MAS Financial Services is a niche NBFC focused on lending to micro enterprises, SMEs, 2-wheeler and CVs. The key strength of this company is its risk management. Despite challenging external environment post demonetization and GST, the company’s NPAs were in control. There is reduced risk of asset liability mismatch due to shorter lending tenures and higher proportion of assignment of loans to other lenders. We have an over weight rating on the stock due to strong growth prospects and sharp collection practices. The company was largely unaffected by the liquidity crunch faced by the NBFC sector and that is noteworthy. We are confident that the management will be able to mitigate the adverse impact of Covid-19 pandemic given its liquidity position and connect with borrowers – 07-07-2020 Price: 693.00 Rating: Over Weight Recommendation: Buy
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