HDFC's Q2FY20 numbers have come in pretty stable and in line with our estimates with a 12% YoY growth in its loan book. PAT has grown by 60% YoY driven by high dividend income and treasury gain on stake sale in Gruh. The Non-Individual book growth remained calibrated at ~4%, while Individual book grew ~16%. Despite the challenges in its core housing finance business, company is able to garner its individual book and maintain asset quality at decent levels. We expect the same trend to continue and return ratios to improve once normalcy returns within the sector. Hence, we give ACCUMULATE rating on the stock with a SOTP based TP of Rs2,475 valuing parent...