HDFC Securities’ analysis address on Central Depository Services
CDSL acquaint able-bodied 2QFY19, both acquirement and allowance achievement was bigger than expectation. Acquirement was up 17.4% QoQ to Rs 531mn (vs est. of Rs 433mn). Growth was led by 6.2/48.5% QoQ acceleration in Transaction/Online abstracts accuse acquirement (MF KYC). Discontinuation of OTP based Aadhaar KYC for MFs led to billow in appeal for CVL KYC. Allowance broadcast 504bps QoQ to 61.8% vs our appraisal of 54% led by non-linearity. CDSL connected to accretion BO bazaar allotment (~48% in 2QFY19, 56bps QoQ). Incremental bazaar allotment for CDSL stood at 64% (vs 63% in FY18), which indicates DPs alternative of CDSL over NSDL.
We advance our BUY rating, accept assigned 33x assorted to amount Sep-20 balance and added aback net banknote to access at a TP of Rs 380 (~59% upside anatomy CMP).
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