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HDFCBANK

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-1.65 (-0.10%)

NSE Volume

92.6L+

Broker Reports

Call Price: ₹1656
5 APR 22
Target: ₹1985
Change: ₹1530 (-1.34%)

BUY

Call Price: ₹1656
4 APR 22
Target: ₹1960
Change: ₹1567.6 (-2.46%)

BUY

Call Price: ₹1657
4 APR 22
Target: ₹2000
Change: ₹1612.6 (-2.65%)

BUY

Call Price: ₹1654
5 APR 22
Target: ₹2151
Change: ₹1619.2 (-2.25%)

BUY

Call Price: ₹1657
4 APR 22
Target: ₹1910
Change: ₹1656.45 (9.97%)

ACCUMULATE

Call Price: ₹1448
21 MAR 22
Target: ₹1939.3
Change: ₹1475.65 (-1.26%)

BUY

Call Price: ₹1442
14 MAR 22
Target: ₹1973
Change: ₹1448.1 (1.71%)

BUY

Call Price: ₹1430
14 MAR 22
Target: ₹2151
Change: ₹1438.6 (-0.26%)

BUY

Call Price: ₹1327
8 MAR 22
Target: ₹2000
Change: ₹1370.75 (3.29%)

BUY

Call Price: ₹1545
14 JAN 22
Target: ₹1973
Change: ₹1542.15 (1.35%)

BUY

Call Price: ₹1545
17 JAN 22
Target: ₹1985
Change: ₹1521.55 (-1.53%)

BUY

Call Price: ₹1545
17 JAN 22
Target: ₹1870
Change: ₹1521.55 (-1.53%)

BUY

Call Price: ₹1545
17 JAN 22
Target: ₹1910
Change: ₹1521.55 (-1.53%)

BUY

Call Price: ₹1545
15 JAN 22
Target: ₹2000
Change: ₹1521.4 (-1.54%)

BUY

Call Price: ₹1545
16 JAN 22
Target: ₹2000
Change: ₹1525.8 (-1.26%)

BUY

Call Price: ₹1543
16 JAN 22
Target: ₹2006
Change: ₹1525.8 (-1.26%)

BUY

Call Price: ₹2813
3 DEC 21
Target: ₹3379
Change: ₹1517.15 (-0.56%)

BUY

Call Price: ₹1689
20 OCT 21
Target: ₹1931
Change: ₹1670.1 (0.8%)

BUY

Call Price: ₹1686
18 OCT 21
Target: ₹1935
Change: ₹1673.5 (-0.91%)

BUY

Call Price: ₹1675
19 OCT 21
Target: ₹1997
Change: ₹1673.2 (-0.93%)

BUY

Call Price: ₹1687
18 OCT 21
Target: ₹2058
Change: ₹1670.15 (-0.93%)

BUY

Call Price: ₹1687
18 OCT 21
Target: ₹1935
Change: ₹1670.15 (-0.93%)

ACCUMULATE

Call Price: ₹1686
17 OCT 21
Target: ₹2000
Change: ₹1686.9 (0.06%)

BUY

Call Price: ₹1685
18 OCT 21
Target: ₹2000
Change: ₹1686.9 (0.06%)

BUY

Call Price: ₹1687
17 OCT 21
Target: ₹1962
Change: ₹1682.85 (-0.18%)

BUY

Call Price: ₹1586
5 OCT 21
Target: ₹1770
Change: ₹1595.3 (0.63%)

BUY

Call Price: ₹2718
30 AUG 21
Target: ₹3154
Change: ₹1572.9 (0.31%)

BUY

Call Price: ₹1515
18 AUG 21
Target: ₹1800
Change: ₹1548.7 (-0.4%)

BUY

Call Price: ₹1522
16 JUL 21
Target: ₹1810
Change: ₹1555.4 (-0.21%)

BUY

Call Price: ₹1471
19 JUL 21
Target: ₹1720
Change: ₹1514.35 (0.1%)

BUY

Call Price: ₹1470.95
19 JUL 21
Target: ₹1870
Change: ₹1443 (0%)

BUY

Call Price: ₹1422.05
22 APR 21
Target: ₹1653
Change: ₹1438.5 (2.39%)

BUY

Call Price: ₹1428.45
16 APR 21
Target: ₹1810
Change: ₹1390.75 (-1.5%)

BUY

Call Price: ₹1428
18 APR 21
Target: ₹1800
Change: ₹1390.75 (-1.5%)

BUY

Call Price: ₹1411.9
19 APR 21
Target: ₹1870
Change: ₹1390.75 (-1.5%)

BUY

Call Price: ₹1411.9
19 APR 21
Target: ₹1785
Change: ₹1390.85 (-1.49%)

BUY

Call Price: ₹1431
18 APR 21
Target: ₹10709.53
Change: ₹1403.6 (-0.59%)

BUY

Call Price: ₹1429
18 APR 21
Target: ₹1735
Change: ₹1388.15 (-2.82%)

BUY

Call Price: ₹1458.12
16 JAN 21
Target: ₹1870
Change: ₹1473.9 (-1.14%)

BUY

Call Price: ₹1458.12
16 JAN 21
Target: ₹1750
Change: ₹1478.5 (-0.84%)

BUY

Call Price: ₹1458.12
17 JAN 21
Target: ₹1643
Change: ₹1503.4 (1.36%)

