Accumulate HDFC Bank; target of Rs 1778: Arihant Capital
Arihant Capital has recommended accumulate rating on HDFC Bank with a target price of Rs 1778 in its research report dated April 22, 2017.
April 25, 2017 / 04:47 PM IST
Arihant Capital's research report on HDFC Bank
HDFC Bank reported steady set of numbers. Interest Income increased by 13% YoY to Rs. 18,114 cr, while on QoQ basis it increased by 3%. Interest Expenses increased by 6% YoY, while on QoQ basis it decreased by 3% to Rs. 9,059 cr. Net Interest Income increased by 21% on YoY basis and 9% on QoQ basis to Rs. 9055 cr. Reported Net Interest Margin increased to 4.3 vs 4.1 on QoQ basis.
HDFC bank continued to report balanced performance. We have valued stock on P/ABV(x) of 4(x) to its FY19E adjusted book value of Rs 445.17 per share and arrived at a fair value of Rs. 1,778. We have ‘ACCUMULATE’ rating on the stock.
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