HDB [OUTPERFORM +11.8%] - NIM to expand in 2022; strong fee income growth continues

We increase our target price (TP) by 0.3% and maintain our OUTPERFORM rating for HDB due to higher valuations produced by both the residual income method and target P/B method that are derived from (1) increasing 2022-2026 net profit by an aggregate of 6% and (2) applying a higher 2022F target P/B of 1.60x vs 1.55x in our previous Update Report.