Rs 2/Share Dividend: Buy Mid Cap NBFC Stock, Record Date Dec 29: HDFC Securities

HDFC Securities has assigned buy call to mid-cap company operating in NBFC sector Can Fin Homes Ltd shares with target price of Rs 910 apiece. Last trading price of Can Fin Homes shares on BSE is Rs 764.50 apiece. If you buy Can Fin Homes share now at its last trading price, it is showing the potential of 19.03% rally.

Board of directors of Can Fin Homes also declared interim dividend of Rs 2/- per equity share of face value Rs 2/- each for the Financial Year 2023-24. The company has already fixed December 29, 2023 as the record date to determine eligible members for the payment of aforementioned dividend. Check details below:

Can Fin Homes Declares Dividend: As per the regulatory filing of the company issued on Dec 20, "We wish to inform that the Board of Directors of the Company at its meeting held today i.e. on December 20, 2023, Wednesday, had inter-alia considered and declared an 'Interim Dividend' of 'Rs.2/- per equity share' of face value Rs.2/- each for the Financial Year 2023- 24. This information is submitted pursuant to Regulations 30 and 43 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015."

Can Fin Homes Fixes Record Date For Interim Dividend: "We have already intimated to stock exchanges that the December 29, 2023, Friday, has been fixed as the 'Record Date' to determine the list of eligible members for the payment of abovementioned Interim Dividend. The aforesaid Interim Dividend shall be credited on or before January 19, 2024, Friday," added the regulatory filing.

Can Fin Homes Stock Performance & Return: The stock's 52-week high price is Rs 905.00 per share and 52-week low price is Rs 486.30 per share, respectively. The company has a market capitalisation of Rs 10,179.63 crore. Can Fin Homes shares fell 3.28% in last 2-weeks, soared 40.01% YTD, offered return of 47% in last 1-year, surged 41% in last 2-years, and gained 65% in last 3-years. In last 5-years, Can Fin Homes shares jumped 174%.

Valuation: According to the analyst, in its report dated October 19, "We introduce our FY26E forecasts and moderately trim our FY24 earnings estimates by 4% for the one-time provision; maintain BUY with a revised TP of INR910 (2.2x Sep-25 ABVPS)."
Asset quality stayed steady with slippages from the restructured portfolio at 14%, marginally north of the guided range. CANF absorbed the full impact of a fraud incidence with a one-time provision while topping up its management overlay, reflecting in softer PAT growth (+12% YoY), added HDFC Securities.

Can Fin Homes Latest Quarterly Results: The housing finance arm of leading public sector lender Canara Bank on October 17 announced a surge of 11.5% YoY in its net profit to Rs 158 crore for the second quarter ended September 30, 2023. The mid cap company declared its net profit at Rs 141.7 crore in the corresponding quarter of last year, as per its BSE filing. Its net interest income or NII soared 26.1% at Rs 316.8 crore as compared to Rs 251.2 crore declared in the corresponding quarter of last year.

About: Can Fin Homes Ltd, a Housing Finance Company promoted by Canara Bank, in 1987, the International Year of Shelter for the Homeless. The Company is incorporated under Companies Act, 1956. Main objective of setting up the Company was promoting home ownership & increasing the housing stock in the country, according to its official website.

Disclaimer: The stock has been picked from the brokerage report of HDFC Securities. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.