2QFY2016 Result Update | Banking
October 23, 2015
HDFC Bank
BUY
CMP
`1,095
Performance Highlights
Target Price
`1,265
Particulars (` cr)
2QFY16
1FY16
% chg (qoq)
2QFY15
% chg (yoy)
Investment Period
12 Months
NII
6,681
6,389
4.6
5,511
21.2
Pre-prov. profit
5,043
4,850
4.0
4,060
24.2
Stock Info
PAT
2,869
2,696
6.4
2,381
20.5
Source: Company, Angel Research
Sector
Banking
Market Cap (` cr)
2,79,016
HDFC Bank continued its trend of delivering consistent earnings performance
Beta
0.9
quarter after quarter. For 2QFY2016, it registered a net profit growth of 20.5%
52 Week High / Low
1,127/888
yoy which is in line with our expectation.
Avg. Daily Volume
15,12,699
Advances grow strongly; Asset quality top-notch:
Face Value (`)
2
During 2QFY2016, the loan book grew at a rapid pace, ie by 27.9% yoy. Retail
BSE Sensex
27,288
growth picked further traction; the growth in the retail book was at 29.3% yoy,
Nifty
8,252
which took the total contribution of retail as a proportion of total advances book
Reuters Code
HDBK.BO
Bloomberg Code
[email protected]
to 49%. Corporate credit growth rate, at 23.4% yoy, stood well above that of the
industry.
Current and Savings account deposits also saw fairly healthy growth, ie of 20.8%
Shareholding Pattern (%)
yoy and 18.7% yoy, respectively. Time deposits saw further stronger momentum,
growing at 37.8% yoy, which continued to outshine the CASA deposits growth.
Promoters
21.6
Because of the spurt in fixed deposits and in-turn total deposits, the CASA ratio
MF / Banks / Indian Fls
32.4
came in at 40%.
FII / NRIs / OCBs
11.0
The NIM came off by 14bp qoq to 4.20%; the decline was on account of cuts in
Indian Public / Others
35.1
base rates to pass on policy rate reductions by the central bank and owing to
higher fixed deposits growth. The bank’s non-interest income (excluding treasury)
grew by 22% yoy, with fee income growing by 21.6% yoy.
Abs. (%)
3m 1yr
3yr
Asset quality continued to remain healthy with the Gross NPA rate at 0.91%,
declining by 4bp qoq, in a challenging macro environment. The Net NPA ratio
Sensex
(3.2)
2.7
46.1
stood at 0.25% for the quarter, as against 0.27% in 1QFY2016. The Provision
HDFC Bank
(0.3)
22.2
74.3
Coverage Ratio (PCR) stood at 72.9%.
Outlook and valuation: Credit and deposit growth beat the industry growth rate,
driven by strong retail business, healthy CASA and continued network expansion.
3-year price chart
This provides strong visibility for a robust 20% earnings trajectory, coupled with
1,200
1,100
high quality of earnings. This in our view justifies a premium valuation multiple. At
1,000
the current market price, the bank is trading at
3.3x FY2017E ABV. We
900
recommend a Buy rating on the stock, with a target price of `1,265.
