MOSL: HDFC (Buy)-AUM growth in line-Margins surprise leads to PAT beat

HDFC: AUM growth in line; Margins surprise leads to PAT beat (HDFC IN, Mkt Cap USD47.6b, CMP INR1952, TP INR2330, 19% Upside, Buy)   PAT grew 27% YoY to INR28.6b in 4QFY19, 24% ahead of our estimate, driven by the better-than-expected spreads performance (+20bp QoQ; NII – 11% beat) and lower opex (5% beat). Asset quality was stable sequentially, with GS3 % at 1.41% (-3bp QoQ) AUM rose 4.7% QoQ/15% YoY to INR4.6t – growth continues to be driven by individual loans (+17% YoY to INR3.4t). Int...