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| | | | | | Share Price: | INR1240.40 | | Target Price: | INR1500.00 | | Recommendation: | Buy | | |
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| | | | Impressive once again | | | 1HFY17 EPS increased 20% YoY, forming 45% of our FY17 forecast. Loan growth at 18% YoY dropped below 20% YoY for the first time in six quarters. Slower growth in the corporate segment resulted in the fall. NIMs dropped slightly by 10bps QoQ to 4.2% as the bank built excess liquidity. Rural reach, improving productivity due to digital banking, and no asset-quality stress puts HDFCB in good stead to gain market share. Maintain BUY with TP raised 20% to INR1,500. | |
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| | FYE Mar (INR m) | FY15A | FY16A | FY17E | FY18E | | Operating income | 313,920.0 | 383,432.3 | 460,094.1 | 553,958.4 | | Pre-provision profit | 174,044.5 | 213,635.3 | 258,154.5 | 315,387.7 | | Core net profit | 102,159.0 | 122,962.2 | 147,777.0 | 178,574.5 | | Core EPS (INR) | 41 | 49 | 58 | 71 | | Core EPS growth (%) | 15.3 | 19.3 | 20.2 | 20.8 | | Net DPS (INR) | 8 | 10 | 12 | 15 | | Core P/E (x) | 30.4 | 25.5 | 21.2 | 17.6 | | P/BV (x) | 5.0 | 4.3 | 3.7 | 3.2 | | Net dividend yield (%) | 0.7 | 0.8 | 1.0 | 1.2 | | Book value (INR) | 247 | 287 | 332 | 385 | | ROAE (%) | 19.4 | 18.3 | 18.9 | 19.7 | | ROAA (%) | 1.9 | 1.9 | 1.9 | 1.9 |
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