MOSL: Morning India (7/September/17)- 1. AGIC 2017: CEO Track Takeaways 2. AGIC 2017: Management Says
​MOrning India (7/September/17): 1. AGIC 2017: CEO Track Takeaways; 2. AGIC 2017: Management Says
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Today’s top research theme
- HDFC Ltd (CEO TRACK): Consistency a hallmark
- We hosted Mr Keki Mistry, Vice Chairman and CEO of HDFC Ltd, as part of 'CEO Track' at our conference. Key takeaways:
- -Management remains focused on growing at 16-18%, with a largely stable AUM mix between retail and corporate segments.
- -Well-diversified liability profile and excess liquidity provide it with strong CoF advantage. Hence, despite tough competition from banking system, spreads largely remain stable.
- -Part of one-off gains from stake sale/value unlocking will be utilized to strengthen the balance sheet.
- -Some of the smaller pockets/upcoming cities are seeing strong growth; in case of some metros, growth remains an issue. RERA should not impact growth materially.
- -HDFC's retail loan growth is impressive. Over the past three quarters, corporate loan growth has also picked up smartly. We expect core PBT CAGR of ~14% over FY17-20, and AUM CAGR of ~16%. Buy with SOTP-based TP of INR1,900.
Piping hot news
Govt blacklists 300,000 directors of shell companies
- ​The government on Wednesday decided to bar as many as 300,000 directors of companies that have defaulted on statutory compliances from serving on the boards of other firms to improve corporate governance and check financial irregularities through the use of shell companies.
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