BUY

Call Price: ₹1489.19
18 JAN 21
Target: ₹1700
Change: ₹1503.4 (1.36%)

BUY

Call Price: ₹1458.12
17 JAN 21
Target: ₹1720
Change: ₹1483.2 (1.15%)

BUY

Call Price: ₹1458.12
18 JAN 21
Target: ₹1710
Change: ₹1483.2 (1.15%)

BUY

Call Price: ₹1458.12
18 JAN 21
Target: ₹1740
Change: ₹1483.15 (1.15%)

BUY

Call Price: ₹1458.12
16 JAN 21
Target: ₹1690
Change: ₹1466.35 (-0.12%)

BUY

Call Price: ₹1206.85
19 OCT 20
Target: ₹1427
Change: ₹1237.4 (-0.77%)

BUY

Call Price: ₹1237.74
21 OCT 20
Target: ₹1420
Change: ₹1237.4 (-0.77%)

BUY

Call Price: ₹1206.85
19 OCT 20
Target: ₹1484
Change: ₹1203.35 (0.36%)

BUY

Call Price: ₹1206.85
19 OCT 20
Target: ₹1385
Change: ₹1203.35 (0.36%)

BUY

Call Price: ₹1206.85
19 OCT 20
Target: ₹1458
Change: ₹1203.35 (0.36%)

BUY

Call Price: ₹1206.85
19 OCT 20
Target: ₹1345
Change: ₹1203.35 (0.36%)

ACCUMULATE

Call Price: ₹1192.02
18 OCT 20
Target: ₹1400
Change: ₹1203.35 (0.36%)

BUY

Call Price: ₹1206.85
19 OCT 20
Target: ₹1500
Change: ₹1203.35 (0.36%)

BUY

Call Price: ₹1192.02
17 OCT 20
Target: ₹1450
Change: ₹1203.35 (0.36%)

BUY

Call Price: ₹1192.02
16 OCT 20
Target: ₹1500
Change: ₹1203.35 (0.36%)

BUY

Call Price: ₹1192.02
18 OCT 20
Target: ₹1450
Change: ₹1203.35 (0.36%)

BUY

Call Price: ₹1192.02
18 OCT 20
Target: ₹1385
Change: ₹1199 (2.55%)

BUY

Call Price: ₹1114.15
6 OCT 20
Target: ₹1239
Change: ₹1144.2 (2.7%)

BUY

Call Price: ₹1113.57
4 SEP 20
Target: ₹1323
Change: ₹1057.4 (-2.39%)

BUY

Call Price: ₹1076.7
19 JUL 20
Target: ₹1265
Change: ₹1149.8 (1.5%)

BUY

Call Price: ₹932.44
9 MAY 20
Target: ₹1120
Change: ₹888.2 (-0.64%)

ACCUMULATE

HDFC Bank is one of India’s leading private banks & offers a diverse range of financial products and banking services to customers through a growing branch and ATM network and digital channels such as Netbanking, Phonebanking and MobileBanking. HDFC Bank offers a wide gamut of commercial and transactional banking services to businesses and organizations of all sizes. Due to huge fall in markets , we are revising our price target given in result review report (dated 21st Jan 2020) & assigning presently at Rs 1120 for long term.
... Read more
Call Price: ₹976.75
30 APR 20
Target: ₹1233
Change: ₹1001.75 (2.56%)

BUY

We are initiating coverage on HDFC bank (HDFCB) with a Buy rating and Price Target of Rs 1,233 (SOTP basis) which implies an upside of 26% from the current levels. Our key reasons being 1) Amongst the best liability franchise/asset book which will help in consistent market share gains. 2) Proactive provisioning provides cushion for the COVID19 related stress. Asset quality looks manageable with risks in the unsecured, MSME and corporate books reined in. 3) Investments in digital strategy resulting in consistent cost rationalisation. Considering its stable margins, healthy asset quality, consistent performance and superior management, it is well placed to outperform its peers.
... Read more
Call Price: ₹913.02
19 APR 20
Target: ₹1200
Change: ₹920.75 (-2.67%)

BUY

HDFCB's business growth remains robust despite economic activity getting impacted due to the COVID-19 outbreak. Corporate loan growth remains strong and is driving overall loan growth while retail loan growth remains soft. Although the RBI moratorium supports asset quality, credit cost is expected to stay elevated while provisioning buffers should limit the overall impact on earnings. A strong liability franchise would support margins while higher liquidity levels would enable the bank to ride the current crisis and gain further market share. We, thus, estimate loan book/PAT to deliver CAGR of 16%/17% over FY20-22E. Management succession remains a big event to watch for. Maintain Buy with PT of INR1,200 (3.0x Sep’21E ABV).
... Read more
Call Price: ₹931.55
20 APR 20
Target: ₹1260
Change: ₹922.15 (-2.52%)

BUY

We have revised our NII estimates by -1.6%/-0.6%, PPOP estimates by -2.1%/- 0.8% and PAT estimates by -9.7%/-1.4% for FY21/FY22, respectively. We have retained Buy rating on HBL and revised our target price to Rs1,260 (from Rs1,282 earlier), valuing the stock at 3x FY22E P/BV.
... Read more
Call Price: ₹910.4
20 APR 20
Target: ₹1100
Change: ₹946 (3.91%)

