HDFC Bank Q3FY15 Research Report By Emkay

Outlook & Valuation: We favour the bank for its strong fundamentals and consistent profit growth and expect it to be the best placed of its peers in managing the challenges ahead—of capital adequacy (Basel-III norms) and credit quality. Hence, we maintain our Buy rating. At our Mar’17 target of Rs1,250, the stock would trade at PBV of 4.4x FY16e and 3.8x FY17e. Risk. Slower-than-estimated economic growth could impact business growth and asset quality.

HDFC Bank Q3FY15 Result Update