Outlook & Valuation: Credit growth beat the industry growth rate driven by strong
retail business. The strong liability franchise and healthy capitalisation provides
earnings visibility. We value HDFC Bank using SOTP method, valuing standalone
banking business at 3.7x of FY2021 ABV and its two subsidiaries at Rs.78/share.
We recommend a Buy on the stock, with a target price of Rs.1,390/ share.

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