BUY

The bank has shortlisted two internal and one external candidates. However, till its leadership is finalised, overhang on the stock would remain despite strong earnings and outlook. The bank continues to remain a portfolio stock and maintains premium valuations. Accordingly, we maintain BUY and maintain target price at Rs 1100 valuing the bank at ~ 15x FY22E EPS (2.74x FY22E ABV). We include Rs 75 per share for HDB Financial Services.
... Read more
Call Price: ₹913.02
19 APR 20
Target: ₹1105
Change: ₹942.65 (3.54%)

BUY

HDFCB reported a strong PAT of Rs69.3bn amidst COVID-19 lockdown uncertainty, which also prompted it to make Rs15.5bn (50bps of loans) as provisions on back of stress testing of loan book to vulnerabilities. Operating performance was better with PPOP growth of 20% YoY despite losing momentum on income streams in Feb’20 & Mar’20 months. Although, early part of FY21 continues be uncertain on business & asset quality but high contingency provisions of Rs45.0bn should cushion shocks from any nasty surprises. We build-in slippage rate of 2.15% v/s 1.9%-2.0% in last two years and higher credit cost of 130bps (excl contingency provisions) v/s 80-100bps despite which operating performance & return ratios will continue to be robust. We retain BUY with revised TP of Rs1,105 (from Rs1,124) based on 2.9x Mar-22 ABV on slightly tweaking loan growth & credit cost parameters
... Read more
Call Price: ₹1264.92
20 JAN 20
Target: ₹1500
Change: ₹1244 (0.29%)

BUY

Despite higher slippages and elevated provisions on corporate slippages (a large part likely written off), overall earnings momentum was unaffected (2.2% RoA in 3QFY20) given the bank’s strong PPoP (3.9% of assets for 9MFY20), high contingent and floating provisions, and lower concentration risk in corporate book. However, management change (successor to Mr Puri likely be shortlisted by July/Aug) could prove to be a near-term overhang. At CMP, the stock trades at Dec-21E multiple of 3.3x. We maintain our BUY recommendation on the stock with an SOTP-based Target Price of Rs1,500 based on 3.7x Dec-21E P/ABV for standalone entity and the value of its subsidiaries, implying 3.8x of Dec-21E P/ABV.
... Read more
Call Price: ₹1254.9
21 JAN 20
Target: ₹1390
Change: ₹1244.15 (-0.86%)

HOLD

Credit growth beat the industry growth rate driven by strong retail business. The strong liability franchise and healthy capitalisation provides earnings visibility. We value HDFC Bank using SOTP method, valuing standalone banking business at 3.7x of FY2021 ABV and its two subsidiaries at Rs 78/share. We recommend a Hold on the stock, with a target price of Rs 1,390/ share.
... Read more
Call Price: ₹1254.9
21 JAN 20
Target: ₹1358
Change: ₹1244.15 (-0.86%)

ACCUMULATE

We have revised our NII estimates by 0.0%/0.7%/1.1%, PPOP estimates by 1.3%/0.6%/1.0% and PAT estimates by -3.6%/1.8%/0.8% for FY20/FY21/FY22, respectively. We have retained Accumulate rating on HBL and revised our target price to Rs1,358 (from Rs1,322 earlier), valuing the stock at 3.3 H1FY22E P/BV. (See page 2 for incremental commentary).
... Read more
Call Price: ₹1264.92
20 JAN 20
Target: ₹1520
Change: ₹1244.15 (-0.86%)

BUY

Despite soft Q3FY20, we expect the bank to clock >25% earnings CAGR over FY19–21E and sustain superior return ratios (RoA of 2% plus) led by: i) best-in-class franchise; ii) productivity improvement; and iii) marginal stress baggage. We maintain ‘BUY/SO’.
... Read more
Call Price: ₹1264.92
20 JAN 20
Target: ₹1500
Change: ₹1242.4 (-1%)

BUY

HDFCB's operating performance remains strong in a tough environment. While corporate loan growth is strong and driving overall loan growth, retail loan growth remains skewed in favor of unsecured products. Asset quality has deteriorated as the bank reported higher slippages from lumpy accounts and the agri segment. However, provisioning buffers should enable a steady earnings trajectory. We estimate loan book/PAT CAGR at 19%/25% over FY19-22, led by continued improvement in operating leverage, higher fee income and stable margins. Change in the CEO (as Mr. Puri’s tenor comes to an end in Oct’20) will be a big event. Maintain Buy with a PT of INR1,500 (3.7x Sep’21E ABV).
... Read more
Call Price: ₹1277.85
20 JAN 20
Target: ₹1550
Change: ₹1254.9 (-1.8%)

BUY

Due to its focus, the bank has been able to maintain its leadership in retail loans with a slew of festive treats offer. Further, they have also stepped up corporate loans to offset the slowdown in the auto sector. The selection of the new MD continues to remain an overhang on the stock. The bank continues to remains a portfolio stock and maintains premium valuations. Accordingly, we maintain our BUY recommendation with a revised target price of Rs 1550 (earlier | 1440) valuing the bank at ~20x FY22E EPS (3.7x FY22E ABV) and include Rs 75 per share for HDB Financial Services.
... Read more
Call Price: ₹1277.85
20 JAN 20
Target: ₹1406
Change: ₹1254.9 (-1.8%)