800
700
600
Key financials (standalone)
500
Y/E March (` cr)
FY2014
FY2015
FY2016E
FY2017E
400
NII
18,483
22,396
27,415
33,929
% chg
16.9
21.2
22.4
23.8
Source: Company, Angel Research
Net profit
8,478
10,216
12,363
15,302
% chg
26.0
20.5
21.0
23.8
NIM (%)
4.4
4.3
4.3
4.3
Vaibhav Agrawal
EPS (`)
35.3
40.8
49.3
61.0
022 - 3935 7800 Ext: 6808
P/E (x)
31.0
26.9
22.2
17.9
[email protected]
P/ABV (x)
6.0
4.4
3.8
3.3
RoA (%)
1.9
1.9
1.9
1.9
Chintan Shah
022 - 4000 3600 Ext: 6828
RoE (%)
21.3
19.4
18.5
19.7
[email protected]
Source: Company, Angel Research; Note: CMP as of October 21, 2015
Please refer to important disclosures at the end of this report
1
HDFC Bank | 2QFY2016 Result Update
Exhibit 1: 2QFY2016 performance (standalone)
Particulars (` cr)
2QFY16
1QFY16
% chg (qoq)
2QFY15
% chg (yoy)
FY2015
FY2014
% chg
Interest earned
14,773
14,041
5.2
11,848
24.7
48,470
41,136
17.8
- on Advances / Bills
10,948
10,447
4.8
9,074
20.7
37,181
31,687
17.3
- on investments
3,398
3,281
3.5
2,614
30.0
10,277
9,037
13.7
- on balance with RBI & others
175
78
123.3
148
18.4
517
356
45.3
- on others
252
234
7.4
12
1,937.7
495
56
787.0
Interest Expended
8,092
7,652
5.7
6,337
27.7
26,074
22,653
15.1
Net Interest Income
6,681
6,389
4.6
5,511
21.2
22,396
18,483
21.2
Other income
2,552
2,462
3.6
2,047
24.7
8,996
7,920
13.6
Other income excl. treasury
2,389
2,336
2.3
1,952
22.4
8,415
7,809
7.8
- Fee & commission income
1,869
1,713
9.1
1,537
21.6
6,584
5,735
14.8
- Treasury income
162
126
29.0
95
70.8
582
110
426.9
- Forex & derivative income
320
348
(8.2)
222
44.2
1,028
1,401
(26.6)
Operating income
9,233
8,851
4.3
7,558
22.2
31,392
26,402
18.9
Operating expenses
4,190
4,001
4.7
3,498
19.8
13,988
12,042
16.2
- Employee expenses
1,414
1,359
4.0
1,167
21.2
4,751
4,179
13.7
- Other Opex
2,776
2,642
5.1
2,331
19.1
9,237
7,863
17.5
Pre-provision Profit
5,043
4,850
4.0
4,060
24.2
17,404
14,360
21.2
Provisions & Contingencies
681
728
(6.4)
456
49.4
2,076
1,588
30.7
PBT
4,362
4,122
5.8
3,604
21.0
15,329
12,772
20.0
Provision for Tax
1,492
1,426
4.6
1,223
22.0
5,113
4,294
19.1
PAT
2,869
2,696
6.4
2,381
20.5
10,216
8,478
20.5
Effective Tax Rate (%)
34.2
34.6
(39)bp
33.9
28bp
33.4
33.6
(26)bp
Source: Company, Angel Research
October 23, 2015
2
HDFC Bank | 2QFY2016 Result Update
Exhibit 2: 2QFY2016 performance analysis
Particulars
2QFY16
1QFY16
% chg (qoq) 2QFY15
% chg (yoy)
Balance sheet
Advances (` cr)
4,18,541
3,82,010
9.6
3,27,273
27.9
Deposits (` cr)
5,06,909
4,84,174
4.7
3,90,682
29.7
Credit-to-Deposit Ratio (%)
82.6
78.9
367bp
83.8
(120)bp
Current deposits (` cr)
69,811
66,917
4.3
57,803
20.8
Saving deposits (` cr)
1,31,522
1,24,947
5.3
1,10,810
18.7
CASA deposits (` cr)
2,01,333
1,91,864
4.9
1,68,613
19.4
CASA ratio (%)
39.7
39.6
9bp
43.2
(344)bp
CAR (%)
15.5
15.7
(20)bp
15.7
(20)bp
Tier 1 CAR (%)
12.8
12.8
0bp
11.8
100bp
Profitability Ratios (%)
Reported NIM
4.2
4.3
(14)bp
4.5
(30)bp
Cost-to-income ratio
45.4
45.2
18bp
46.3
(90)bp
Asset quality
Gross NPAs (` cr)
3,828
3,652
4.8
3,362
13.9
Gross NPAs (%)
0.91
0.95
(4)bp
1.0
(11)bp
Net NPAs (` cr)
1,038
1,028
1.0
917
13.1
Net NPAs (%)
0.3
0.3
(2)bp
0.3
(3)bp
Provision Coverage Ratio (%)
72.9
71.9
103bp
72.7
18bp
Source: Company, Angel Research
Advances growth above Industry
During 2QFY2016, the loan book grew by 27.9% yoy as retail growth picked
further traction and as corporate credit growth remained well above the industry
growth rate. The growth in the retail book was of 29.3% yoy, which took the total
contribution of retail to 49% of the total advances book of the bank. Within retail,
Home loans and Personal loans grew by 45.6% and 37.8% yoy, respectively.
Corporate credit grew 23.4%.
