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Attractive valuation
“After COVID-19, HFC valuations corrected sharply due to concerns about: a) weaker loan growth, b) pressure on spreads due to pressure on bank lending rates and tight liquidity; and c) deteriorating asset quality due to job losses and stressed developers. However, with a more pronounced economic recovery than previously expected, disbursements for large players have increased significantly. The abundance of system-wide liquidity has caused the cost of funds to drop sharply. Asset quality issues are diminishing. HDFC and Indiabulls Housing Finance (IHFL) also raised capital.
The regulator’s position is progressively more favorable. We believe that the excessive liquidity and low interest rate environment will continue in the short to medium term, which bodes well for the real estate sector (RE) and, therefore, for HFCs ”, said the Motilal Oswal report.
HDFC shares – A target upwards of 21%
HDFC shares have an upside target of 21% …
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