Parag Jariwala of Religare Capital says the Medium and Heavy Commercial Vehicle (M&HCV) sales have risen 30-40 percent Year-on-Year, over the past six months.
A report by Religare Capital Market says the worst for commercial vehicle and construction equipment (CV/CE) lenders is coming to an end after 20 years backed by strong cyclical upturn, lower fuel.
The author of the report Parag Jariwala of Religare Capital says the Medium and Heavy Commercial Vehicle (M&HCV) sales have risen 30-40 percent Year-on-Year, over the past six months. He also expects the small CV players to enter the market in a big way once the economic recovery picks up.
The house is very bullish on M&HCV lender Shriram Transport Finance with a target price of Rs 1500. Jariwala expects a 20-23% CAGR in disbursement growth for shriram in the coming 3 years.
Umesh Revankar, MD, Shriram Transport Finance Company also agrees with Jariwala and says the company has witnessed demand uptick for heavy vehicle loans backed up pickup of activity in imported coal in areas of Madhya Pradesh, Andhra Pradesh, Jharkhand, Odisha.
There has been demand from truck buyers both from fleet and as well as some single buyers. The activity has mainly picked up for transport of coal between ports to power generating areas, he adds.
Revankar says customers today are better off than they were a year back and are able to generate monthly movement expect for geographies impacted by unseasonal rains and crop damages.
The movement in steel too has picked up but not so much in cement and construction, says Revankar.
Demand uptick could lead to a rise in net yields to the tune of 5-6 basis points this quarter too. In the third quarter to it rose 6 basis points, says Revankar.
transcript to follow
Shriram Trans stock price
On March 27, 2015, at 11:10 hrs Shriram Transport Finance Corporation was quoting at Rs 1055.95, down Rs 39.3, or 3.59 percent. The 52-week high of the share was Rs 1286.40 and the 52-week low was Rs 693.00.
The company's trailing 12-month (TTM) EPS was at Rs 53.60 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 19.7. The latest book value of the company is Rs 364.65 per share. At current value, the price-to-book value of the company is 2.90.
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