2QFY2015 Result Update | Banking October 27, 2014 HDFC Bank ACCUMULATE Performance Highlights CMP Target Price Particulars (` cr) NII Pre-prov. profit PAT 2QFY15 5,511 4,060 2,381 1QFY15 5,172 3,844 2,233 % chg (qoq) 6.6 5.6 6.6 2QFY14 4,477 3,387 1,982 % chg (yoy) 23.1 19.9 20.1 Source: Company, Angel Research HDFC Bank reported a healthy earnings performance for 2QFY2015, with a bottom-line growth of 20.1% yoy to `2,381cr. Its NII grew by 23.1% yoy, aided by a 21.8% yoy growth in advances. Balance sheet grows strong; Asset quality remains healthy: During 2QFY2015, the bank’s business, both deposits and advances, grew strong at 24.8% and 21.8% yoy, respectively. The core advances yoy growth adjusted for related foreign currency loans stood at 18.8%. The retail loan book grew by 9.8% yoy; within the retail loan portfolio, a healthy buildup was witnessed in Credit cards, Personal loans and Home Loans, which grew by 28.9%, 19.8% and 19.5% yoy, respectively. Auto loans grew in double digits at 16.2% yoy due to underlying demand in auto sales. As a result, the retail contribution has improved to 48.3% of total advances. Savings deposits grew at a healthy pace of 18.8% yoy, while current deposits outpaced savings growth, with a 21.4% yoy growth. The CASA ratio stood at 43.2%. Better loan book mix and reduction in cost of borrowings have aided in expansion in NIM to 4.5%, up 20bp yoy. The Management has given a guidance of 4.1-4.4% for NIM going forward. The bank’s non-interest income (excl. treasury) de-grew by 3.3% yoy due to lackluster performance on the forex income front, which fell by 55.8% yoy. Stable currency and lower propreitory gains led to lower forex income. Fee income grew at 13.4% yoy, due to pickup in third party business, especially mutual funds, and traction in transactional banking fees. On the asset quality front, the Gross NPA ratio fell marginally by 5bp qoq to 1.02%, while the Net NPA ratio remained flat at 0.3%. The PCR (excl. write-offs) improved by 273bp qoq to 72.7% during the quarter. Restructured advances declined by 10bp yoy at 0.1% of gross advances. `897 `1,014 Investment Period 12 Months Stock Info Banking 2,16,444 1.1 909/618 3,10,525 2 26,851 8,015 HDBK.BO HDFCB@IN Sector Market Cap (` cr) Beta 52 Week High / Low Avg. Daily Volume Face Value (`) BSE Sensex Nifty Reuters Code Bloomberg Code Shareholding Pattern (%) Promoters 22.5 MF / Banks / Indian Fls 9.9 FII / NRIs / OCBs 33.8 Indian Public / Others 33.8 Abs. (%) 3m 1yr 3yr Sensex 2.7 29.3 60.0 HDFC Bank 7.3 35.8 84.4 Outlook and valuation: Though the current earnings trajectory at 20%+ yoy is lower than its illustrious track record of 30%+ earnings growth, still in light of the current macro environment, it is impressive. Going forward, a likely economic recovery would reflect in higher loan growth, which in our view, justifies a premium valuation multiple. At CMP, the bank is trading at 3.5x FY2016E ABV. We recommend an Accumulate rating on the stock, with a target price of `1014. Key