Buy HDFC; target of Rs 1900: Motilal Oswal

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Motilal Oswal's research report on HDFC
HDFC’s 1QFY18 core PBT growth of 15% YoY beat our estimates by 3%.  Reported PAT missed our estimate by 3%, driven by marginally higher taxes.  Continued pick -up in corporate loan growth (+7% QoQ, +22% YoY) helped HDFC to report healthy core income growth (+16% YoY; 6% beat).

Outlook

We upgrade estimates by ~5% to factor in better- than -expected corporate loan growth. We expect core PBT CAGR ~14% over FY17 -20. We expect AUM CAGR of ~16%.  Buy with an SOTP - based TP of INR1,900.

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