LIC Housing Finance Q1FY19 result was below our estimates on the Net Interest Income front. Disbursement growth declined to 10% (15% in Q1FY18) and Loan growth remained stable at 15%. NII growth remained muted at 7% YoY. On the operational front, PPP increased by 10.6% YoY due to a decline in the employee expenses. The asset quality has declined with GNPA touching 1.21% vs. 0.72% in Q1FY18 on the back of GNPA in the individual segment increasing to 0.81%. Previous quarter's numbers are adjusted and PAT for Q1FY18 is revised upwards by 2% as it moves towards Ind AS accounting. We have an ACCUMULATE rating on the stock with a target price of Rs 618,...