KR Choksey's research report on HDFC Bank
While the PAT at INR 38.65 bn increased 15% Y-o-Y and 11.9% Q-o-Q) stood broadly in-line with our estimates, the advances pace declined vis-a-vis historical standards largely due to overseas advances; yet stood above industry averages.
Outlook
Defying macro challenges, HDFC Bank continues to maintain business momentum and earnings traction each quarter with best-in-class asset quality vis-à-vis peers. Against this backdrop, we reiterate BUY recommendation on the stock with target price unchanged at INR 1,457 valuing the bank at 3.9x P/ABV FY18E. Currently, the stock trades at 3.4x P/ABV FY18E.
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