PMAY initiatives for housing - might not help HFC earnings much
PMAY Announcement good for sentiment
Credit subsidy scheme might be more beneficial, if announced
Constructive view on most HFCS
Valuations are attractive relative to operating performance
Order of preference among HFCs from a 12-month perspective is PNB Housing, Aptus Value, Home First Finance and Can Fin Homes (all rated OW)
EW ratings on LICHF and Aavas Financiers (Source: ETNow)
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