“When you love blindly, even flaws seem like virtues.” → When you deeply like or love someone, you may ignore their weaknesses. Their mistakes or shortcomings may even appear charming, acceptable, or even “good” to you. For example, if someone is stubborn, you might call it “determined” because you love them.
“When your dislike is intense, even virtues seem like flaws.” → On the other hand, if you dislike someone, even their positive qualities can appear negative. For instance, if someone is confident, you might see them as arrogant—simply because your attitude toward them is negative.
“Mend Your Attitude” → The key message is that it’s not always the person who is truly good or bad—it’s often our own perspective that is biased. By adjusting your attitude (removing the “blinding” effects of love or dislike), you can see people more clearly and fairly.
Posted: 26 Oct 2024
Ujjivan SFB reported 24% PAT miss at Rs2.3bn, mainly due to lower other income and higher provisions, as stress in MFI accelerates. Banks AUM growth moderated to 14% YoY/1% QoQ (net credit growth at 20% YoY), as it continued with its cautious growth strategy in MFI as initiated in 1Q. However, the bank remains focused on accelerating secured loan growth with its share now at 35% from 31% in Q1; it hopes to achieve 40% by Mar-25. This should weigh on margins, while LLP should remain elevated with hopes of some asset quality normalization by 4Q. However, the bank aspires for steady RoE at 18- 20% on the back of better risk-adjusted margins, better operating leverage, and contained LLP as it transitions toward higher share of secured loans. Factoring in lower NIM/higher LLP, we cut earnings for FY25E/26E/27E by 24%/14%/8%. We also cut our TP further to Rs45 from Rs55, valuing the bank now at 1.1x Sep-26E ABV. However, we retain BUY given relatively superior RoAs among peers and the potential transition to being a Universal Bank.
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Be prepared to invest in a down market and to "get out" in a soaring market, as per the philosophy of Warren Buffett.