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Motilal Oswal Report
Domestic brokerage firm Motilal Oswal has revised HDFC Bank Ltd.'s target price to Rs 925 (1.8x FY28E adjusted book value + Rs 128 for subs) and maintained its Buy rating, implying a potential upside of 28% from reports CMP of Rs 720.
HDFC Bank Ltd. is entering a phase of leadership transition after a series of adverse developments, challenges in operating performance after its merger with HDFC Ltd., and significant erosion of shareholder wealth over recent years.
The changes in its leadership team will help to address the skepticism that has engulfed the bank over the recent period. A new leadership team, along with an improvement in growth and earnings trajectory, should improve investor sentiment over the medium term.
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Motilal Oswal estimates HDFC Bank to deliver an improved earnings performance from FY28 onward as we estimate PAT growth to recover to 14% YoY by FY28E vs average 9% over FY24-27E.
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