ICICI Securities: Buy Bajaj Housing Finance, Target Rs 125

• ICICI Securities recommends "Buy" for Bajaj Housing Finance with a target price of Rs 125.
• BHFL plans to optimize its AUM mix towards higher-return products like construction finance, LAP, and non-prime home loans.
• The company aims to improve its opex to NTI ratio to 14-15% from 20%, expecting RoA of 2-2.2% and RoE of 13-15% medium term.
• BHFL is a fast-growing HFC with a 29% AUM CAGR (FY20-25) and targets a 5% home loan origination market share.

Why It Matters: This offers an investment recommendation for Bajaj Housing Finance shares.