BUY

HDFCB reported strong PAT of Rs74.2bn (in-line with PLe: Rs73.8bn) on back of strong other income (led by fees/treasury/recovery) and full benefit of tax rate, although bank has been using the benefit for higher contingency provisions (Rs7.0bn addl) for agri slippages and this quarter for fully provide for couple of corporate account slippages. This has also led to slight deterioration in asset quality. Important highlight of quarter was slowing NII growth rate which came at 13% YoY mainly on excessive liquidity carried on b/s and slower growth in high yielding loan segments. We expect this phenomenon should continue for another quarter and thereafter see better prospects as macroeconomics improve especially in semi-urban & rural areas, while bank benefitting from strong positioning maintained on liabilities. We retain BUY with TP of Rs1,406 (unchanged) based on 3.7x Sep- 21 ABV.
... Read more
Call Price: ₹1263.39
29 NOV 19
Target: ₹1373
Change: ₹1245.45 (-0.5%)

HOLD

Healthy advances growth, stable asset quality has helped bank deliver good set of numbers in the current quarter. With capital well above the regulatory requirements & higher retail focus, we expect bank to deliver strong credit growth going forward. Moreover, higher focus on productivity & digitization along with cost rationalization would likely result in better profitability growth. Hence, considering the sound fundamentals & strong growth prospects, we remain positive on the stock & recommend‘Hold’ with a revised price target of Rs.1,373 with investment horizon of 18-24 months.
... Read more
Call Price: ₹1243.73
22 OCT 19
Target: ₹1334
Change: ₹1242.15 (0.34%)

ACCUMULATE

We have retained our NII and PPOP estimates and revised our PAT estimates by - 0.8%/-0.8% for FY21/FY22, respectively. We have retained Accumulate rating on HBL and revised our target price to Rs1,334 (from Rs1,335 earlier), valuing the stock at 3.0 H1FY22E P/BV.
... Read more
Call Price: ₹1227.45
21 OCT 19
Target: ₹1500
Change: ₹1241.1 (0.25%)

ACCUMULATE

Call Price: ₹1242.79
23 OCT 19
Target: ₹1390
Change: ₹1246.95 (0.72%)

BUY

Credit growth beat the industry growth rate driven by strong retail business. The strong liability franchise and healthy capitalisation provides earnings visibility. We value HDFC Bank using SOTP method, valuing standalone banking business at 3.7x of FY2021 ABV and its two subsidiaries at `78/share. We recommend a Buy on the stock, with a target price of Rs1,390/ share.
... Read more
Call Price: ₹1243.73
22 OCT 19
Target: ₹1510
Change: ₹1238 (0.76%)

BUY

HDFC Bank currently trades at 3.5x its FY2021E BVPS, which we believe is attractive for a bank with its strengths and consistency. HDFC Bank continues to be at a strong position, performing consistently, buoyed by itsability to grow profitability (but at own pace) and strong underwriting and risk-measurement standards with pricing strength. We maintain our Buy rating on the stock with a unchanged PT of Rs. 1,510.
... Read more
Call Price: ₹1243.73
22 OCT 19
Target: ₹1412
Change: ₹1228.7 (-0.59%)

BUY

Given the general economic slowdown, near term pressure is evident. However, considering the focus on balance sheet growth maintaining superior asset quality, the bank is well poised to deliver consistently with margin leadership & robust return ratios. The bank remains a portfolio stock with premium valuations. Accordingly, we maintain our BUY rating with a revised target price of Rs 1440 valuing bank at ~24x FY21E EPS (3.9x FY21E ABV) and include Rs 75 per share for HDB Financial Services.
... Read more
Call Price: ₹1241.4
24 OCT 19
Target: ₹1412
Change: ₹1235.95 (-0.44%)

BUY

The bank’s strong network helped in sustaining growth in advances and deposits. The growth in deposits was supported by focus on granular accounts while advances grew despite weak growth in automobile sector. We value the stock at 3.9x FY21E BVPS with an increased target price of Rs. 1,412 and reiterate our BUY recommendation.
... Read more
Call Price: ₹1227.45
21 OCT 19
Target: ₹1430
Change: ₹1244.95 (1.28%)

BUY

We believe HDFCB is well-positioned to deliver a healthy growth even in the current weak environment. Looking ahead, we expect the Bank’s strong capital position, improving operating efficiency and impeccable performance on asset quality front across cycles should continue to aid return ratios (RoA/RoE seen at 2%/17% for FY21E). At CMP, the stock trades at FY21E multiple of 3.5x. Marginally tweaking our earnings estimates for FY20E/21E, we maintain our BUY recommendation on the stock with an SOTP-based Target Price of Rs1,430 (based on 3.9x FY21E adjusted PBV and the value of its subsidiaries, implying 4.1x of FY21 P/ABV).
... Read more
Call Price: ₹1227.45
19 OCT 19
Target: ₹1406
Change: ₹1229.2 (0.69%)

BUY

HDFCB saw strong earnings performance at Rs63.5bn (PLe: Rs60.1bn) on back of lower tax rate & steady operating performance. Although, NII growth was slower at 15% YoY on back of solid growth in term liabilities but was offset by both strong fees & treasury gains. Asset quality was quite stable with slippages & w.off down sequentially and commentary on delinquencies in portfolios was steady. On prudent basis, bank used the lower tax rate to make another Rs6.6bn of contingency provisions and passing Rs4.5bn of net effect (post DTA) to earnings. Continued penetration provides strong access to sticky customer base and with steady asset quality trends, NIMs of 4.2- 4.3% and ROEs of 18-19%, HDFCB continues to remain on strong path. Retain BUY with TP of Rs1,406 (unchanged) based on 3.7x Sep-21 ABV.
... Read more
Call Price: ₹1146.4
20 SEP 19
Target: ₹1510
Change: ₹1239.7 (-1.22%)