Both current and savings accounts also saw fairly healthy yoy growth, ie of 20.8%
and 18.7% yoy, respectively. Time deposit grew by 37.8% yoy, which continued to
outshine the CASA deposit growth. Because of the huge spurt in the fixed deposit
and in turn total deposit, the CASA ratio came in at 40%. In a nutshell, savings and
current deposits grew at healthy rates, way above the system growth rates.
Home loans saw the second highest growth, which was mainly due to some
pick-up in housing demand and also on account of the bank taking a higher
proportion of loan origination on its own books from HDFC.
October 23, 2015
3
HDFC Bank | 2QFY2016 Result Update
Exhibit 3: Home loans/Personal loans aid Retail loan book growth
Particulars (` cr)
2QFY16
1QFY16
% chg (qoq) 2QFY15
% chg (yoy)
% to total
Auto Loans
46,009
43,458
5.9
37,778
21.8
22.5
CVCE
14,799
13,389
10.5
13,857
6.8
7.2
Two Wheelers
4,730
4,393
7.7
3,624
30.5
2.3
Personal Loans
31,881
28,830
10.6
23,137
37.8
15.6
Business Banking
27,288
24,016
13.6
21,963
24.2
13.3
Loans Against Secu.
1,078
980
10.0
1,050
2.7
0.5
Credit Cards
18,000
16,865
6.7
14,005
28.5
8.8
Home loans
28,483
26,888
5.9
19,558
45.6
13.9
Others
32,187
28,446
13.2
23,154
39.0
15.7
Retail Advances
2,04,455
1,87,265
9.2
1,58,126
29.3
100.0
Source: Company, Angel Research
NIM at 4.20%
The NIM came off by 14bp qoq, to 4.20% since the bank initiated cuts in base
rates to pass on policy rate reductions by the central bank and due to higher
growth in fixed deposits.
Exhibit 4: Advances growth above Industry
Exhibit 5: Reported NIM at 4.2%
2QFY15
3QFY15
4QFY15
1QFY16
2QFY16
(%)
(%)
4.50
30.0
4.5
4.40
4.40
22.5
4.4
4.34
15.0
4.3
4.20
4.2
7.5
4.1
-
2QFY15
3QFY15
4QFY15
1QFY16
2QFY16
Advances
Deposits
Source: Company, Angel Research
Source: Company, Angel Research
Exhibit 6: CASA ratio increases marginally qoq
Exhibit 7: Trends in CASA growth
(%)
CASA growth (%)
SA growth (%)
30.0
45.0
44.0
43.2
19.4
40.9
17.9
20.0
39.6
39.7
40.0
18.7
10.0
11.9
35.0
-
30.0
2QFY15
3QFY15
4QFY15
1QFY16
2QFY16
Source: Company, Angel Research, Note: *adjusting for FCNR (B) deposits
Source: Company, Angel Research
October 23, 2015
4
HDFC Bank | 2QFY2016 Result Update
Exhibit 8: Capital adequacy remains healthy
Exhibit 9: Branch expansion continues
Tier-I CAR (%) Tier-II CAR (%)
Branches
ATMs (RHS)
20.0
11,686
4,500
11,962
13,500
16.8
11,515
11,473
11,256
15.7
15.7
15.7
15.5
4,000
12,000
15.0
3.1
3,500
2.9
2.7
3.9
3.7
10,500
3,000
2,500
9,000
10.0
2,000
7,500
13.7
12.8
12.8
11.8
12.0
1,500
5.0
6,000
1,000
4,500
500
-
-
3,000
2QFY15
3QFY15
4QFY15
1QFY16
2QFY16
2QFY15
3QFY15
4QFY15
1QFY16
2QFY16
Source: Company, Angel Research Note *as per Basel III **including profits
Source: Company, Angel Research
Non-interest income shows strong momentum
The bank’s non-interest income (excluding treasury) grew by 22% yoy, with fee
income growing by 21.6% yoy. Third party distribution of mutual funds and
insurance products, credit card upgrades, and transaction fees formed a large
chunk of the total retail fee income. Despite healthy growth in other income, the
cost to income ratio was at 45.4%, due to continued network expansion.
