Next Bull Run - Will it be the Housing NBFCs

HOUSING FINANCE COMPANIES - NEXT RUN ????
SN	Stock	CMP	Assets	Mkt Cap	Sales	NP	BV	Eq	M/A	M/S	S/P	M/P	P/BV	EPS	PE	Yield	Promo	Points
			A	M	S	P	B
1	IB Hsg Fin	455	34000	17000	5225	1500	163	67	0.50	3.3	28.71	11.3	2.79	45.2	10.1	7	28	58
2	HDFC	1172	140480	184230	24145	5440	179	312	1.31	7.6	22.53	33.9	6.55	34.8	33.7	1.19	0	33
3	LIC	467	79000	24000	9200	1320	149	101	0.30	2.6	14.35	18.2	3.13	26.1	17.9	0.96	70	41
4	Gruh	297	6200	10800	850	180	33	36	1.74	12.7	21.18	60.0	9.00	9.8	30.3	1.01	59	38
5	Dewan	420	37500	5400	5000	530	278	129	0.14	1.1	10.60	10.2	1.51	41.2	10.2	1.9	39	66
6	Repco	700	4050	4400	535	110	119	62	1.09	8.2	20.56	40.0	5.88	18.7	37.4	0.17	38	28
7	GIC	235	4708	1270	625	98	113	54	0.27	2.0	15.68	13.0	2.08	19	12.4	2.6	41	70
8	Can Fin	557	5200	1100	578	76	221	21	0.21	1.9	13.15	14.5	2.52	38	14.7	1.17	43	58
	1. From a value investment perspective, the top 03 housing firms would be GIC,Dewan , Ibulls Housing and Can Fin. GIC seems to be the most undervalued stock while Indiabulls has an excellent dividend yield. Its downside may be limited. Dewan while scoring on  parameters has a relatively poor operating margin as seen in column S/P and that will remain an area of concern.The India bulls promoter holding has significantly dropped this quarters as the orginal 03 promoters have split and 02 of them are not reflected in the current holding.
	2. These values have been taken from websites available on the open domain and are rounded off for ease of calculation . I have not taken into account investments made by these companies into other entities  such as HDFC stake in HDFC life etc.
	3. Of the 03 shortlisted , GIC is like a PSU (LIC) and may have its associated problems. Repco while being overvalued has been growing its  top line and bottomline at over 30% in the past few  years. And may continue to surprise on the valuation front.  GIC has managed just about 20% growth and hence has a languishing PE 4.  My personal picks would include IBHF bcos I am also getting a tax free 7% ROI as dividend in addition to increase in valuation with growth ( if you trust the promoters and choose to ignore allegations by Veritas etc... I also have a positive bias as they are ex IITD passouts ). GIC and Repco with those willing to take risk with its high valuations. Please do ur own study prior to making investments and decide ur own entry point!!!