External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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Equity Bottom-Up

<ul><li>HDFCB has announced the long-awaited reverse merger of parent HDFCL.</li><li>The merger should fulfill the implicit RBI policy of 1) not allowing a bank to be owned by an NBFC/HFC, and 2) having its lending business housed mainly in the bank.</li><li>It should also generate cost/business synergies in the medium-to-long run.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

HDFCB has announced the long-awaited reverse merger of parent HDFCL.The merger should fulfill the implicit RBI policy of 1) not allowing a bank to be owned by an NBFC/HFC, and 2) having its lending business housed mainly in the bank.It should also generate cost/business synergies in the medium-to-long run.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HDFC Bank: Mega Merger to Drive Economies of Scale, Cost/Business Synergies

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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<ul><li>Interaction with senior management of HDFC Bank suggests the bank is well geared to sustain high-teen growth in loans and advances.</li><li>Visibility continues to be high on its consistent earnings delivery and &gt;2% RoA / &gt;18% RoE for FY23E/FY24E.</li><li>Nonetheless, the stock has corrected &gt;10% in past one year and underperformed Nifty by ~20% and Bank Nifty by ~7%.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Interaction with senior management of HDFC Bank suggests the bank is well geared to sustain high-teen growth in loans and advances.Visibility continues to be high on its consistent earnings delivery and &gt;2% RoA / &gt;18% RoE for FY23E/FY24E.Nonetheless, the stock has corrected &gt;10% in past one year and underperformed Nifty by ~20% and Bank Nifty by ~7%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consistency at play; enough levers and buffers to absorb global uncertainties and grow

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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<ul><li>Retail loan growth revives; expect strong traction to sustain HDFCB exhibited robust traction in corporate and commercial banking segments until FY21, which offset the softness in retail lending.</li><li>However, the bank has witnessed a healthy pick-up in retail loans recently, which grew at an average of 5% QoQ over the past two quarters.</li><li>The growth in auto financing business continued to remain tepid due to softer trends in passenger vehicle financing while the twowheeler segment continued to report sequential decline.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Retail loan growth revives; expect strong traction to sustain HDFCB exhibited robust traction in corporate and commercial banking segments until FY21, which offset the softness in retail lending.However, the bank has witnessed a healthy pick-up in retail loans recently, which grew at an average of 5% QoQ over the past two quarters.The growth in auto financing business continued to remain tepid due to softer trends in passenger vehicle financing while the twowheeler segment continued to report sequential decline.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Strong earnings outlook; trading at 
2 Std. Dev. below its 10-year avg.

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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<ul><li>HDFC Bank’s (HDFCB) Q3FY22 earnings performance was stable, albeit with marginal lags</li><li>The management commentary was highly positive on growth pick-up in Retail/Rural/SME/Commercial segments</li><li>We maintain a BUY on the stock with a revised target price of Rs 1985/share (SOTP basis core book at 3.5x FY24E and Rs 70 Subsidiary Value).</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

HDFC Bank’s (HDFCB) Q3FY22 earnings performance was stable, albeit with marginal lagsThe management commentary was highly positive on growth pick-up in Retail/Rural/SME/Commercial segmentsWe maintain a BUY on the stock with a revised target price of Rs 1985/share (SOTP basis core book at 3.5x FY24E and Rs 70 Subsidiary Value).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<p>HDFCB reported an in line quarter, with NII/PPOP growth of 13%/10.5% YoY. PAT grew 18% YoY to INR103.4b (in line). Profitability stood stronger despite the bank creating additional provisions of INR9b, taking the total buffer to ~INR86.4b (~70bp of loans). The bank witnessed a healthy pickup in business as loans grew 5.2% QoQ. The Retail segment grew 13.3% YoY, while Commercial and Rural Banking...</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

HDFCB reported an in line quarter, with NII/PPOP growth of 13%/10.5% YoY. PAT grew 18% YoY to INR103.4b (in line). Profitability stood stronger despite the bank creating additional provisions of INR9b, taking the total buffer to ~INR86.4b (~70bp of loans). The bank witnessed a healthy pickup in business as loans grew 5.2% QoQ. The Retail segment grew 13.3% YoY, while Commercial and Rural Banking...Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Earnings in line; Balance Sheet strengthens further

India

HDFC Bank Ltd. offers a wide range of services to the global corporate sector. The Bank provides corporate banking and custodial services and is active in the treasury and capital markets. HDFC also markets project advisory services and capital market products such as Global Deposit Receipts, Euro currency loans, and Euro currency bonds.

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HDFC Bank (HDFCB IN)

HDFC Bank: Mega Merger to Drive Economies of Scale, Cost/Business Synergies

HDFCB has announced the long-awaited reverse merger of parent HDFCL.The merger should fulfill the implicit RBI policy of 1) not allowing a bank...

Emkay

Consistency at play; enough levers and buffers to absorb global uncertainties and grow

Interaction with senior management of HDFC Bank suggests the bank is well geared to sustain high-teen growth in loans and advances. Visibility...

ICICI Securities Limited

Strong earnings outlook; trading at 2 Std. Dev. below its 10-year avg.

Retail loan growth revives; expect strong traction to sustain HDFCB exhibited robust traction in corporate and commercial banking segments until...

Motilal Oswal

HDFC Bank: Stable Quarter; Maintain BUY

We maintain a BUY on the stock with a revised target price of Rs 1985/share (SOTP basis core book at 3.5x FY24E and Rs 70 Subsidiary Value).

Axis Direct

Earnings in line; Balance Sheet strengthens further

HDFCB reported an in line quarter, with NII/PPOP growth of 13%/10.5% YoY. PAT grew 18% YoY to INR103.4b (in line). Profitability stood stronger...

Motilal Oswal

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