In today’s briefing:
- HDFC Bank (HDFCB IN): Increasing Foreign Room & Decreasing ADR Premium
- Morning Views Asia: Greentown China, Tata Motors ADR
HDFC Bank (HDFCB IN): Increasing Foreign Room & Decreasing ADR Premium
- Foreign shareholding in HDFC Bank (HDFCB IN) has dropped to 59% and the HDFC Bank (ADR) (HDB US) premium to the local line has dropped to 7%.
- HDFC Bank (HDFCB IN) has underperformed its peers and the local indices on expectations of lower NIMs and higher NPAs.
- There will be passive buying in HDFC Bank in December and March. Further passive buying will require foreign room to increase above 25% which will first require foreign investor selling.
Morning Views Asia: Greentown China, Tata Motors ADR
Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.
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