Morgan Stanley Makes M&M Financial a Tactically Positive Bet
1Morgan Stanley has made M&M Financial as a tactically positive bet. The brokerage has maintained an overweight rating with a target price of Rs 225 per share. They believe share price will rise relative to the country index over 45 days. Q1FY23 update is strong on both the loan growth and asset quality fronts. Disbursements for June were much stronger than estimates.
Valuation looks attractive at a headline 1.3x F23e P/BV and 10x P/E. Overall see Q1FY23 results eventually will be more likely seen positively by investors.
M&M Financial has risen 22 percent this year. 55% of total analysts still have a buy rating as per Bloomberg data.
#Morganstanley #Bet #Financial
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