HDFC has been managing its loan growth in guided territory of 17-18% which we believe will be maintained in coming quarters. Value unlocking of subsidiaries may continue in FY19 as well. We maintain our HOLD rating with PT of Rs2,171 (~4.6x FY20E book) Growth picks up in individual loans momentum in corporate loans maintained: Net loans (ex-sell down) grew by ~21.2% yoy (+5.1% qoq) to Rs3.59 trillion, mainly led by ~23.8% yoy (+7% qoq) increase in the core individual loans (ex- loan sell downs) to Rs2.51 trillion. Meanwhile, corporate loans grew by 17.3% yoy (+5% qoq) to Rs1.08 trillion. The company has sold down loans worth Rs64bn in the past 12 months with no...