BUY

HDFC Bank currently trades at 3.3x its FY2021E BVPS, which we believe is attractive for a bank with its strengths and consistency. We believe the cut in corporate tax rate would likely benefit HDFC Bank in terms of increased net profit. Accordingly, we have re-worked our estimates and expect EPS benefit in low teens for HDFC Bank in our revised FY2020E/FY2021E profit estimates. We maintain our Buy ratingon the stock with a revised PT of Rs. 1,510.
... Read more
Call Price: ₹2274.46
12 AUG 19
Target: ₹2732
Change: ₹2229.9 (0.44%)

BUY

Best placed despite challenging environment
Analysis of HDFCB’s 20F filings show (i) Quality retail franchise built-up in both liabilities and assets (ii) Early stress levels & delinquencies have risen in retail with increased credit costs & write-offs and (iii) bank remarkably maintains its track record of low concentration to single group Top 10 accounts. We slightly increase our credit cost estimates and lower other income for FY20/FY21. We reduce our target multiple to 3.7x from 3.95x given the uncertain environment and roll forward of our target to Sep-21 ABV. Retain BUY with revised TP of Rs2,732 (from Rs2700).
... Read more
Call Price: ₹2285.8
26 JUL 19
Target: ₹2650
Change: ₹2185.25 (0.27%)

BUY

Outlook & Valuation: We believe the bank is well positioned to deliver healthy growth even in the current weak environment. Its strong capital position, improving operating efficiency and impeccable asset quality performance across cycles should continue to aid return ratios with RoA/RoE pegged at 1.9%/16% for FY21E. At CMP, the stock trades at multiple of 3.4x FY21E. Marginally tweaking our earnings estimates for FY20E/FY21E, we maintain our BUY recommendation on the stock with an SOTP-based Target Price of Rs2,650 (based on 3.7x FY21E adjusted PBV and the value of its subsidiaries, implying a FY21 P/ABV of 3.8x).
... Read more
Call Price: ₹2279.8
25 JUL 19
Target: ₹2620
Change: ₹2285.8 (0.26%)

BUY

Outlook & Valuation: Credit growth beat the industry growth rate driven by strong retail business. The strong liability franchise and healthy capitalisation provides earnings visibility. We value HDFC Bank using SOTP method, valuing standalone banking business at 3.5x of FY21 ABV and its two subsidiaries at 147/share. We recommend a Buy on the stock, with a target price of 2,620/ share.
... Read more
Call Price: ₹2260.71
23 JUL 19
Target: ₹2683
Change: ₹2285.8 (0.26%)

BUY

HDFC Bank shares are currently trading at a P/B multiple of 3.8x/3.4x on adj: FY20E/FY21E book value and we expect the premium valuation of the bank to continue on back of its high ROE, industry leading asset quality metrics and expanding retail franchisee which supports high margin lending opportunities along with benefits of low funding costs. We apply a P/B multiple of ~4.52x to the FY20 adj. BVPS of INR 593 to arrive at a target price of INR 2,683 per share, an upside of 16.8% over the CMP. Accordingly, we reiterate our “Buy” rating.
... Read more
Call Price: ₹2260.71
23 JUL 19
Target: ₹2750
Change: ₹2285.8 (0.26%)

BUY

HDFCB'soperatingperformanceremainsstrong,although business growth has shown moderation, reflecting weakness in the consumption-linked lending segments and cautious stance on unsecured loans. We lower our growth estimates marginally - expect the bank to deliver 19%/20% loan book/PAT CAGR over FY19-21, led by stable margins and a continued improvement in operating leverage. Maintain Buy with a target price of INR2,750 (3.8x FY21E ABV for the bank).
... Read more
Call Price: ₹2260.71
23 JUL 19
Target: ₹2750
Change: ₹2285.8 (0.26%)

BUY

HDFC Bank currently trades at 3.3x its FY2021E BVPS, which we believe is attractive for a bank with its strengths and consistency. While a cautious stance with rise in forward provision resulted in marginal impact for Q1, we believe management’s decision to be pragmatic is positive considering present times. HDFC Bank’s prudential provisioning will help facilitate a steady earnings growth trajectory, which will be positive. We maintain our Buy rating on the stock with an unchanged PT of Rs. 2,750.
... Read more
Call Price: ₹2297.05
23 JUL 19
Target: ₹2400
Change: ₹2285.8 (0.26%)

HOLD

The current performance shows a mild moderation in business growth and asset quality. Going ahead, a cautious rise in forward provision provides marginal discomfort. The expected leadership change may remain an overhang on the stock keeping valuation subdued. We marginally cut our estimates to ~19% CAGR in NII, ~20% in PAT in FY19-21E. Accordingly, we downgrade our rating from BUY to HOLD with a target price of Rs 2400 (earlier Rs 2700) valuing bank at ~20x FY21E EPS (~3.2x FY21E ABV) and include Rs 150 per share for HDB Financial Services.
... Read more
Call Price: ₹2375.95
22 JUL 19
Target: ₹2785
Change: ₹2285.8 (0.26%)

