We raise our target price (TP) by 26% but maintain our MARKET PERFORM rating as HDB’s share price has increased 21% over the last three months. We increase our TP as we raise (1) our aggregate net income forecast for 2021-2025 by 18% relative to our previous forecast, (2) our target P/B to 1.50x vs 1.32x previously and (3) our intermediate growth rate assumption to 4.0% vs 2.5% previously.