PNB Housing Finance: Morgan Stanley maintains an Overweight on PNB Housing Finance with a Target Price of ₹1,250, citing expected 18% retail loan growth in FY27, higher incremental funding costs but stable spreads, NIM likely steady to slightly lower due to higher leverage, normalised credit costs of 15–20 bps from FY28, and a revised steady-state ROA of 2.3–2.4%.
PNB Housing Finance: Morgan Stanley maintains an Overweight on PNB Housing Finance with a Target Price of ₹1,250, citing expected 18% retail loan growth in FY27, higher incremental funding costs but stable spreads, NIM likely steady to slightly lower due to higher leverage, normalised credit costs of 15–20 bps from FY28, and a revised steady-state ROA of 2.3–2.4%.