BUY

Despite softening growth we expect the bank to clock >23% earnings CAGR over FY19–21E and sustain superior return ratios (RoA of 2%) led by: i) best-in-class liability franchise; ii) productivity improvement from digital focus; and iii) marginal stress baggage. We maintain ‘BUY/SO’.Maintain ‘BUY’ with INR2,785 TP.
... Read more
Call Price: ₹2375.95
22 JUL 19
Target: ₹2576
Change: ₹2285.8 (0.26%)

ACCUMULATE

We have revised our NII estimates by -1.1%/-1.6%, revised our PPOP estimates by -1.3%/-1.9% and PAT estimates by -1.5%/-1.9% for FY20/FY21, respectively. We have retained Accumulate rating on HBL and revised our target price to Rs2,576 (from Rs2,719 earlier), valuing the stock at 3.0 FY21E P/BV.
... Read more
Call Price: ₹2375.95
22 JUL 19
Target: ₹2700
Change: ₹2285.8 (0.26%)

BUY

Business growth was slower both from retail & wholesale with some segments slowed cautiously, while some on back of slowing economy. Bank continues to deliver on most of its core operating metrics with well managed portfolio mix. With 20% CAGR earnings, 20% constant dividend payout (250% of FV special dividend announced as well) and 17% ROEs remains torch bearer for the industry and hence HDFCB remains our most preferred pick in banking universe. Retain BUY with TP of Rs2,700 (unchanged) based on 3.9x Mar-21 ABV.
... Read more
Call Price: ₹2428.67
8 JUL 19
Target: ₹2820
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹2432.79
26 JUN 19
Target: ₹2820
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹2420.29
29 MAY 19
Target: ₹2780
Change: ₹2285.8 (0.26%)

BUY

HDFCB has been consistently gaining market share across retail product segments. The bank’s strong capitalization and liquidity levels are likely to help it sustain this growth momentum. We expect HDFCBK to deliver 22%/22% loan book/PAT CAGR over FY19-21. Margins are likely to remain stable, while strong control on operating leverage is likely to result in steady return ratios (RoA/RoE of 1.9%/17.2% in FY21E). We maintain our Buy rating with a target price of INR2,780 (3.8x FY21E ABV).
... Read more
Call Price: ₹2361.65
20 MAY 19
Target: ₹2800
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹2260.3
23 APR 19
Target: ₹2750
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹2266
23 APR 19
Target: ₹2635
Change: ₹2285.8 (0.26%)

BUY

At a CMP of 2,290, the stock is trading at FY21E adjusted P/BV of 3.3x. HDFC Bank use to trade at 3.7x of its last two years forward Adj. P/BV, we have assigned similar earning multiple (and valued subsidiaries separately) looking at its consistent financial performance over the years, strong risk management capabilities and gaining market share in almost all the products. The lower cost and faster speed remain the USP for HDFC Bank. HDFC Bank to deliver loans CAGR of 20% and PAT at CAGR of 24% FY19-FY21E. We strongly recommend to buy HDFC Bank for a fair value of 2,635 a piece, seeking an upside of 15.1%.
... Read more
Call Price: ₹2266
23 APR 19
Target: ₹2560
Change: ₹2285.8 (0.26%)

BUY

Assets quality during the quarter also improved with gross slippage at Rs35.8 bn (slippage rate of 0.46% in Q4FY19 v/s 0.53% in Q3FY19). Subsequently GNPA and NNPA reported at 1.36% and 0.39% with PCR improving to 71.4%. The bank also made additional contingent provisions against stressed agri book which as per mgmt now looks comfortable in terms of outlook. With adequate capital adequacy ratio (17.1% in Q4FY19), resilient assets quality and strong liability franchise, HDFCB will continue its strong business growth and profitability trend in coming fiscals. We maintain our ‘Buy’ rating on stock with the potential price of Rs2,560 per share.
... Read more
Call Price: ₹2287.31
22 APR 19
Target: ₹2650
Change: ₹2285.8 (0.26%)

BUY

The Bank’s strong lending and deposit franchise, healthy capital position and impeccable asset quality performance across cycles have been aiding stable RoAs over the years. At CMP, the stock trades at 1-year forward multiple of 3.7x. Marginally tweaking our earnings estimates for FY20E/FY21E, we maintain our BUY recommendation on the stock with an SOTP-based Target Price of Rs2,650 (based on 3.7x FY21E adjusted PBV and the value of its subsidiaries, implying a FY21 P/ABV of 3.8x).
... Read more
Call Price: ₹2266
23 APR 19
Target: ₹2500
Change: ₹2285.8 (0.26%)

BUY

Credit growth beat the industry growth rate driven by strong retail business. The strong liability franchise and healthy capitalisation provides earnings visibility. We value HDFC Bank using SOTP method, valuing standalone banking business at 3.4x of FY21 ABV and its two subsidiaries at Rs135/share. We recommend a Buy on the stock, with a target price of Rs 2,500.
... Read more
Call Price: ₹2266
23 APR 19
Target: ₹2700
Change: ₹2285.8 (0.26%)

BUY

Considering the healthy balance sheet growth, superior asset quality & management (overhang of near-term leadership change to stay), the bank is well poised to deliver consistently with margin leadership & robust return ratios. The bank remains a portfolio stock with premium valuations. We revise our estimates to ~20% CAGR in NII, ~24% in PAT in FY19-21E. We upgrade our target price to Rs 2700 valuing at ~21x FY21E EPS (3.6x FY21E ABV) and include Rs 150 per share for HDB Financial Services. We maintain our BUY recommendation.
... Read more
Call Price: ₹2266
23 APR 19
Target: ₹2547
Change: ₹2285.8 (0.26%)

