Free Report: The Secret to Increasing Your Trading Profits Daily! The penetration of the mutual fund industry in India is close to 7% (Based on the number of PAN cardholders). HDFC Bank Stock Price Forecast, 500180 stock price prediction. While HDFC maintains competitive superiority the spreads should stand maintained, however, GNPA and loan traction (15%) should see slight downward pressures for FY20. Download any online RSS reader of your choice. Website: www.equitymaster.com. We maintian ‘Accumulate’. SEBI (Research Analysts) Regulations 2014, Registration No. Let's reshape it today, Hunt for the brightest engineers in India. The company’s top management includes Dr.Bhaskar Ghosh, Mrs.Ireena Vittal, Mr.V Srinivasa Rangan, Mr.U K Sinha, Mr.Nasser Munjee, Mr.Keki M Mistry, Mr.Jalaj Dani, Mr.Deepak S Parekh, Dr.J J Irani, Ms.Renu Sud Karnad. The management decided to deploy partial gain to improve provision coverage ratio. Q1FY21 earnings reported 37%QoQ uptick largely led by stake sale gains of Rs12.4bn in HDFC Life during the quarter. Join Us on YouTube Now. All times stamps are reflecting IST (Indian Standard Time).By using this site, you agree to the Terms of Service and Privacy Policy. Going ahead, we expect PAT of | 9344 crore in FY20E. We maintain our Buy rating on the stock with an unchanged PT of Rs. Importantly, the value contribution of subsidiaries/associates has been increasing; they now contribute ~54% to our SOTP v/s 37% five years ago and 34% 10 years ago (refer to Exhibit 29). Community outlook on Housing Development Finance Corporation for the week. Use our online real-time trading platform, Mobile App or simply Call N Trade to trade in stock / share market.  SECTOR: Pandemic shutdown contributed to asset quality woes (NPA ~2%) as distorted recovery efforts (3% of borrowers’ follow-up at long odds) in latter half of Mar’20 led to 15bps/176bps QoQ spike in individual/non-individual NPAs respectively. As on 30-09-2020, the company has a total of 1,795,805,932 shares outstanding. The share of wholesale in overall AUM has declined 350bp+ to 29% over FY14-19. RSS feed is a XML file that provides summaries, including links to the full versions of the content.It is available through RSS feed reader or through some browsers. Read on for a complete analysis of HDFC's quarterly results. Maintain Buy with an SOTP-based TP of INR2,300. Company has a healthy Return on Equity (ROE) track record of, Operating Income has grown well for the company over past 3 years: 3 years CAGR, The company has delivered substantial profit growth of, The company boasts a well-maintained advances growth ratio of, Provision and contingencies have increased by. While we moderately tweak our provision estimates higher, affordable housing focus and optimistically cautious lending traction prompt us to value core mortgage business at 2.1x PABV Sep’21e. Informations sur votre appareil et sur votre connexion Internet, y compris votre adresse IP, Navigation et recherche lors de l’utilisation des sites Web et applications Verizon Media. HDFC last traded price was up 3.8% to Rs 2,033.7 on the BSE. This is not directed for access or use by anyone in a country, especially, USA, Canada or the European Union countries, where such use or access is unlawful or which may subject Equitymaster or its affiliates to any registration or licensing requirement. For the past year, while strong NBFCs were able to raise funds (from banks), it was at a higher cost and HDFC alsosaw a 5 BPS impact on its spreads in Q1. The housing finance companies majorly cater to low and middle-income individuals. We tweak core book value multiple to 2.6x on Sep’21E (earlier 2.1x) and AMC multiple to 12x (earlier <10x) arriving at SoTP of Rs2,568. We believe the outlook for HDFC has improved with supportive government measures, which will provide growth momentum with potential of margin expansion. Live Share/Stock Market: Visit HDFC securities today for latest Indian share market updates, stock prices, BSE/NSE live indices, research reports & IPO details. While the NBFCindustry faces its own challenges, the consistency and relative outperformance of HDFC will help itto sustain premium valuations. Housing Development Finance Corporation Ltd. Top Loser for the period amongst the peers, Top Gainer for the period amongst the peers, Housing Development Finance Corporation Ltd. Accordingly, we maintain our HOLD rating with a revised target price of Rs 2650 (earlier | 2200), valuing core HFCs at ~2.5x FY22 ABV & Rs 1422 for subsidiary post 15% holding company discount. Reiterate ACCUMULATE. We are increasing our target price for HDFC to Rs2568 (Rs2361 earlier) on rising confidence to improve growth rates