Goldman Sachs after a strong operating performance in the June quarter numbers, now expecting to continue its out-performance compared to the Bankex and is on track to hit a market cap of $100 billion by FY20.
According to the report, “We think the stock’s premium valuation can be sustained given high visibility into strong earnings growth from (1) market share gains and rising penetration in retail lending.”
“We see HDFC Bank market cap rising to above US$100bn by FY20 on the back of a 23 percent FY17-21E EPS CAGR,” it said.
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