After some moderation in business growth HDFC Bank is
back with strong momentum during the quarter. We believe strong internal
capital generation will drive 20% earnings CAGR over FY17-19, which will be
backed by stable NIM and moderating credit cost. At the current market price,
the bank is trading at 3.3x FY2019E ABV. We Maintain ACCUMULATE rating, on
the stock, with a target price of Rs1,650.

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