financials (standalone) Y/E March (` cr) NII % chg Net profit % chg NIM (%) EPS (`) P/E (x) P/ABV (x) RoA (%) RoE (%) FY2013 15,811 22.7 6,726 30.2 4.6 28.3 31.7 5.9 1.8 20.3 FY2014 18,483 16.9 8,478 26.0 4.4 35.3 25.4 5.0 1.9 21.3 FY2015E 22,484 21.7 10,196 20.3 4.4 42.5 21.1 4.2 1.9 21.5 Source: Company, Angel Research; Note: CMP as of October 23, 2014 Please refer to important disclosures at the end of this report FY2016E 27,242 21.2 12,500 22.6 4.4 52.1 17.2 3.5 1.9 22.3 Vaibhav Agrawal 022 – 3935 7800 Ext: 6808 [email protected] Umesh Matkar 022 – 3935 7800 Ext: 6847 [email protected] 1 HDFC Bank | 2QFY2015 Result Update Exhibit 1: 2QFY2015 performance (standalone) 2QFY15 1QFY15 % chg (qoq) 2QFY14 % chg (yoy) FY2014 FY2013 % chg 11,848 11,220 5.6 10,093 17.4 41,136 35,065 17.3 - on Advances / Bills 9,074 8,735 3.9 7,692 18.0 31,687 26,822 18.1 - on investments 2,614 2,339 11.7 2,292 14.1 9,037 7,820 15.6 148 121 21.5 84 75.4 356 282 26.4 Particulars (` cr) Interest earned - on balance with RBI & others - on others 12 25 (49.7) 25 (51.3) 56 141 (60.3) Interest Expended 6,337 6,048 4.8 5,617 12.8 22,653 19,254 17.7 Net Interest Income 5,511 5,172 6.6 4,477 23.1 18,483 15,811 16.9 Other income 2,047 1,851 10.6 1,844 11.0 7,920 6,853 15.6 Other income excl. treasury 1,952 1,826 6.9 2,018 (3.3) 7,809 6,691 16.7 - Fee & commission income 1,537 1,407 9.2 1,354 13.4 5,735 5,155 11.2 95 25 280.4 (173) (154.9) 110 161 (31.6) - Treasury income - Forex & derivative income 222 224 (1.1) 501 (55.8) 1,401 1,010 38.7 Operating income 7,558 7,022 7.6 6,321 19.6 26,402 22,664 16.5 Operating expenses 3,498 3,178 10.1 2,934 19.2 12,042 11,236 7.2 - Employee expenses 1,167 1,126 3.6 1,036 12.7 4,179 3,965 5.4 - Other Opex 2,331 2,052 13.6 1,899 22.8 7,863 7,271 8.1 Pre-provision Profit 4,060 3,844 5.6 3,387 19.9 14,360 11,428 25.7 456 483 (5.6) 386 18.1 1,588 1,677 (5.3) PBT 3,604 3,361 7.2 3,001 20.1 12,772 9,751 31.0 Provision for Tax 1,223 1,128 8.4 1,018 20.1 4,294 3,024 42.0 PAT 2,381 2,233 6.6 1,982 20.1 8,478 6,726 26.0 33.9 33.6 37bp 33.9 (1)bp 33.6 31.0 260bp Provisions & Contingencies Effective Tax Rate (%) Source: Company, Angel Research October 27, 2014 2 HDFC Bank | 2QFY2015 Result Update Exhibit 2: 2QFY2015 performance analysis Particulars 2QFY15 1QFY15 % chg (qoq) 2QFY14 % chg (yoy) Balance sheet Advances (` cr) 3,27,273 3,12,109 4.9 2,68,617 21.8 Deposits (` cr) 3,90,682 3,72,074 5.0 3,13,011 24.8 Credit-to-Deposit Ratio (%) Current deposits (` cr) 83.8 83.9 (11)bp 85.8 (205)bp 57,803 54,348 6.4 47,570 21.5 Saving deposits (` cr) 1,10,810 1,05,639 4.9 93,285 18.8 CASA deposits (` cr) 1,68,613 1,59,987 5.4 1,40,855 19.7 CASA ratio (%) 43.2 43.0 16bp 45.0 (184)bp CAR (%) 15.7 15.1 60bp 14.6 110bp Tier 1 CAR (%) 11.8 11.1 70bp 9.9 190bp Profitability Ratios (%) Reported NIM Cost-to-income ratio 4.5 4.4 10bp 4.3 20bp 46.3 45.3 102bp 46.4 (14)bp Asset quality Gross NPAs (` cr) 3,362 3,356 0.2 2,942 14.3 Gross NPAs (%) 1.02 1.07 (5)bp 1.1 (7)bp Net NPAs (` cr) 917 1,007 (8.9) 