current market price (CMP) of Rs 242.0, the stock trades at\u00a0a P\/BV of 1.6 x FY16E and 1.3x FY17E. We recommend \u2018BUY\u2019\u00a0with a target price of \u00a0Rs 285, which implies a potential upside of\u00a0~18% to the CMP from a long term perspective.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2015\/04\/Research-Report-GIC-Housing-Finance-Ltd.pdf\">Research Report GIC Housing Finance Ltd<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>GIC Housing Finance Ltd. (GICHF) is a leading company in India\u2019s Housing\u00a0Finance market promoted by domestic re-insurer General Insurance\u00a0Corporation (GIC), with the objective of entering into the field of direct lending\u00a0to individuals and other corporate to accelerate the housing activities in India.\u00a0The primary business of GICHF is granting housing loans to individuals and to\u00a0persons\/entities engaged [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[59],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>GIC Housing Finance Ltd.<\/title>\n<meta name=\"description\" content=\"Find the latest research report on GIC Housing Finance Ltd. on FundsIndia Marketplace\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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