Housing finance cos stocks valuations not very attractive: Angel Broking

In an interview with ET Now, P Phani Sekhar, Fund Manager-PMS, Angel Broking, talks about housing finance space. Excerpts:

Would you look at the space, the housing finance space, LIC Housing Finance was a tearaway run sometimes back then is quite and down but the other ones as well, the second rung ones the GIC Housing Finance for that matter Dewan Housing would you look them at all?

I think there are some interesting ideas over there but the main problem is the intense level of competition in that space because you have the likes of HDFC also struggling hard to maintain their market share and with the increased focus of banks into the rural areas because that is where the core competency of players like GIC was but with entrenched players already entering those areas I think there is going to be much more competition and I am not really sure because these companies are not exactly known for how efficiently they are run. I am not really sure in the wake of competition how well they will fare plus the valuations are not really very attractive so I would give them a pass clearly.