767 19.6 Net NPAs (%) 0.3 0.3 (2)bp 0.3 (2)bp 72.7 70.0 273bp 73.9 (121)bp Provision Coverage Ratio (%) Source: Company, Angel Research Business grows at a good pace During 2QFY2015, the bank registered an above-industry average growth in advances at 21.8% yoy. The same was largely aided by robust traction in the nonretail loan portfolio, which is up 35.7% yoy. Though the retail loan book growth was lower at 9.8% yoy during the quarter, within the retail loan portfolio, a strong buildup was witnessed in Personal loans which grew 19.8% yoy; while two-wheeler loans, Home loans and Credit cards registered a healthy growth of 17.2%, 19.5% and 28.9% yoy respectively. Car loans saw a growth of 16.2% yoy; mainly due to a pick-up in auto sales during the quarter. Overall, the share of retail advances to overall domestic loan book came in at 48.3%. Savings deposits grew at a healthy pace of 18.8% yoy, while current deposits outpaced savings growth, with 21.4% yoy growth. The CASA ratio stood at 43.2%. October 27, 2014 3 HDFC Bank | 2QFY2015 Result Update Exhibit 3: Personal loans/Credit cards aid Retail loan book growth 2QFY15 1QFY15 % chg (qoq) 2QFY14 % chg (yoy) % to total Particulars (` cr) Auto Loans 37,778 34,794 8.6 32,516 16.2 23.9 CVCE 13,857 13,315 4.1 16,956 (18.3) 8.8 Two Wheelers 3,624 3,433 5.6 3,091 17.2 2.3 Personal Loans 23,137 21,461 7.8 19,314 19.8 14.6 Business Banking 21,963 22,262 (1.3) 25,704 (14.6) 13.9 1,050 974 7.8 942 11.5 0.7 Loans Against Securities Credit Cards 14,005 13,272 5.5 10,862 28.9 8.9 Home loans 19,558 19,574 (0.1) 16,372 19.5 12.4 Others 23,154 21,162 9.4 18,221 27.1 14.6 5.2 1,43,978 9.8 100.0 Retail Advances 1,58,126 1,50,247 Source: Company, Angel Research NIM grows by 10bp sequentially Better loan book mix and reduction in cost of borrowings aided in expansion in NIM to 4.5%, up 20bp yoy. Also, higher current account deposits (21.1% yoy growth), average CASA ratio and pickup in yields on investments resulted in a higher NIM. HDFC Bank has had a rapid expansion of branches, mostly in semiurban and rural areas, over the last ten quarters (~1,300 branches added during the period), thereby taking its total branch network to 3,600. This should aid it in maintaining an above-system average retail loan growth on the asset side and should also aid CASA accretion on the liability side. Exhibit 4: Strong business growth (%) 30.0 2QFY14 3QFY14 Exhibit 5: Reported NIM improves 10bp qoq 4QFY14 1QFY15 2QFY15 (%) 4.7 4.5 22.5 4.3 4.3 4.4 4.4 4QFY14 1QFY15 4.5 4.2 4.1 15.0 24.8 22.7 24.0 22.9 14.2 21.8 20.7 26.4 22.9 16.0 3.9 7.5 3.7 3.5 Advances Source: Company, Angel Research October 27, 2014 Deposits 2QFY14 3QFY14 2QFY15 Source: Company, Angel Research 4 HDFC Bank | 2QFY2015 Result Update Exhibit 6: CASA ratio stable qoq Exhibit 7: CASA growth remains healthy for the bank (%) 45.0 44.8 43.0 41.4 43.2 40.0 20.0 10.0 35.0 SA growth (%) 18.8 14.7 19.7 15.3 Source: Company, Angel Research, Note: *adjusting for FCNR (B) deposits Source: Company, Angel