Banks
Banks - Private
from 720 today
We estimate HDFCB to deliver an improved earnings performance from FY28 onward, while RoA should sustain at ~1.8%. We revise our TP to INR925 (1.8x FY28E ABV + INR128 for subs) and maintain our BUY rating.
We cut our TP to INR 920, incorporating uncertainties around MD&CEO succession and balance sheet structure, but retain BUY on cheap valuation.
We expect near-term stock weakness until succession clarity emerges, but retain 'BUY' with a TP of INR875, given inexpensive valuation for a strong franchise.
CEO Sashidhar Jagdishan's exit marks a significant leadership transition, creating near-term stock uncertainty, but we maintain BUY with a target price of INR 1,015 as we expect LT investors to use the correction to build positions.
Ratings and target prices as published by each firm. Each summary condenses that firm's stated view in its own note and is attributed to it; no report text is reproduced.
