<ul data-eligibleForWebStory="false"><li>UBS Global Research has identified Cholamandalam Financial Holdings Ltd., Power Finance Corp., and PNB Housing Finance as its top picks in the non-banking financial space amid expectations of growth moderation and limited asset quality improvement.</li><li>The brokerage expects a decline in the cost of funds for these companies, but foresees a moderation in growth and asset quality improvements going forward.</li><li>While optimism over rate cuts and asset quality improvements might disappoint, UBS predicts a continued moderation of growth on a year-on-year basis for non-banking financial companies.</li><li>Stock ratings and target prices for these companies have been maintained, with a slight 1–2% adjustment in earnings-per-share estimates for financial years 2025–2027.</li></ul>

Cholamandalam Finance, PFC, PNB Housing Are UBS' Top Picks Amid Growth Moderation Expectations

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