Research Exhibit 8: Capital adequacy remains healthy Exhibit 9: Steady branch expansion continues 20.0 Tier-I CAR (%) 16.8 16.0 15.0 4.7 4.8 Tier-II CAR (%) 14.6 4.3 14.7 16.1 Branches 4,000 11,177 11,473 ATMs (RHS) 11,256 11,426 11,515 10,500 3,000 9,000 2,500 7,500 11.8 3,600 11.1 3,488 11.8 3,403 9.9 3,336 9.9 3,251 10.0 5.0 2QFY14 3QFY14 4QFY14 1QFY15 2QFY15 2,000 1,500 2QFY14* 3QFY14* 4QFY14** 1QFY15 2QFY15 Source: Company, Angel Research Note *as per Basel III **including profits 13,500 12,000 3,500 3.9 4.0 2QFY15 2QFY15 1QFY15 1QFY15 4QFY14 4QFY14 3QFY14 3QFY14* 2QFY14 2QFY14 1QFY14 30.0 4QFY13 2QFY13 3QFY13 45.0 CASA growth (%) 30.0 50.0 6,000 4,500 3,000 Source: Company, Angel Research Non-interest income (excl. treasury) de-grew During 2QFY2015, the non-interest income (excluding treasury) for the bank de-grew by 3.3% yoy, due to lackluster performance on the forex income front, which fell by 55.8% yoy. The fees and commission income grew at 13.4% yoy due to pickup in third party business, especially mutual funds, and traction in transactional banking fees. HDFC Bank earns 80% of fees from the retail segment and the rest from the wholesale segment. Overall, other income for the bank increased by 11% yoy, during the quarter. Exhibit 10: Non-interest income (excl. treasury) de-grew Particulars (` cr) 2QFY15 1QFY15 % chg (qoq) 2QFY14 1,537 1,407 9.2 1,354 13.4 95 25 280.4 (173) (154.9) 222 224 (1.1) 501 (55.8) 19.7 Fees & Commission Treasury Income Forex Income & Others Other % chg (yoy) 194 195 (0.6) 162 Other income 2,047 1,851 10.6 1,844 11.0 Other income excl. treasury 1,952 1,826 6.9 2,018 (3.3) Source: Company, Angel Research October 27, 2014 5 HDFC Bank | 2QFY2015 Result Update Asset quality remains healthy On the asset quality front, the Gross NPA ratio fell marginally by 5bp qoq to 1.02%, while the Net NPA ratio remained flat at 0.3%. The PCR (excl. write-offs) improved by 273bp qoq to 72.7% during the quarter. Restructured advances declined by 10bp yoy at 0.1% of gross advances. The bank has floating provisions to the tune of `1,730cr as on 2QFY2015. Exhibit 11: Asset quality remains impeccable 1.2 Gross NPAs (%) 73.9 0.9 Net NPAs (%) PCR (Calc, %, RHS) 73.6 80.0 72.7 72.6 70.0 0.6 70.0 0.3 1.0 0.3 1.1 0.3 1.0 0.3 1.0 0.3 1.1 0.3 0.0 60.0 2QFY14 3QFY14 4QFY14 1QFY15 2QFY15 Source: Company, Angel Research October 27, 2014 6 HDFC Bank | 2QFY2015 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 sector. We believe the bank is well positioned for high qualitative growth, with strong CAR, and robust asset quality. Though the current earnings trajectory at 20%+ yoy is lower than its illustrious track record of 30%+ earnings growth, still in light of the current macro environment, it is impressive. Going forward, a likely economic recovery would reflect in higher loan growth, which in our view, justifies a premium valuation multiple. At CMP, the bank is trading at 3.5x FY2016E ABV. We recommend an Accumulate rating on the stock, with a target price of `1,014. Exhibit 12: Recommendation summary CMP (`) Tgt. price (`) Upside (%) FY2016E Tgt. P/ABV (x) FY2016E P/E (x) FY2014-16E EPS CAGR (%) FY2016E RoA (%) FY2016E RoE (%) 897 1,014 13.1 1,576 1,881 19.3 3.5 4.0 17.2 21.4 1.9 22.3 2.0 2.5 13.7 16.2 1.5 15.6 742 19.6 1.9 2.3 10.7 13.9 1.6 19.0 424 501 2,582 2,974 18.2 2.0 2.4 11.7 16.8 1.8 18.0 15.2 1.4 1.4 10.6 29.0 0.8 13.9 142 26 134 (5.2) 1.4 1.4 11.3 13.1 1.2 13.2 36 36.8 0.9 1.2 6.1 6.8 0.9 15.0 Accumulate 890 1,021 14.8 0.9 1.0 6.3 15.5 0.8 14.2 PNB UcoBk Buy 935 1,087 16.3 0.9 1.0 6.1 28.3 0.8 13.8 Buy 81 101 24.2 0.6 0.8 4.3 13.1 0.7 15.0 BOI Buy 268 317 18.6 0.6 0.7 4.4 19.5 0.6 12.9 UnionBk Accumulate 221 235 6.2 0.7 0.8 5.0 25.2 0.6 13.5 CanBk Accumulate 387 410 6.1 0.7 0.7 5.2 19.1 0.6 12.4 IDBI# Accumulate 67 76 13.2 0.4 0.5 5.0 38.7 0.5 8.9 DenaBk Buy 62 75 22.0 0.5 0.6 4.0 22.0 0.6 11.5 Company Reco. HDFCBk Accumulate ICICIBk* Buy YesBk Buy 621 AxisBk Buy SBI* Buy FedBk Reduce SIB Buy BOB FY2016E P/ABV (x) 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 3,600 branches and nearly 11,515 ATMs. The bank is promoted and 22.5% 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 ~48% of total loans) has further helped the bank in maintaining above-industry margins. October 27, 2014 7 HDFC Bank | 2QFY2015 Result Update Income statement Y/E March (` cr) Net Interest Income - YoY Growth (%) Other Income - YoY Growth (%) Operating Income - YoY Growth (%) Operating Expenses - YoY Growth (%) Pre - Provision Profit - YoY Growth (%) Prov. & Cont. - YoY Growth (%) Profit Before Tax FY10 FY11 FY12 FY13 FY14 FY15E FY16E 8,386 10,543 12,885 15,811 18,483 22,484 27,242 13.0 25.7 22.2 22.7 16.9 21.7 21.2 3,983 4,335 5,784 6,853 7,920 8,413 9,769 14.8 8.8 33.4 18.5 15.6 6.2 16.1 12,370 14,878 18,668 22,664 26,402 30,897 37,011 13.6 20.3 25.5 21.4 16.5 17.0 19.8 5,940 7,153 9,278 11,236 12,042 13,744 16,149 4.5 20.4 29.7 21.1 7.2 14.1 17.5 6,430 7,725 9,391 11,428 14,360 17,153 20,861 23.5 20.2 21.6 21.7 25.7 19.5 21.6 2,141 1,907 1,877 1,677 1,588 1,821 2,065 12.2 (10.9) (1.5) (10.7) (5.3) 14.7 13.4 4,289 5,819 7,513 9,751 12,772 15,332 18,796 - YoY Growth (%) 30.0 35.7 29.1 29.8 31.0 20.0 22.6 Prov. for Taxation 1,340 1,892 2,346 3,024 4,294 5,136 6,297 - as a % of PBT PAT - YoY Growth (%) 31.3 32.5 31.2 31.0 33.6 33.5 33.5 2,949 3,926 5,167 6,726 8,478 10,196 12,500 31.3 33.2 31.6 30.2 26.0 20.3 22.6 Balance sheet Y/E March (` cr) Share Capital Reserves & Surplus Deposits - Growth (%) Borrowings Tier 2 Capital Other Liab. & Prov. Total Liabilities FY11 FY12 FY13 FY14 FY15E FY16E 458 465 469 476 480 480 480 21,065 24,914 29,455 35,738 42,295 50,866 60,504 167,404 208,586 246,706 296,247 367,337 4,48,152 5,46,745 17.2 24.6 18.3 20.1 24.0 22.0 22.0 7,012 7,447 13,250 16,963 39,428 29,601 35,782 5,904 6,947 10,597 16,044 15,643 15,643 15,252 20,616 28,993 37,432 34,864 26,436 47,269 56,873 222,459 277,353 337,910 400,332 491,619 5,92,010 7,15,635 Cash Balances 15,483 25,101 14,991 14,627 25,348 22,408 27,337 Bank Balances 