Buy Reliance Home Finance; target of Rs 91: Cholamandalam Securities

RELHF’s loan book grew by 26% YoY to INR 156.4bn (lower than CSEC’s estimate of 47%). However, the book declined by 4.5% sequentially. Growth in AUM came predominantly from Construction finance and individual loans segments which grew by 25% and 21% YoY respectively. The management expects its AUM to grow by 45% CAGR over FY19-21E. Self employed segment, being the niche area for the company, continued to constitute 75% of Home loan disbursements in 1QFY19. Adding to the de-growth in loan book, the company also saw a 30bps (QoQ) dip…

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Buy Repco Home Finance; target of Rs 684: Cholamandalam Securities

Cholamandalam Securities’ research report on Repco Home Finance   RHFL’s loan book grew at moderate rate (10.3%YoY, 3.9%QoQ) to INR 99bn on the back of higher disbursements (27.7% YoY, 29.2% QoQ). In 4QFY18, Sanctions grew by 32.2% YoY (19.4% QoQ) which poses healthy loan growth trajectory for coming quarters. The management expects loan book to grow by ~20% in FY19E (15% growth in TN and 20-25% growth in ex-TN regions) and disbursements by 35-36% in FY19E. Growth in loan book was led by salaried segment (18.8%YoY). Non-salaried segment witnessed a moderate…

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Nintendo fires woman who became online target

A female Nintendo employee has been fired after months of harassment from gamers who blamed her for censorship—but the company says her firing has nothing to do with her being targeted by the “GamerGate” campaign, the Verge reports. “I am no longer a good, safe representative of Nintendo, and my employment has been terminated,” Seattle-based worker Alison Rapp tweeted on Wednesday, adding that the last few months have been a “whirlwind” of controversy and harassment. Nintendo says Rapp was fired for moonlighting, which is against company policy, not because of an anti-Rapp campaign led…

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Right on target: skiing and shooting in the French Alps

owe my existence to skiing. At least that’s what my grandparents believed. Just before the Second World War they fled Prague for England with other Czech Jews, and after travelling across the border by train, stopped at a hotel for the night. Everyone was understandably tired and most went to bed early. But my grandfather stayed at the bar and, over a few drinks, got talking to the owner. As it turned out, they shared a love of skiing and of the emerging sport of biathlon, which combines cross-country skiing…

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