LIC Housing Finance’s (LICHF) 1QFY17 performance mirrored seasonal weakness, with a sequential degrowth in disbursements, pressure on asset quality and decrease in margins. However, believe pressure that will persist on margins and growth.LAP and project loans are driving reported growth. Management has renewed focus on the core housing segment, which is showing signs of improvement, but lacks historical traction. The pressure on core spreads suggests heightened competition.With valuations at 1-STD and ~22% premium to the long-term average, plus operating metrics lagging historical peaks, HDFC Securities maintain NEUTRAL. Revise TP to Rs 547 (2.3x Mar-18 ABV of Rs 238).Trendlyne has 18 reports on LICHSGFIN updated in the last year from 7 brokers with an average target of Rs 571.3. Brokers have a rating for LICHSGFIN with 1 downgrade,5 price upgrades in past 6 months and 1 price downgrades,6 price upgrades in past 1 Year.