Buy HDFC Bank, target of Rs 1200: Motilal Oswal
Motilal Oswal has maintained its buy rating on HDFC Bank with a target of Rs 1200 in its January 14, 2009 research report. “(1)NII grew 22%, in line with estimate, (2) other Income grew 12% YoY, higher than estimate on the back of strong treasury profits (Rs 2.3 billion v/s Rs 1.3 billion), (3) adjusted PAT grew 30% YoY, in line with estimate, and (4) gross NPA ratio increased to 1.9%, while net NPA was stable at 0.6%. We have not included HDFC warrant conversion in our estimates.”
“We expect earnings CAGR of 28% over FY08-11E on 20% CAGR in assets (combining HDFC Bank with CBoP from FY08 itself). RoA is likely to remain high at 1.3-1.4% with RoE of 18% in FY10 and 20% in FY11. We estimate BV of Rs 349 and Rs 402 in FY09 and FY10 respectively. We expect EPS to be Rs 53 in FY09 and Rs 67 in FY10. The stock trades at 2.8x FY09E BV and 2.4x FY10E BV and 18.4x FY09E and 14.6x FY10E EPS. Maintain Buy with a target price of Rs 1,200, an upside of 23%,” says Motilal Oswal’s research report.
source: Moneycontrol
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