In today’s briefing:
- HDFC Bank (HDFCB IN): Initiating Coverage – Long Term Compounder; But “Short” For Now
HDFC Bank (HDFCB IN): Initiating Coverage – Long Term Compounder; But “Short” For Now
- HDFC Bank (HDFCB IN) has been the most successful bank in India over the last two decades, delivering best-in-class performance consistently; Things changed drastically with the merger with HDFC Ltd.
- The negatives outweigh the positives in the near-term from the merger; the synergies, which are significant, are long-term in nature and hence would take time to play out.
- We remain long-term believers, but it is a “Short” in the short-term as we expect further -20% correction in valuations
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