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 robust performance in other financial business arms. Consequently, the stock trades at a premium to its peers with best-in-class return ratios. We expect further improvement in operating performance in coming quarters on the back of healthy NII growth and listing of insurance arm. Thus, we maintain our BUY recommendation on the stock with a revised Target Price of Rs1,580, valuing the standalone entity at 3.5x FY18E adjusted BV and subsidiaries fetching Rs615/...