BUY

We have revised our NII estimates by 1.6%/-0.3%, revised our PPOP estimates by -0.2%/-2.1% and PAT estimates by -0.5%/-2.9% for FY20/FY21, respectively. We have retained Accumulate rating on HBL and revised our target price to Rs2,547 (from Rs2,514 earlier), valuing the stock at 3.2 FY21E P/BV.
... Read more
Call Price: ₹2266
23 APR 19
Target: ₹2550
Change: ₹2285.8 (0.26%)

ACCUMULATE

We maintain our estimates - factored an Advance and PAT CAGR of 25% over FY19-20E with an improving NIM profile and lower credit costs aiding an improved RoA at ~2.0%.
... Read more
Call Price: ₹2287.31
22 APR 19
Target: ₹2650
Change: ₹2285.8 (0.26%)

BUY

HDFCB has been consistently gaining market share across retail product segments. The bank’s strong capitalization and liquidity levels are likely to help it sustain this growth momentum. We expect HDFCBK to deliver 22%/22% loan book/PAT CAGR over FY19-21. Margins are likely to remain stable, while strong control on operating leverage is likely to result in steady return ratios (RoA/RoE of 1.9%/17.2% in FY21E). We maintain our Buy rating with a target price of INR2,650 (3.7x FY21E ABV for the bank).
... Read more
Call Price: ₹2299.53
21 APR 19
Target: ₹2700
Change: ₹2285.8 (0.26%)

ACCUMULATE

HDFCB earnings were better with growth of ~23% YoY at Rs58.8bn (PLe: Rs57.7bn) on back of strong NII growth of ~23% and lower provisioning as asset quality was largely steady. Bank consciously has slowed retail growth in certain segments which grew at 19% YoY, while overall loan growth was supported by non-retail which were largely short term in nature (some NCLT backing). Tone on Agri continues to remain cautious and hence continues to add to contingent provisions. Bank has been able to retain superior NIMs on well managed portfolio mix but liabilities seem to be a challenge in near term and hence we keep an eye on cost of funds. Structurally bank continues to deliver 20% CAGR earnings with better margin profile and strong asset quality, leading us to retain BUY rating with revised TP of Rs2,700 (from Rs2,371) as we roll forward to Mar-21 ABV based on 3.9x multiple.
... Read more
Call Price: ₹2102.28
25 JAN 19
Target: ₹2500
Change: ₹2285.8 (0.26%)

BUY

Credit growth beat the industry growth rate, driven by strong retail business. The strong liability franchise and healthy capitalisation provides earnings visibility. We value HDFC Bank using SOTP method valuing standalone banking business at 3.3x of FY21 ABV and its two subsidiaries at Rs 146/share. We recommend a Buy on the stock, with a target price of Rs 2,500.
... Read more
Call Price: ₹2121.65
6 FEB 19
Target: ₹2345
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹2083.55
29 JAN 19
Target: ₹2650
Change: ₹2285.8 (0.26%)

BUY

HDFC Bank currently trades at 4.1x/3.4x its FY2020E/FY2020E BVPS, which we believe is justified for a bank with its strengthsand consistency. We introduce FY2021E estimates and have accordingly rolled over our price target (PT) to FY2021E. We maintain our Buy rating on the stock with a revised PT of Rs. 2,650.
... Read more
Call Price: ₹2133
23 JAN 19
Target: ₹2235
Change: ₹2285.8 (0.26%)

HOLD

Call Price: ₹2146.55
22 JAN 19
Target: ₹2443
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹2146.55
22 JAN 19
Target: ₹2400
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹2131.2
21 JAN 19
Target: ₹2530
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹2131.2
21 JAN 19
Target: ₹2500
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹2129.78
21 JAN 19
Target: ₹2371
Change: ₹2285.8 (0.26%)

ACCUMULATE

Call Price: ₹2049.5
27 NOV 18
Target: ₹2260
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1916.81
30 OCT 18
Target: ₹2112
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1916.81
30 OCT 18
Target: ₹2420
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1961.97
26 OCT 18
Target: ₹2189
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1965.8
22 OCT 18
Target: ₹2284
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1965.8
22 OCT 18
Target: ₹2350
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1967.34
21 OCT 18
Target: ₹2400
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1967.34
21 OCT 18
Target: ₹2310
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1966.3
11 OCT 18
Target: ₹2452
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹2113.07
10 AUG 18
Target: ₹2388
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹2174.05
30 JUL 18
Target: ₹2400
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹2160.74
23 JUL 18
Target: ₹2471
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹2157.75
24 JUL 18
Target: ₹2349
Change: ₹2285.8 (0.26%)

HOLD

Call Price: ₹2160.74
23 JUL 18
Target: ₹2541
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹2160.74
23 JUL 18
Target: ₹2470
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹2190.1
23 JUL 18
Target: ₹2500
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹2190.1
23 JUL 18
Target: ₹2627
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹2184.85
20 JUL 18
Target: ₹2251
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹2123.35
6 JUL 18
Target: ₹2470
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1997.82
23 MAY 18
Target: ₹2500
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹2021.2
15 MAY 18
Target: ₹2251
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1979
10 MAY 18
Target: ₹2454
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1979
10 MAY 18
Target: ₹2400
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1936.34
24 APR 18
Target: ₹2500
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1936.34
24 APR 18
Target: ₹2346
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1933.05
24 APR 18
Target: ₹2189
Change: ₹2285.8 (0.26%)

