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BUZZ-Goldman sees HDFC Bank market cap crossing $100 bln by 2019/2020
June 8, 2017 / 5:08 AM / 6 months ago

BUZZ-Goldman sees HDFC Bank market cap crossing $100 bln by 2019/2020

** HDFC Bank rises as much as 1.1 pct to a record high of 1,659.40; stock up 36 pct this year as of Wednesday’s close

** Goldman Sachs sees bank’s market capitalisation rising to around $137 bln by 2019/20 under bull case scenario; current market cap over $65 bln

** Says key driver to be doubling of bank’s profit to $5 bln by 2020/21 as it leverages market share shift from state-owned banks and retail under-penetration using its large distribution network and low cost of funds

** Says in note dated June 7 the bank’s positioning remains better compared to the near past to deliver a healthy 21 pct FY17-20 EPS compound annual growth rate, with higher visibility

** Adds the shift of household savings from deposits to other financial products will aid fee growth for co’s broking business

**Says the bank’s retail broking and non-bank finance units could further add to the upside

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