Exhibit 10: Non-interest income (excl. treasury)
Particulars (` cr)
2QFY16 1QFY16
% chg (qoq) 2QFY15
% chg (yoy)
Fees & Commission
1,869
1,713
9.1
1,537
21.6
Treasury Income
162
126
29.0
95
70.8
Forex Income & Others
320
348
(8.2)
222
44.2
Other
201
275
(27.0)
194
3.6
Other income
2,552
2,462
3.6
2,047
24.7
Other income excl. treasury
2,389
2,336
2.3
1,952
22.4
Source: Company, Angel Research
October 23, 2015
5
HDFC Bank | 2QFY2016 Result Update
Asset quality remains top-notch
Asset quality continued to remain healthy with the Gross NPA ratio declining by
4bp qoq to 0.91%, in a challenging macro environment. The Net NPA ratio came
in at 0.25% as against 0.27% in 1QFY2016. The bank created a floating provision
of `50cr, thus taking the total floating provisions to `1,638cr. The Provision
Coverage Ratio (PCR) stood at 72.9%. Total restructured loans stood at 0.1% of
gross advances as of September 30, 2015.
Exhibit 11: Asset quality remains top-notch
Gross NPAs (%)
Net NPAs (%)
PCR (Calc, %, RHS)
1.2
80.0
0.9
73.9
73.9
72.9
72.7
71.9
0.6
70.0
0.3
0.0
60.0
2QFY15
3QFY15
4QFY15
1QFY16
2QFY16
Source: Company, Angel Research
October 23, 2015
6
HDFC Bank | 2QFY2016 Result Update
Outlook & Valuation
We believe HDFC Bank is among the most competitive banks in the sector, with an
A-list Management at the helm of affairs, which has one of the best track records
in the industry. We believe the bank is well positioned for high qualitative growth,
with strong CAR, and top-notch asset quality. The bank’s credit and deposit growth
for the quarter under review was above industry (driven by strong retail business),
and enjoys healthy CASA. The bank is continuously expanding its branch network.
This provides strong visibility for a robust 20% earnings trajectory, matched with
high quality of earnings. This in our view justifies a premium valuation multiple. At
the current market price, the bank is trading at
3.3x FY2017E ABV. We
recommend a Buy rating on the stock, with a target price of `1,265.
Exhibit 12: Recommendation summary
CMP
Tgt. Price
Upside
FY2017E
FY2017E
FY2017E
FY15-17E
FY2017E
FY2017E
Company
Reco.
(`)
(`)
(%)
P/ABV (x)
Tgt. P/ABV (x)
P/E (x)
EPS CAGR (%)
RoA (%)
RoE (%)
HDFCBk
Buy
1,095
1,262
15.3
3.3
3.8
17.9
22.4
1.9
19.7
ICICIBk*
Buy
282
352
24.7
1.9
2.1
11.2
15.3
1.6
15.2
YesBk
Buy
765
914
19.4
2.0
2.4
11.0
20.2
1.6
19.6
AxisBk
Buy
511
673
31.7
2.1
2.7
11.3
20.9
1.9
19.6
SBI*
Buy
250
295
18.0
1.2
1.2
10.2
17.8
0.7
12.8
FedBk
Neutral
58
-
-
1.0
1.1
9.2
3.1
1.0
11.9
SIB
Neutral
22
-
-
0.8
0.8
6.7
21.6
0.7
11.6
BOB
Neutral
174
-
-
0.8
0.9
7.0
27.1
0.7
12.1
PNB
Neutral
136
-
-
0.6
0.6
5.0
28.5
0.7
12.0
BOI
Neutral
139
-
-
0.4
1.0
4.2
14.0
0.3
7.6
IndBk
Neutral
136
-
-
0.4
0.4
4.6
19.4
0.7
9.3
Vijaya Bank
Neutral
37
-
-
0.5
0.5
5.6
14.1
0.4
8.8
OBC
Neutral
142
-
-
0.3
0.5
3.1
65.5
0.5
9.4
Allahabad BankNeutral
78
-
-
0.3
0.3
3.0
53.5
0.6
10.9
UnionBk
Neutral
170
-
-
0.5
0.4
4.3
18.1
0.6
11.4
CanBk
Neutral
294
-
-
0.5
0.3
4.3
9.8
0.5
10.7
AllBk
Neutral
78
-
-
0.3
0.4
3.0
53.5
0.6
10.9
IDBI#
Neutral
84
-
-
0.6
0.6
5.9
61.6
0.6
9.3
Source: Company, Angel Research; Note:*Target multiples=SOTP Target Price/ABV (including subsidiaries), #Without adjusting for SASF
Company Background
HDFC Bank is the second-largest private sector bank in India with a pan-India
network of over 4100 branches and nearly 11,900 ATMs. The bank is promoted
and 21.6% owned by HDFC, India's largest housing finance company. HDFC Bank
has been at the forefront of modern retail banking in India. The bank has
pioneered the transaction banking model in India, which has enabled it to garner
substantial CASA deposits as well as fee income, while the focus on retail lending
(which forms ~52% of total loans) has further helped the bank in consistently
maintaining above-industry margins.
