Brokerage house Prabhudas Lilladher is bullish on Housing Development Finance Corporation (HDFC) and has recommended 'Accumulate' rating on the stock with a target price of Rs 1360, in its research report dated January 29, 2015.
"HDFC reported in-line results with Q3FY15 PAT at Rs14.25bn, representing a growth of 12% YoY (18% YoY growth excluding impact of DTL creation). NII growth came in slightly lower than our estimate as the mix of high yielding non-individual portfolio declined by 80bp QoQ to 30.8%. The corporation continued to rely more on NCDs and deposits to fund its growth as the proportion of bank loans declined to 11% in the overall borrowing mix from 18% inf FY14 end. Fee growth moderated sharply due to slower growth in the non-individual portfolio however capital gains arising from sale of stake in life insurance business helped improve profitability. We roll forward our target to Mar-17E and revise our PT to Rs 1,360 which corresponds to 3.7x FY17E ABV. Accumulate the stock", says Prabhudas Lilladher research report.
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