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

ICICI Securities Limited

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>About the stock: HDFC Bank is a leading private sector bank with consistent growth and operational performance over various cycles. The bank has maintained superior return ratios compared to its peers resulting in premium valuations.</p><ul><li>Largest private sector bank with loan book of over | 11 lakh crore</li><li>Consistent performance with +4% NIM and +15% RoE in past many years</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>

About the stock: HDFC Bank is a leading private sector bank with consistent growth and operational performance over various cycles. The bank has maintained superior return ratios compared to its peers resulting in premium valuations.Largest private sector bank with loan book of over | 11 lakh croreConsistent performance with +4% NIM and +15% RoE in past many yearsContent 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: Pandemic Hits Quarter; Geared to Push Recovery Ahead

External broker reports(aggregated public sources), Axis Direct

Axis Direct

<p>We maintain BUY with a revised target price of Rs 1,720 derived using the SOTP method (core bank at 3.5xFY23 ABV + Subsidiaries value Rs 48/-).</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>

We maintain BUY with a revised target price of Rs 1,720 derived using the SOTP method (core bank at 3.5xFY23 ABV + Subsidiaries value Rs 48/-).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.

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

Motilal Oswal

<p>HDFCB reported an in line performance, though margin fell by 10bp QoQ on higher interest reversals, unfavorable asset mix, and lower revolving balances on Credit Cards. The bank further shored up its contingent provisions by INR6b to ~INR66b (~0.6% of loans), though this dragged net earnings growth to 16% YoY the lowest in the past many years.</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 performance, though margin fell by 10bp QoQ on higher interest reversals, unfavorable asset mix, and lower revolving balances on Credit Cards. The bank further shored up its contingent provisions by INR6b to ~INR66b (~0.6% of loans), though this dragged net earnings growth to 16% YoY the lowest in the past many years.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/PPOP in line; margin remains under pressure on an unfavorable asset mix

<p>We believe HDFCB remains one of the resilient stocks in the sector. We currently have a BUY on the stock with a target price of Rs 1785/share (SOTP basis core book at 3.6x FY23E and Rs 40 Subsidiary Value).</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>

We believe HDFCB remains one of the resilient stocks in the sector. We currently have a BUY on the stock with a target price of Rs 1785/share (SOTP basis core book at 3.6x FY23E and Rs 40 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.

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: Pandemic Hits Quarter; Geared to Push Recovery Ahead

HDFC Bank is a leading private sector bank with consistent growth and operational performance over various cycles. The bank has maintained superior...

ICICI Securities Limited

HDFC Bank: Operational Metrics Moderate

We maintain BUY with a revised target price of Rs 1,720 derived using the SOTP method (core bank at 3.5xFY23 ABV + Subsidiaries value Rs 48/-).

Axis Direct

Earnings/PPOP in line; margin remains under pressure on an unfavorable asset mix

HDFCB reported an in line performance, though margin fell by 10bp QoQ on higher interest reversals, unfavorable asset mix, and lower revolving...

Motilal Oswal

Company Update:HDFC Bank

We believe HDFCB remains one of the resilient stocks in the sector. We currently have a BUY on the stock with a target price of Rs 1785/share (SOTP...

Axis Direct

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