Buy HDB Financial Services; target of Rs 900: ICICI Securities
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ICICI Securities has initiated coverage on HDB Financial Services (HDBFS) with a 'BUY' rating and a target price of INR 900. The report highlights HDBFS's strong asset franchise, particularly in underserved areas, and its impressive AUM growth despite macroeconomic challenges. The company is expected to achieve approximately 18% AUM and 25% PAT CAGRs from FY26 to FY28. HDBFS's effective risk management and focus on direct customer sourcing are noted as key strengths.
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