“Shriram Transport Finance Corporation has extended its concept of “Truck Bazaars”. Potential buyers and sellers of commercial vehicles (CV) will now have access to computerised touch-screen kiosks that provide updated information on all CVs to be sold. The kiosks, branded Shriram One Touch, are to be rolled out across all of its 486 branches. This demonstrates the economic benefits of its strong franchise in its chosen segment of borrowers and the niche asset class. With fee income expected to double in FY11, a buoyant loan growth scenario, 40% of AUM securitised at attractive spreads, and abundant liquidity aiding the liability side of the balance-sheet, Shriram’s business appears robust. Valuation multiples reflect the strong momentum and high RoE, but valuations are still significantly below historical highs. We retain BUY,” says IIFL research report.
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