Shriram Transport Finance

By CROW -
SKP Securities has recommended an accumulate rating on Shriram Transport Finance Corporation with a price target of Rs 247 in its March 27, 2009 research report.
"STFC registered more than 60% growth in AUM from Rs 12038 crore in FY07 to Rs 19520 crore in FY08. The growth was mainly achieved due to availability of ready funds to the company. The inflow of funds leveraged company’s brand, customer base, wide reach and strong business model. Going ahead we expect the same factors to drive the growth of AUM to Rs 37619 crore by FY11. STFC being a leader in the financing of the STOs and FTUs, the unique business model will act as a support to survive in the prevailing slowdown and restrict its losses below 2%. We value the stock at 1.50x FY 11E book value implying a price target of Rs 247 (33% upside) in 12 months and recommend accumulate rating on the stock," says SKP Securities' report.

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