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Strong operating performance and Name improves: Angel Broking

Posted On: 2019-04-22 23:36:08

Mr. Jaikishan Parmar (Sr. Equity Research Analyst - BFSI, Angel Broking):

"HDFC bank continues to deliver a strong set of numbers. Advance grew by 24.5% yoy driven by corporate segment. Reported NIM increased 10bps/10bps yoy/qoq, which is at 7qtr high, primarily driven by strong asset pricing. Key monitorable was fees income growth rate (10%yoy) which was 20% for the last many quarters. Lower traction in fees owing to banning of upfront commission in MF distribution and lower disbursement in unsecured loan reduced processing fees. PAT grew at 22%. Asset quality remained strong, GNPA declined 8bps yoy. Slippages declined by 10% sequentially. Mr.Puri may have to end tenure as MD in FY21 as the age limit for top banking executives to hold office is 70 year. Now here on investor will keenly watch to whom board will assign the responsibility of Mr.Puri.

Outlook & Valuation: Credit growth beat the industry growth rate, driven by a strong retail business. The strong liability franchise and healthy capitalization provide earnings visibility. We value HDFC Bank using SOTP method valuing standalone banking business at 3.4x of FY21 ABV and its two subsidiaries at Rs. 135/share. We recommend a Buy on the stock, with a target price of Rs. 2,500."

Shares of HDFC Bank Ltd was last trading in BSE at Rs.2268.25 as compared to the previous close of Rs. 2290.15. The total number of shares traded during the day was 204094 in over 7900 trades.

The stock hit an intraday high of Rs. 2330 and intraday low of 2265.35. The net turnover during the day was Rs. 466827211.


Source: Equity Bulls

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