HDFC(Housing Development Finance Corporation Limited)
15.12.2022 - CLSA on HDFC Maintain Buy CMP 2667.15 Target 2710
04.11.2022 - Nomura on HDFC Maintain Buy CMP 2487.45 Target 2850
01.08.2022 - Nomura on HDFC Maintain Buy CMP 2380 Target 2850
01.08.2022 - Macquarie on HDFC Maintain Outperform CMP 2380 Target 2960
15.02.2022 - CLSA on HDFC Maintain Buy from Outperform CMP 2296 Target 3050
03.02.2022 - CLSA on HDFC Maintain Outperform CMP 2612 Target 3050
03.02.2022 - CS on HDFC Maintain Outperform CMP 2612 Target 3350
03.02.2022 - CITI on HDFC Maintain Buy CMP 2612 Target 3300
03.02.2022 - Jefferies on HDFC Maintain Buy CMP 2612 Target 3480
03.02.2022 - MS on HDFC Maintain Outperform CMP 2612 Target 3340
MORGAN STANLEY ON HDFC MERGER : 05.04.2022
• HDFC Bank proposes merger with HDFC
• Proposed merger benefits both
• Merger would be EPS-accretive in the first full year (FY25)
• RoE falls in the near term given capital accretion
• Loan growth pickup would imply pre-merger RoE byFY26
MS ON HDFCs : 05.04.2022
* Proposed Merger Benefits Both HDFC Bank & HDFC
* Merger Would Be EPS-accretive In The First Full Year (FY25)
* RoE falls In The Near-term Given Capital Accretion
* Loan Growth Pick-up Would Imply Pre-merger RoE By FY26
JPMORGAN ON HDFC MERGER : 05.04.2022
* The mega merger finally comes through
* Merger will be accretive to HDFC Bank on BPS by 8%
• Stock reaction looks fair
* Combined entity will be a more diversified one with 33% exposure
* Regulatory approval for structure and exemptions granted
* MSCI weightage of combined entity will
JEFFERIES ON HDFC : 03.08.2021
• Quality holds-up; Better growth outlook
* Benefiting from strong rebound in housing demand
* Corporate growth weak, but can pick-up; clarity on regulations key
* Stress manageable & provision buffers reasonable
MACQUARIE ON HDFC : 03.08.2021
* Macquarie has a target of Rs 2,960 on HDFC, maintains OUTPERFORM call
* Asset Quality Remains The Biggest Plus Point
* Weaker Loan Growth Is Due To A Decline In The Non individual Book
* Stock Is Cheap At Current Levels
* MAINTAIN OUTPERFORM TARGET: 2,960
MS ON HDFC : 03.08.2021
* Morgan Stanley maintains OVERWEIGHT call on HDFC, target at Rs 3,160/sh
* NII & Core PPOP Growth Strong; Individual AUM Growth Picked Up
* Non-individual AUM Growth Is Likely To Be Subdued For Longer
* Stage 2+3 Loans Appear To Have Peaked
* Trim FY 22/23 EPS Estimates By 6%/5%
* MAINTAIN OVERWEIGHT TARGET: 3,160
JEFFERIES ON HDFC : 05.07.2021
* Maintain BUY, Target at Rs 3,300/share
* HDFC's annual report for FY21 shows 67% of new stage-3 loans
* Besides stage-3 loans of 2.3%, 0.4% of loan were in debt-asset swap
* Retail approvals rose by 10% led by 9% rise in ticket size
* Rise in equity/asset from 9% to 15% over FY17-21 is drag on core ROE even as core ROA rose