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

ICICI Securities Limited

External broker reports(aggregated public sources)

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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Equity Bottom-Up

<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. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<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. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<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

<ul><li>HDFC Bank is a leading private sector bank with consistent growth and operational performance over various cycles</li><li>The bank has maintained superior return ratios compared to its peers resulting in premium valuations</li><li>We value HDFC Bank at ~3.7x FY24E ABV and Rs 50 for subsidiaries and maintain our target price at Rs 2000 per share</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 is a leading private sector bank with consistent growth and operational performance over various cyclesThe bank has maintained superior return ratios compared to its peers resulting in premium valuationsWe value HDFC Bank at ~3.7x FY24E ABV and Rs 50 for subsidiaries and maintain our target price at Rs 2000 per shareContent 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: Gradual Acceleration, Capability Build-Up in Focus

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)

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

HDFC Bank: Gradual Acceleration, Capability Build-Up in Focus

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general...

ICICI Securities Limited

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