Technically, HDFC (CMP:1269) has strong positional support of around 1245-1230 zone & sustain below that 1207-1175 & 1157-1142 zone might come.
On the up side, sustain above 1282, it may target 1305 immediately and consecutive closing above that, 1358-1400 zone might be the short term target. Sustain above 1400 area, HDFC might scale 1450 & 1570-1615 zone in the mid to long term (FY:17).
HDFC is perhaps the biggest player in Home Loan segment in India & SBI may be the nearest rival. HDFC also recently raised around $500 mln from ECB window for "Affordable Housing" finance. This, along with expected further softening of rate cuts & other measures by RBI may lower funding costs of all the HFC(s) quite significantly and HDFC may be one of the major beneficiary going ahead. It may be also affected with probable merger with HDFC Bank & subsequent listing of its insurance and broking arm in future (De-leverage).
As par BG metrics of TF model, median valuation of HDFC is around 1440 (as par consolidated current TTM EPS of 54.18). If we assume projected FWD EPS of around 70 (FY-17), then the median value may be around 1635 under the current market conditions.
| SCRIP | EPS(TTM) | BV(Act) | P/E(AVG) | LONG TERM | SHORT TERM | MEDIAN VALUE | 200-DEMA | 10-DEMA |
| HDFC | 54.18 | 238.4 | 31.18 | 1398.12 | 1483.58 | 1440.85 | 1157.11 | 1302.88 |
| HDFC | 61.8 | 285 | 31.18 | 1493.21 | 1584.47 | 1538.84 | 1157.11 | 1302.88 |
| HDFC | 70 | 342 | 31.08 | 1586.63 | 1683.61 | 1635.12 | 1157.11 | 1302.88 |
No comments:
Post a Comment