and ROE led by sustained growth in retail lending and bottoming of developer loan cycle. Helping You Build Wealth With Honest ResearchSince 1996. While NII grew 10%QoQ/12%YoY to Rs35.4bn, it failed to save PPoP that de-grew 67%QoQ/3%YoY. The proportion of loans coming from housing companies is significantly increasing. Email: info@equitymaster.com. Equitymaster is not an Investment Adviser. The performance data quoted represents past performance and does not guarantee future results. This will lead to better tax management as Guwahati being a tax benefit zone. See buy or sell ideas on FrontPage Forums >>. HDFC is trading at 4.1x of its FY2021E book value, which we believe is reasonable considering strong operating metrics, consistencyand sustainable business model. Maintain Buy with an SOTP-based TP of INR 2,330. While the NBFC industry faces its own challenges, the consistency and relative outperformance of HDFC will help it to sustain premium valuations. We think that the current valuation is attractive as it does not fully capture the strong balance sheet, the quality of the HDFC group franchise and the reputation in the investor community. What else is happening in the markets today? Watch out! While current NPA position is masked by moratorium dispensation, overall morat loans declining to 22% from 27% in phase 1 is quite comforting. As a condition to accessing Equitymaster content and website, you agree to our Terms and Conditions of Use, available here. The PAT margin of HDFC is 30.2519181489888 %. Going forward, improving appetite for HDFC’s sell-down/funding paper will result in pricing advantage. In the note below, we highlight the key characteristics that set apart HDFC Ltd from its peers. Maintain Buy, with SOTP (FY22E-based) of INR2,150. HSL Mobile App Download Now × NIFTY : __NIFTYLTP__ __NIFTYCHANGE__ (__NIFTYPERC__%) Liquid, Ultra Short Term funds and FMPs are not taken into account. Open … With moderation in credit growth seen in the past quarter, we alter our loan estimates and expect 14.2% CAGR to | 467610 crore by FY20E. HDFC is currently available at ~4x its FY2021E BV, which we believe is reasonable considering strong operating metrics, consistency and sustainable business model. This is not an offer to sell or solicitation to buy any securities and Equitymaster will not be liable for any losses incurred or investment(s) made or decisions taken/or not taken based on the information provided herein. Return on Equity (ROE): The Company has a healthy ROE track record. HDFC Share Price Today: HDFC last traded price was up 0.7% to Rs 1,960.1 on the BSE. The total volume of shares traded was 3.3 m. Overall, the benchmark S&P BSE SENSEX was at 39,983.0 (up 0.6%). Terms and Conditions of Use, available here. What's your view on Housing Development Finance Corporation for the week? Housing Development Finance Corporation Ltd.Intimation In Terms Of Regulation 40(10) Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015... Housing Development Finance Corporation Ltd.Intimation Under SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015, Housing Development Finance Corporation Ltd.Compliances-Certificate under Reg. Sharp decline in incremental cost of funds over the past three months would help maintain stable spreads at 2.1-2.3%. Asset management business stood tepid as the revenues grew mere 5% YoY. How to Save Money by Exiting Stocks Before They Fall. Copyright © Equitymaster Agora Research Private Limited. P/B ratio can be one of the best metrics to value such companies. Pour autoriser Verizon Media et nos partenaires à traiter vos données personnelles, sélectionnez 'J'accepte' ou 'Gérer les paramètres' pour obtenir plus d’informations et pour gérer vos choix. We maintain our loan growth estimates over FY2019-FY2021, intact at a ~16% CAGR, considering easein competition, HDFC’s diversified liability franchise and higher coverage.In our view, AUM growth should remain healthy (on market share gains)with spreads maintained (diversified liability franchise but cautious stanceof management on riskier assets) and well-contained credit costs. This under penetration of the mutual fund industry offers a huge opportunity for the industry to grow. FY20 would witness increased investment gains and subsequent elevated provisions. Top quality at slight premium; maintain BUY. The company could improve upon its asset employment. We, therefore, forecast NPA estimates higher to 2.45% (earlier 1.8%) but maintain growth estimates at 7%; EPS trim by 11% for FY21. India. CIN:U74999MH2007PTC175407. Reiterate ACCUMULATE on persisting real estate structural weakness and macro headwinds.

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