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Aptus Value: Broker Sees 34% Disbursement Jump, Stable Spreads
Broker projects 34% disbursement growth for Aptus Value with stable spreads and contained credit costs. Increased competition in core geographies could pressure margins.
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Aptus Value Housing Finance received a fresh buy call with a 30-day positive outlook, betting on a sharp acceleration in loan disbursements and steady margins.
The brokerage projects loan disbursements growing 34% year-on-year, a sharp acceleration from 18% in the December quarter and 11% the prior quarter. Quarterly AUM growth is seen breaching 4.5%, driven by higher average ticket sizes and branch rollouts. On a year-on-year basis, AUM growth is estimated at 21.5%, giving line of sight to the company’s 22‑24% guidance corridor.
On asset quality, gross stage 3 and 1+ days past due are expected to edge higher by 13‑15 basis points and 40‑45 basis points quarter-on-quarter, reaching 1.65% and 6.65% respectively. The broker said credit costs should stay within the guided band of 0.5% plus or minus 10 basis points. With yields and cost of funds holding steady, net interest margins are projected to remain stable.