Buy HDFC Bank: target of Rs 1810: Sharekhan

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Sharekhan's research report on HDFC Bank

Q3FY2021 results were strong as operational performance exceeded expectations, margins rose; asset quality improved on a q-o-q basis; advances & CASA saw a healthy pick-up q-o-q. Management commentary was positive and reassuring, indicating a bright long-term outlook; net interest margin (NIMs) stood at 4.2% (up 10 bps q-o-q and within the guidance range) due to healthy advances growth and high CASA share. HDFC Bank currently trades at 3.7x/3.2x its FY2022E/FY2023E ABVPS, which we find is reasonable; we have fine-tuned our estimates and the target multiple for the bank considering improving earnings visibility.

Outlook

We retain a Buy on HDFC Bank with a revised price target (PT) of Rs. 1,810.

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