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Equirus Securities has initiated coverage on HDB Financial Services Ltd with a 'Long' rating and 22 per cent upside target.
Equirus Securities initiated coverage on HDB Financial with a 'Long' rating and 22% upside target.
KEY POINTS
- HDB Financial's loan book is 74% secured and targets underbanked, low- to middle-income households.
- Equirus projects HDB's AUM to grow at 18% CAGR and PAT at 27.4% CAGR through FY28.
- HDB Financial provides BPO, sales, and collections support to HDFC Bank, deepening operational integration.
COMPANIES
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