PNB Housing Fin - Fast Growing HFC


(Pramod) #135

Stallion asset view on Housing finance NBFC and management meet with PNB Housing finance.

Disclosure: I am not a subscribed member of the above SEBI registered advisory. The link is to the free section of the site/ blog.


(Kumark) #137

Hi All.

PNB housing is planning to raise 12000 Cr, in that issuance 6000 cr of secured and unsecured non-convertible debentures and USD 1000 million in one or multiple trenches.
As far i remember the management indicated they have sufficient funds till 30 to 35 months, so not sure why they would need to raise again ?? and if this an indication any possible raise of interest rates in future ?? or any other indication or is it usual fund raising.

Thanks,
Kumar


#138

Add another reason - Valuation. who knows 2-3 yrs down the line they would get current valuations. They are the veterans in the game and I think the most probable reason is high competitive intensity and impending mini- slowdown for the next few quarters.

Disc - No holding


(Susindar) #139

I think these are non-convertible and therefore just debt funding which generally happens all the time. This will have no impact as such for shareholders as it will not be equity dilutive. Management would only mean equity capital when they say they do not need to raise capital for a the next few years. Whereas debt capital raising is good which could mean funds are getting deployed and the company is growing.


(Krishna Rai) #140

PNB Housing management had said that they would not dilute equity. In this case they are raising debt http://www.bseindia.com/corporates/anndet_new.aspx?newsid=fcfc3406-675e-4fe9-b9d7-7cf7c7fb2add

Please understand that the core business of banks and NBFCs is to take debt at lower interest rate and lend it at higher interest rate. Raising debt is essential for them to run the day to day business. I would be highly worried if they would not raise any debt because that would indirectly indicate that they are not getting customers who would like to borrow from them.

Cheers,
Krishna


(Kumark) #141

Thanks a lot Susindar & Krishna for clarity and its learning
for me.

Kumar


#142

Q2 Results and Presentation. Overall good run continues.

http://www.bseindia.com/xml-data/corpfiling/AttachLive/883907d7-15d6-4da6-bbe0-5fb97d99b100.pdf

http://www.bseindia.com/xml-data/corpfiling/AttachLive/a9bc7254-a23f-459f-9780-37092694b1ed.pdf

Disc: Invested


(Rakesh ) #143

PNB HFCs Result out…

Excellent results…

http://www.bseindia.com/xml-data/corpfiling/AttachLive/a47b8fa0-5183-4f9f-b0df-5a64a08eab61.PDF!


(grohal) #146

Yes, unbelievable numbers but they are backed by one of the most credible promoters in Indian stock market. Carlyle PE fund and Punjab national bank.


#147

One issue here is constant equity dilution. Hope they rise more debt than equity in the future. That should improve the return ratios in my view.


(lohiyaakshay08) #148

If anyone has attended Earning Call, please post the summary.


#149

Motilal Oswal Research report with Concall highligts:

Some excerpts from the report

Research report is here :http://www.motilaloswal.com/site/rreports/636446058316801036.pdf

Disl: No positions yet. Watching with great interest.


#150

Thanks Aditya,

The report says that 26-27% of home loan disbursements are related to primary home loan sales. Would you say that the majority of home loans provided by PNBHF are take-over from other lenders? This would imply that PNBHFL would have to undercut other lenders on price and hence their RoA is unlikely to improve beyond 1.5%.


#151

Not sure what it means by Primary home sales.

I infer the word “Primary Home” is related to a buyer who buys a residential property for the first time in his or her life OR the main residence or 'The home". I could be wrong.


(Kumark) #152

I think 26% home loan disbursement are related to primary home loan sales basically means the developers new constructions and rest 74% secondary market sales and others is what i understood. going forward ROA and ROE will improve what management indicating.

Thanks,
Kumar


(Vivek Gautam) #153

A lovely video on Sanjaya Gupta speech.Does anyone has full version of it?


(Jay Badiyani) #154

Can anybody tell me the difference between nim and spreads please


(lohiyaakshay08) #155

Source: #Social media #copied


#156

check here --> How to analyze NBFC companies?


#157