Can Fin Homes picks Suresh Iyer as top boss. Not a big surprise, says Jefferies

After an increase in expenses, write-offs and provisions during the COVID-19 period, which impacted financials in calendar 2021, the company has been on a steady growth path

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Six months after Girish Kousgi announced his resignation, Can Fin Homes has finally zeroed in on Suresh Iyer as the new managing director and chief executive officer.

“Suresh Iyer’s appointment as the CEO is positive. He has long experience in the mortgage industry. The news is not a big surprise, given media speculation around his appointment in recent months,” said foreign brokerage firm Jefferies.

The stock opened a tad higher on March 20 at Rs 534 on the NSE, 0.7 percent higher from the previous close. The stock is down 6 percent since the announcement of Kousgi’s resignation. The new appointment is key for stock re-rating, believe analysts.

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Iyer worked with Gruh Finance for over 22 years. In 2019, he took over as the head of housing finance at Bandhan Bank. He has experience in multiple sectors like sales, operations, IT strategy, risk, recovery, legal, policy and pricing. Thus, the Street is expecting a smooth transition.

He has been appointed for a fixed term of three years, which is further extendable to two years.

After an increase in expenses, write-offs and provisions during the Covid-19 period, which impacted financials in calendar 2021, the company has been on a steady growth trajectory. Its topline has expanded from Rs 508 crore in December 2021 to Rs 710 crore at the end of December 2022 quarter. Net profit has grown from Rs 116 crore to Rs 205 crore during the same time period.

Also Read: Aptus Value Housing Finance trades 30% below IPO price: Time for Ambit’s contrarian call?

Asset quality is also improving. Gross NPA of the housing financier has come down from 0.71 percent to 0.60 percent in the same time period.

Analysts at Jefferies believe the company’s margins can surprise positively post Q4 FY23, as 72 percent of its loans are yet to fully reflect lending rate hikes due to annual reset of customer loans, while its liabilities largely reflect higher rates.

It has a ‘buy’ rating on the stock with a target price of Rs 635 per share.

The company’s average ticket size has jumped to Rs 24 lakh in Q3 FY23 from Rs 21 lakh in Q1 FY23, which makes Axis Securities positive on the stock. “Affordable housing space is still relatively ‘a specialized area’ and thus affordable housing financiers have generally traded at premium valuations,” Axis Securities had said in an earlier report.

Can Fin remains well placed to deliver robust growth over the medium term coupled with its ability to maintain stable asset quality and healthy profitability, it noted.

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