Buy Power Finance Corporation; target of Rs 500: Emkay Global Financial
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Emkay Global Financial has reiterated a 'BUY' rating for Power Finance Corporation (PFC) with a target price of Rs 500, up from Rs 450. Despite a soft Q4 in AUM growth and disbursement, PFC showed strong profitability due to higher recoveries. The management expects a ~10% growth in FY27, with margins slightly moderated. EPS estimates for FY27-28E have been trimmed by ~4-5%, but a 16-17% RoE is still anticipated. The restructuring of PFC-REC is expected to be completed by FY27-end, pending regulatory approvals.
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