Mobility paves Samsung’s silver path
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ICICI Securities
AU Small Finance Bank (Hold)
CMP: ₹798.2
Target: ₹800
We visited AU Small Finance Bank’s branch, new car dealer and regional office in Pune (Maharashtra) to get an insight on latest business trends. Key takeaways are:
a) Branch banking progression is well on track: Higher interest rates, ease of doing transactions and customised marketing campaign according to target market, customer profile, age group, upcoming festival, etc, helping AU to create its “brand awareness” in Maharashtra; b) in Wheels, clearly new vehicle sale is sluggish while its strategy to focus on used vehicle is helping it maintain overall book growth; and c) in SBL, due its focus on small-ticket self-employed segment and deep distribution network, disbursement growth is still strong.
Most of used vehicle finance branch manager and credit officer are with AU Small Finance Bank for more than five to six years and fully understand the company’s culture. They don’t hire fresher’s and all new joiner’s are allowed to underwrite after 6 months, till the time they are accompany by senior people.
Our takeaways and observations mentioned in this report is limited to Maharashtra (ex-Mumbai) and Goa. We maintain HOLD with unchanged target price of ₹800.
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