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 and deep relationship with partner NBFCs through whom it lends. Despite recent challenges due to global pandemic, the company’s NPAs were in control and company judiciously tightened its lending standards. 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 as the management is guiding for near doubling of loan book over the next 3 years now that normalcy has been restored and their track record and execution has been exceptional.
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