October 23, 2015
7
HDFC Bank | 2QFY2016 Result Update
Income statement
Y/E March (` cr)
FY11
FY12
FY13
FY14
FY15
FY16E
FY17E
Net Interest Income
10,543
12,885
15,811
18,483
22,396
27,415
33,929
- YoY Growth (%)
25.7
22.2
22.7
16.9
21.2
22.4
23.8
Other Income
4,335
5,784
6,853
7,920
8,996
10,894
13,373
- YoY Growth (%)
8.8
33.4
18.5
15.6
13.6
21.1
22.8
Operating Income
14,878
18,668
22,664
26,402
31,392
38,309
47,302
- YoY Growth (%)
20.3
25.5
21.4
16.5
18.9
22.0
23.5
Operating Expenses
7,153
9,278
11,236
12,042
13,988
17,087
21,103
- YoY Growth (%)
20.4
29.7
21.1
7.2
16.2
22.2
23.5
Pre - Provision Profit
7,725
9,391
11,428
14,360
17,404
21,222
26,199
- YoY Growth (%)
20.2
21.6
21.7
25.7
21.2
21.9
23.5
Prov. & Cont.
1,907
1,877
1,677
1,588
2,076
2,315
2,799
- YoY Growth (%)
(10.9)
(1.5)
(10.7)
(5.3)
30.7
11.5
20.9
Profit Before Tax
5,819
7,513
9,751
12,772
15,329
18,906
23,400
- YoY Growth (%)
35.7
29.1
29.8
31.0
20.0
23.3
23.8
Prov. for Taxation
1,892
2,346
3,024
4,294
5,113
6,543
8,098
- as a % of PBT
32.5
31.2
31.0
33.6
33.4
34.6
34.6
PAT
3,926
5,167
6,726
8,478
10,216
12,363
15,302
- YoY Growth (%)
33.2
31.6
30.2
26.0
20.5
21.0
23.8
Balance sheet
Y/E March (` cr)
FY11
FY12
FY13
FY14
FY15
FY16E
FY17E
Share Capital
465
469
476
480
501
501
501
Reserves & Surplus
24,914
29,455
35,738
42,999
61,508
71,087
82,930
Deposits
2,08,586
2,46,706
2,96,247
3,67,337
4,50,796
5,63,495
7,04,368
- Growth (%)
24.6
18.3
20.1
24.0
22.7
25.0
25.0
Borrowings
7,447
13,250
16,963
23,395
29,571
36,354
44,864
Tier 2 Capital
6,947
10,597
16,044
16,044
15,642.80
15,252
14,870
Other Liab. & Prov.
28,993
37,432
34,864
41,344
32,484
40,401
49,750
Total Liabilities
2,77,353
3,37,910
4,00,332
4,91,600
5,90,503
7,27,090
8,97,284
Cash Balances
25,101
14,991
14,627
25,346
27,511
28,175
35,218
Bank Balances
4,568
5,947
12,653
14,238
8,821
14,542
17,946
Investments
70,929
97,483
1,11,614
1,20,951
1,66,460
2,03,919
2,48,657
Advances
1,59,983
1,95,420
2,39,721
3,03,000
3,65,495
4,53,214
5,61,985
- Growth (%)
27.1
22.2
22.7
26.4
20.6
24.0
24.0
Fixed Assets
2,171
2,347
2,703
3,028
3,122
3,728
4,463
Other Assets
14,601
21,722
19,014
25,036
19,095
23,512
29,015
Total Assets
2,77,353
3,37,910
4,00,332
4,91,600
5,90,503
7,27,090
8,97,284
- Growth (%)
24.7
21.8
18.5
22.8
20.1
23.1
23.4
October 23, 2015
8
HDFC Bank | 2QFY2016 Result Update
Ratio Analysis (standalone)
Y/E March
FY11
FY12
FY13
FY14
FY15
FY16E
FY17E
Profitability ratios (%)
NIMs
4.4
4.5
4.6
4.4
4.3
4.3
4.3
Cost to Income Ratio
48.1
49.7
49.6
45.6
44.6
44.6
44.6
RoA
1.6
1.7
1.8
1.9
1.9
1.9
1.9
RoE
16.7
18.7
20.3
21.3
19.4
18.5
19.7
B/S ratios (%)
CASA Ratio
52.7
48.4
47.4
44.8
44.0
42.6
41.9
Credit/Deposit Ratio
76.7
79.2
80.9
82.5
81.1
80.4
79.8
CAR
16.2
16.5
16.8
16.1
17.1
15.6
14.3
- Tier I
12.2
11.6
11.1
11.8
13.6
12.8
12.0
Asset Quality (%)
Gross NPAs
1.0
1.0
1.0
1.0
0.9
0.8
0.7
Net NPAs
0.2
0.2
0.2
0.3
0.2
0.2
0.2
Slippages
1.1
1.0
1.0
2.0
1.9
1.7
1.7
Loan Loss Prov. /Avg. Assets
0.3
0.4
0.3
0.4
0.4
0.3
0.3
Provision Coverage
82.5
82.3
79.3
73.6
73.9
73.4
70.3
Per Share Data (`)
EPS
16.9
22.0
28.3
35.3
40.8
49.3
61.0
ABVPS (75% cover.)
