• We trim our target price (TP) by 2.3% and downgrade our rating for HDB from BUY to OUTPERFORM. HDB’s share price has increased 2.3% over the last three months. We trim our TP as we cut our aggregate net income forecast for 2021-2025 by 7.7% relative to our previous forecast. Our TP implies a 2021F P/B at 1.86x.

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