Over the last few years, HDFC has proven its competitive edge over its peers through decent growth in business, stable spreads, well-managed asset quality and better performance in other financial business arms. Consequently, the stock traded at a premium to its peers with best-inclass return ratios. Looking ahead, we expect further improvement in operating performance on the back of healthy loan book and NII growth. Rolling over our estimates to FY19E, we reiterate our BUY recommendation on the stock with a revised Target Price of Rs1,786, valuing the standalone entity at 3.1x FY19E adjusted BV and subsidiaries fetching Rs773/share (after...