AAKASHAYA PATRA EXCLUSIVE STOCK FOR INVESTMENT: 05.09.2020

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JM FINANCIAL

CMP 83 ENTRY 75 TO 80 STOPLOSS  60 TARGET 130-140 TIME: 12 MONTHS

JM Financial is an integrated and diversified financial services group. The Group's primary businesses include (a) Investment banking,

wealth management and securities business (IWS) which includes fee and fund based activities for its clients (b) Mortgage Lending which includes both wholesale mortgage lending and retail mortgage lending (home loans, education institutions lending and LAP) (c) Distressed credit which includes the Asset Reconstruction business (d) Asset Management which includes the mutual fund business. As of June 30, 2020, the consolidated loan book stood at ~Rs. 108.3 BN, distressed credit business AUM at ~Rs. 114.4 BN, wealth management AUA at ~Rs. 475.8 BN, mutual fund AAUM at ~Rs. 40.5 BN. The Group is headquartered in Mumbai and has a presence across 456 locations spread across 154 cities in India.

It has an equity base of just Rs.95.19 crore that is supported by reserves of around Rs.5502.21 crore. The Promoters hold 54.84%, FIIs hold 25.66%, DIIs hold 7.69% while the other investing public holds 11.81% stake in the company.

For Q1FY21, it posted a PAT of Rs.93.61 crore on income of Rs.686.80 crore and an EPS of Rs.1.01. Company paid 20% dividend for FY20. Currently, the stock trades at a P/E of 15.5x and at 57% discount to its October 2017.

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