HDFC Bank’s stock price has been flat in CY13. However, we note that earnings CAGR of 25%+ over FY14E/16E is intact, which percolates to valuation becoming cheaper – one-year forward P/E of 15x (near 10-year low LPA; 25% discount to its LPA) and P/BV of 3.2x (5% discount to its LPA). While discount over the LPA has increased significantly, RoE is best in the decade at 22%+.
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