109.1
127.5
152.2
181.0
247.2
285.4
332.2
DPS
3.3
4.3
5.5
6.9
6.9
9.5
11.8
Valuation Ratios
PER (x)
64.9
49.7
38.7
31.0
26.9
22.2
17.9
P/ABVPS (x)
10.0
8.6
7.2
6.0
4.4
3.8
3.3
Dividend Yield
0.3
0.4
0.5
0.6
0.6
0.9
1.1
DuPont Analysis
NII
4.2
4.2
4.3
4.1
4.1
4.2
4.2
(-) Prov. Exp.
0.8
0.6
0.5
0.4
0.4
0.4
0.3
Adj. NII
3.5
3.6
3.8
3.8
3.8
3.8
3.8
Treasury
(0.0)
(0.0)
0.0
0.0
0.1
0.1
0.1
Int. Sens. Inc.
3.4
3.5
3.9
3.8
3.9
3.9
3.9
Other Inc.
1.8
1.9
1.8
1.8
1.5
1.5
1.5
Op. Inc.
5.2
5.5
5.7
5.6
5.4
5.5
5.5
Opex
2.9
3.0
3.0
2.7
2.6
2.6
2.6
PBT
2.3
2.4
2.6
2.9
2.8
2.9
2.9
Taxes
0.8
0.8
0.8
1.0
0.9
1.0
1.0
RoA
1.6
1.7
1.8
1.9
1.9
1.9
1.9
Leverage
10.7
11.1
11.2
11.2
10.3
9.9
10.5
RoE
16.7
18.7
20.3
21.3
19.4
18.5
19.7
Note: FY2013 onwards ratios reflect revised accounting practices
October 23, 2015
9
HDFC Bank | 2QFY2016 Result Update
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
DISCLAIMER
Angel Broking Private Limited (hereinafter referred to as “Angel”) is a registered Member of National Stock Exchange of India Limited,
Bombay Stock Exchange Limited and Metropolitan Stock Exchange of India Limited. It is also registered as a Depository Participant with
CDSL and Portfolio Manager with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking Private Limited is
a registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number
INH000000164. Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing
/dealing in securities Market. Angel or its associates including its relatives/analyst do not hold any financial interest/beneficial
ownership of more than 1% in the company covered by Analyst. Angel or its associates/analyst has not received any compensation /
managed or co-managed public offering of securities of the company covered by Analyst during the past twelve months. Angel/analyst
has not served as an officer, director or employee of company covered by Analyst and has not been engaged in market making activity
of the company covered by Analyst.
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should
make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the
companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine
the merits and risks of such an investment.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way
responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.
Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannot
testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document.
While Angel Broking Pvt. Limited endeavors to update on a reasonable basis the information discussed in this material, there may be
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Note: Please refer to the important ‘Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the
latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may
have investment positions in the stocks recommended in this report.
Disclosure of Interest Statement
HDFC Bank
1. Analyst ownership of the stock
No
2. Angel and its Group companies ownership of the stock
No
3. Angel and its Group companies' Directors ownership of the stock
No
4. Broking relationship with company covered
No
Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors
Ratings (Based on expected returns
Buy (> 15%)
Accumulate (5% to 15%)
Neutral (-5 to 5%)
over 12 months investment period):
Reduce (-5% to -15%)
Sell (< -15)
October 23, 2015
10