HDB - HDFC Bank: Best-In-Class Indian Bank Weighed Down By Transitory Headwinds

• HDFC Bank continues to offer best-in-class asset quality within the Indian banking sector.
• The pending HDFC merger could result in near-term P&L headwinds but should pay off over the long run.
• The core fundamentals remain intact, with the retail business on a post-COVID recovery path and corporate outperformance set to continue.
• The stock trades at a discount to historical levels, offering long-term-oriented investors a compelling entry point.

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