HCL Tech, ICICI Prudential Life, HDFC Bank And More — Top Stock Picks For June: KRChoksey

KRChoksey Research Report

Investment period: six months. Research idea: Fundamental

HCL Technologies Ltd. - HCL Tech's revenue guidance of 12-14% constant currency (versus 12.7% CC in FY22) implies a 2.4-3.2% compound quarterly growth rate in FY23, supported by $8.2 billion net-new total contract signings, up 14% YoY and annual contract grew by 27% YoY. The Product and Platforms business declined by 24% CC QoQ due to seasonality which was guided by HCL Tech at the beginning of the quarter. We believe that the P&P business will pick up materially and will contribute to the topline.

HDFC Bank Ltd- HDFC Bank has been growing its loan book at a CAGR of ~20% over FY18-22, gaining market share across all the segments. The market share for the bank as of March 31, 2022 stood at 11.6%, a consistent increase over the past few years. The bank sees strong growth opportunities in retail loans owing to new product offerings.

ICICI Prudential Life Insurance Company Ltd. - The company is emphasizing on expanding its distribution network by acquiring new partners and investing in the creation of new sourcing channels. ICICI Pru Life would strengthen its distribution even further by better aligning distribution segments with customer segments and products. The new partnerships are expected to drive the business growth in upcoming quarters.

Click on the attachment for the full list of KRChoksey’s top stock picks for June 2022:

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