HSBC on Credit Access ; Buy TP cut to Rs 1400

CREDAG’s profitability, which is sharply above its throughthe-cycle levels, will likely normalise going forward Cut EPS by 3.6-4.9% for FY27-28e due to lower AUM growth in FY27e, fee compression and higher provisions ahead TP Cut as cyclical downturn deepens; despite this, CMP offers value

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