14,459 4,568 5,947 12,653 14,237 17,760 21,469 58,608 70,929 97,483 111,614 120,967 1,54,555 1,82,643 125,831 159,983 195,420 239,721 303,000 3,63,600 4,43,592 20.0 22.0 Investments Advances - Growth (%) 27.3 27.1 22.2 22.7 21.0 Fixed Assets 2,123 2,171 2,347 2,703 2,940 3,538 4,148 Other Assets 5,955 14,601 21,722 19,014 25,127 30,150 36,446 222,459 277,353 337,910 400,332 491,619 5,92,010 7,15,635 20.4 20.9 Total Assets - Growth (%) October 27, 2014 FY10 21.4 24.7 21.8 18.5 22.8 8 HDFC Bank | 2QFY2015 Result Update Ratio Analysis (standalone) Y/E March FY10 FY11 FY12 FY13 FY14 FY15E FY16E 4.3 4.4 4.5 4.6 4.4 4.4 4.4 Profitability ratios (%) NIMs 48.0 48.1 49.7 49.6 45.6 44.5 43.6 RoA 1.5 1.6 1.7 1.8 1.9 1.9 1.9 RoE 16.1 16.7 18.7 20.3 21.5 21.5 22.3 CASA Ratio 52.0 52.7 48.4 47.4 44.8 45.2 45.9 Credit/Deposit Ratio 75.2 76.7 79.2 80.9 82.5 81.1 81.1 CAR 17.4 16.2 16.5 16.8 17.1 15.1 14.2 - Tier I 13.3 12.2 11.6 11.1 11.9 11.5 11.3 Gross NPAs 1.4 1.0 1.0 1.0 1.5 1.0 1.0 Net NPAs 0.3 0.2 0.2 0.2 0.6 0.3 0.3 Slippages 2.6 1.1 1.0 1.0 1.9 1.5 1.4 Cost to Income Ratio B/S ratios (%) Asset Quality (%) Loan Loss Prov. /Avg. Assets Provision Coverage 1.0 0.3 0.4 0.3 0.4 0.3 0.3 78.4 82.5 82.3 79.3 58.5 73.0 71.5 Per Share Data (`) EPS 12.9 16.9 22.0 28.3 35.3 42.5 52.1 ABVPS (75% cover.) 94.0 109.1 127.5 152.2 175.2 213.7 253.5 2.4 3.3 4.3 5.5 6.9 8.3 10.2 DPS Valuation Ratios 69.6 53.1 40.7 31.7 25.4 21.1 17.2 P/ABVPS (x) 9.5 8.2 7.0 5.9 5.0 4.2 3.5 Dividend Yield 0.3 0.5 0.6 0.8 0.9 1.0 1.2 NII 4.1 4.2 4.2 4.3 4.2 4.1 4.2 (-) Prov. Exp. 1.1 0.8 0.6 0.5 0.4 0.3 0.3 Adj. NII 3.1 3.5 3.6 3.8 3.8 3.8 3.9 Treasury 0.2 (0.0) (0.0) 0.0 0.0 0.0 0.0 Int. Sens. Inc. 3.3 3.4 3.5 3.9 3.8 3.9 3.9 Other Inc. 1.8 1.8 1.9 1.8 1.8 1.5 1.5 Op. Inc. 5.0 5.2 5.5 5.7 5.6 5.4 5.3 Opex 2.9 2.9 3.0 3.0 2.7 2.5 2.5 PBT 2.1 2.3 2.4 2.6 2.9 2.8 2.9 Taxes 0.7 0.8 0.8 0.8 1.0 0.9 1.0 RoA 1.5 1.6 1.7 1.8 1.9 1.9 1.9 Leverage 11.1 10.7 11.1 11.2 11.3 11.4 11.6 RoE 16.1 16.7 18.7 20.3 21.6 21.5 22.3 PER (x) DuPont Analysis Note: FY2013 onwards ratios reflect revised accounting practices October 27, 2014 9 HDFC Bank | 2QFY2015 Result Update Research Team Tel: 022 - 39357800 E-mail: [email protected] Website: www.angelbroking.com DISCLAIMER 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. Angel Broking Pvt. Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this document are those of the analyst, and the company may or may not subscribe to all the views expressed within. 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 endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced, redistributed or passed on, directly or indirectly. Angel Broking Pvt. Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in the past. Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in connection with the use of this information. 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 (Returns): October 27, 2014 Buy (> 15%) Reduce (-5% to -15%) Accumulate (5% to 15%) Sell (< -15%) Neutral (-5 to 5%) 10
© Copyright 2024