We raise our target price (TP) by 23% but maintain our MARKET PERFORM rating as HDB’s share price has increased 26% over the last three months. Our TP increase is because we (1) roll over our TP to YE2021, (2) cut our cost of equity assumption and (3) lift our aggregate net income forecast for 2020-2024 by 5% relative to our previous forecast. HDB’s restructured loans stood at 4.8% of total loans as of end-Q3 vs 3.4% in Q2. We maintain our assumption that restructured loans will not exceed