Morgan Stanley retains ‘overweight’ stance on Bajaj Finance, expects 40% upside

According to Morgan Stanley, competitive intensity in mortgages has eased relative to the third quarter and growth has picked up. B2B sales finance business has also picked up after slowing post festive season.

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Bajaj Finance stock price opened in the red on March 16 even after Morgan Stanley maintained its overweight stance on the stock.

The global research firm has retained its positive outlook on the stock with target of Rs 8,000 per share, an upside of 40 percent from its current market price.

According to the research firm, competitive intensity in mortgages has eased relative to the third quarter and growth has picked up. B2B sales finance business has also picked up after slowing post-festive season, it said.

“The company is confident of achieving guidance of 26-27 percent with potential 1-2 percent from new initiatives and continues to prioritise margin over growth. The management guided to sharper increases in Q4FY23 and FY24,” it added.

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However, the brokerage firm cited levers that could help it recoup and report 5 percent return on assets (RoA).

At 09:17 hours, Bajaj Finance was quoting at Rs 5,683.65, down Rs 45.55, or 0.80 percent on BSE. It has touched an intra-day high of Rs 5,739.95 and an intra-day low of Rs 5,678.

Bajaj Finance’s AUM rose 27 percent to Rs 2.3 lakh crore from Rs 1.8 lakh crore last year. During the October-December quarter, the company’s AUM increased by Rs 12,500 crore, up only 5.7 percent quarter-on-quarter.

According to its business update, the company reported the highest-ever quarterly increase in its customer franchise in the December quarter.

Customer franchises increased by 3.1 million during the quarter. The customer franchises of the finance company stood at 66 million as of December 2022 compared to 55.4 million in the year-ago period.

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