BUY HDFC Ltd with a target price of Rs 746: Abhishek Sasmal

Abhishek Sasmal, Microsec Capital Ltd, talks about HDFC Ltd

At INR 646, the stock is trading at 4.3x FY13 core book value and 18.6x FY13 core earnings justifying consistent and quality of earnings.

We valued the mortgage business at INR 497 per share (5x on FY13e core book). We initiate on HDFC Ltd with a BUY rating on the stock with price target of INR 746 arrived at by SOTP valuation.