Accumulate HDFC; target Rs 1409: Kotak Sec

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26 Aug, 2025 12:21

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Kotak Securities' report on Housing Development Finance Corporation (HDFC)

"Core operating performance (NII 15% YoY) came largely in line with our expectations. PAT also came on expected lines (11.6% YoY), marginally below the growth seen in operating profit (18.3% YoY) due to Rs.873 mn provision done on DTL. Individual segment continued to drive overall loan growth while its asset quality remained stable (GNPA at 69 bps). At CMP, stock trades at 3.35x FY17E ABV, post striping the value of subsidiaries and investments (Rs.525). Hence, we retain ACCUMULATE rating on the stock with upward revised TP of Rs 1409 (rolling over to FY17 earnings) based on SOTP methods (core business: Rs.884; 3.75x FY17 ABV and subsidiaries: Rs.525). Earlier targer price for Rs.1116 based on FY16 estimates", says Kotak Securities research report.

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