ACCUMULATE

Call Price: ₹1933.05
24 APR 18
Target: ₹2300
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1946.05
21 APR 18
Target: ₹2454
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1960.95
23 APR 18
Target: ₹2251
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1960.95
23 APR 18
Target: ₹2400
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1863.47
12 MAR 18
Target: ₹2035
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1885.98
1 MAR 18
Target: ₹2400
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1871.4
8 FEB 18
Target: ₹2060
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1951.2
22 JAN 18
Target: ₹2300
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1946.7
20 JAN 18
Target: ₹2350
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1946.7
20 JAN 18
Target: ₹2136
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1887.15
20 DEC 17
Target: ₹2300
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1888
20 DEC 17
Target: ₹2100
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1822
14 DEC 17
Target: ₹2136
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1832.65
6 NOV 17
Target: ₹2065
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1813.9
31 OCT 17
Target: ₹2150
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1794.5
26 OCT 17
Target: ₹2045
Change: ₹2285.8 (0.26%)

ACCUMULATE

Call Price: ₹1794.5
26 OCT 17
Target: ₹2100
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1794.5
26 OCT 17
Target: ₹2000
Change: ₹2285.8 (0.26%)

ACCUMULATE

Call Price: ₹1794.5
26 OCT 17
Target: ₹1880
Change: ₹2285.8 (0.26%)

NEUTRAL

Call Price: ₹1801.66
25 OCT 17
Target: ₹2150
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1865.15
25 OCT 17
Target: ₹2136
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1865.15
25 OCT 17
Target: ₹2050
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1865.15
25 OCT 17
Target: ₹2100
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1810.2
13 OCT 17
Target: ₹1940
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1849.35
18 SEP 17
Target: ₹2000
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1771.41
3 SEP 17
Target: ₹1950
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1769.6
31 AUG 17
Target: ₹1940
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1777.71
31 JUL 17
Target: ₹2000
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1743
27 JUL 17
Target: ₹1950
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1735
24 JUL 17
Target: ₹1958
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1740
25 JUL 17
Target: ₹1840
Change: ₹2285.8 (0.26%)

HOLD

Call Price: ₹1735
24 JUL 17
Target: ₹1874
Change: ₹2285.8 (0.26%)

HOLD

Call Price: ₹1736
25 JUL 17
Target: ₹2016
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1655.2
5 JUL 17
Target: ₹1890
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1690.1
21 JUN 17
Target: ₹1786
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1632
2 JUN 17
Target: ₹2174
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1535
5 MAY 17
Target: ₹1681
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1547
26 APR 17
Target: ₹1720
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1496
21 APR 17
Target: ₹1778
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1497
21 APR 17
Target: ₹1685
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1497
21 APR 17
Target: ₹1790
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1535
24 APR 17
Target: ₹1700
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1497
21 APR 17
Target: ₹1734
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1293
30 JAN 17
Target: ₹1358
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1285
30 JAN 17
Target: ₹1417
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1286.25
31 JAN 17
Target: ₹1400
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1268
24 JAN 17
Target: ₹1510
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1248
24 JAN 17
Target: ₹1500
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1267.55
24 JAN 17
Target: ₹1465
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1268
24 JAN 17
Target: ₹1412
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1280
25 JAN 17
Target: ₹1457
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1092
25 APR 16
Target: ₹1400
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1094
25 APR 16
Target: ₹1293
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1100
25 APR 16
Target: ₹1350
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1089.8
25 APR 16
Target: ₹1250
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1201.45
29 DEC 16
Target: ₹1387
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1202.55
8 DEC 16
Target: ₹1555
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1229.95
17 NOV 16
Target: ₹1387
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1250
26 OCT 16
Target: ₹1400
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1240
26 OCT 16
Target: ₹1457
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1250.4
26 OCT 16
Target: ₹1500
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1250.4
26 OCT 16
Target: ₹1365
Change: ₹2285.8 (0.26%)

HOLD

Call Price: ₹1255
20 OCT 16
Target: ₹1500
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1265
14 OCT 16
Target: ₹1500
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1291
9 SEP 16
Target: ₹1450
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1299
8 SEP 16
Target: ₹1425
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1258
29 AUG 16
Target: ₹1387
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1227
22 JUL 16
Target: ₹1262
Change: ₹2285.8 (0.26%)

ACCUMULATE

Call Price: ₹1194.85
12 JUL 16
Target: ₹1248
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1186
23 JUN 16
Target: ₹1350
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1175.54
20 JUN 16
Target: ₹1350
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1165.57
10 JUN 16
Target: ₹1262
Change: ₹2285.8 (0.26%)

BUY

Call Price: ₹1175.25
2 JUN 16
Target: ₹1650
Change: ₹2285.8 (0.26%)

HOLD

Price Target Potential
Brokerage
Axis Direct
Choice Equity Broking
Prabhudas Lilladher
Nirmal Bang
Arihant Capital Markets
Target
1985
1960
2000
2151
1910
Potential
29.74%
25.03%
24.02%
32.84%
15.31%
About
HDFC Bank Ltd. NSE: HDFCBANK | BSE: 500180 | ISIN: INE040A01034 | Sector: Banks
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