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We initiate coverage on HDB Financial Services (HDBFS) with BUY and Jun-26E TP of Rs 900 (+22% upside), on FY27E P/B of 3.0x. Our positive view is due to, HDBFS being a highly diversified (geographically and product-wise), extremely granular (top 20 accounts constitute ~0.34% of AUM), and large-scale lending franchise with over 19mn customers.
EFC reported robust results in FY25. For it’s core division, Leasing, Management aims to expand their capacity by 22,000-25,000 new seats in FY26 at Rs 6,500-7,000 per seat and expects 90% occupancy.
We prefer Hero Motocorp and Bajaj Auto in 2Ws (TVS, Eicher seem fully valued at CMP); M&M (non-coverage) as a play in the PV/LCV/tractor segment, followed by Maruti in PVs. We also like Ashok Leyland in the CV space, followed by a close watch on Eicher (VECV) for any market share gains.
Asian markets are trading mixed, as investors assess recent economic data, latest comments from U.S. Federal Reserve Chair Jerome Powell and a slew of central bank rhetoric. Nikkei and Shanghai are trading lower by 1.01% and 0.14%, respectively, while Hang Seng is trading higher by 0.52%.
