Advisory Analyst Note

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It has been brought to the notice of SEBI by Central Economic Intelligence Bureau, Department of Revenue, GOI, that certain fraudsters are collecting data of customers who are already into trading either in NSE / BSE and send them bulk messages on the pretext of providing investment tips and luring them to invest with them in their bogus firms by promising huge profits. Hence, the investors are requested to take note of the above and exercise caution and due care.

AnalystDate	07 Nov 2019
BSECode	511243
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NoteDescription	AUM growth slowed down impacted by sluggish auto demand and economy pressure. Vehicle disbursement saw sharp sequential decline whereas home equity was flat. Margin saw marginal improvement led by improved pricing, but going ahead decline in cost of fund will support the margin. Assets quality will see some blip on account of sluggishness in the economic activity. However CHOLAFIN continues to grow above industry level driven by positive ALM, strong parentage group, diversified portfolio and continued branch penetration. We believe CHOLAFIN is well placed among peers to leverage on the improvement in economic scenario. We maintain our previous target price of Rs 317 at 2.6x BV FY21e. HOLD
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