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India Strategy & Top Ideas for December 2017

Prabhudas Lilladher | 14 Dec, 2017  | Follow Author | Add to my Favourites 
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Sustaining the trends of strong performance: HDFC Bank continues to deliver all round performance in all business cycles and we believe it would continue to deliver strong performance in next few years as well gaining market share in most product segments. In Q2FY18, NII grew at 24% YoY and controlled Opex growth led to strong PPOP delivery of 30% YoY. Bank continues to showcase improvement in key trends in fee items growing above balance sheet growth.

Maruti Suzuki

Our TP is Rs10,526: We build in a revenue and EPS CAGR of 16% and 21% respectively over FY18-20E. We continue to value the stock at 25x, and roll forward to Mar’20E (previously Sep’19E) and arrive at a target price of Rs 10,526 (previously Rs 9,250) and maintain “Buy”.

State Bank of India

Maintain our preferred pick stance: SBI is our only preferred pick among PSBs as it will dominate market share on both loans & liabilities with strong low cost deposits mix helping it keep cost of funds much lower. We believe resolutions of bad assets should play out well in the next 2-3 years and most provisioning on these upfronted would help faster recovery/upgrades with positive flow on P&L. “BUY” with TP of Rs386 based on SOTP.

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1,845.00 -23.30
1,841.55 -26.20
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About Prabhudas Lilladher

Prabhudas Lilladher has a nationwide distribution network, consisting of branches, franchisees and associates, providing a comprehensive gamut of financial services in the Institutional and Retail domain. Their services includes Equity, derivatives; margin funding, mutual funds, PMS, IPOs and online trading.


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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor accept any liability whatsoever arising from the use of any of the above contents.

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