Loading...
HDB logo

HDFC Bank LimitedNYSE:HDB 주식 보고서

시가총액 US$123.4b
주가
US$24.74
US$33.55
26.3% 저평가 내재 할인율
1Y-33.1%
7D1.2%
1D
포트폴리오 가치
​
보기

HDFC Bank Limited

NYSE:HDB 주식 리포트

시가총액: US$123.4b

HDFC Bank (HDB) 주식 개요

HDFC Bank Limited는 인도, 바레인, 홍콩, 싱가포르, 두바이의 개인 및 기업에게 은행 및 금융 상품과 서비스를 제공합니다. 자세히 보기

HDB 펀더멘털 분석
스노우플레이크 점수
가치 평가0/6
미래 성장1/6
과거 실적3/6
재무 건전성5/6
배당4/6

강점

주가수익률(15.5x)이 US 시장(18.6x)보다 낮습니다.

수익은 매년 11.74% 증가할 것으로 예상됩니다.

지난 5년 동안 수입이 매년 18.7% 증가했습니다.

위험 분석

불안정한 배당 실적


HDB Community Fair Values

Create Narrative

See what 15 others think this stock is worth. Follow their fair value or set your own to get alerts.

View all narratives

HDFC Bank Limited 경쟁사

가격 이력 및 성과

HDFC Bank 주가의 최고가, 최저가 및 변동 요약
과거 주가
현재 주가₹24.74
52주 최고가₹39.81
52주 최저가₹23.75
베타0.48
1개월 변동-5.21%
3개월 변동-25.23%
1년 변동-33.12%
3년 변동-23.65%
5년 변동-35.35%
IPO 이후 변동3,275.18%

최근 뉴스 및 업데이트

Seeking Alpha • Apr 06

HDFC Bank: Q4 Outperformance Is Overshadowed By Policy Headwinds

Summary HDFC Bank remains a Hold, following my analysis of Q4 metrics and regulatory developments. HDB did well in 4QFY26, considering a lower loan-to-deposit metric and an increase in the CASA ratio. But the Reserve Bank of India's recent foreign exchange restrictions could translate into one-off losses and lower future recurring income for HDFC. Read the full article on Seeking Alpha

Recent updates

Seeking Alpha • Apr 06

HDFC Bank: Q4 Outperformance Is Overshadowed By Policy Headwinds

Summary HDFC Bank remains a Hold, following my analysis of Q4 metrics and regulatory developments. HDB did well in 4QFY26, considering a lower loan-to-deposit metric and an increase in the CASA ratio. But the Reserve Bank of India's recent foreign exchange restrictions could translate into one-off losses and lower future recurring income for HDFC. Read the full article on Seeking Alpha
Seeking Alpha • Mar 03

HDFC Bank's Future: Walking A Tightrope

Summary HDFC Bank shows mixed performance, with falling CASA ratios and rising NPAs, but benefits from rising credit card adoption and potential repo rate cuts. The merger with HDFC offers long-term synergies but presents short-term challenges like reduced NIMs and integration risks. Heavy FII presence poses a risk of significant share price dips amid potential outflows due to market overvaluation fears. Recommend HOLD due to short-term pessimistic signals and FII risks, with better long-term prospects expected post-merger and credit card growth. Read the full article on Seeking Alpha
Seeking Alpha • Jan 07

HDFC Bank: Asia's Compounding Machine Is Back On Track

Summary HDFC Bank has compounded capital at region-leading rates for decades. Despite a troubled merger, light is finally emerging at the end of the tunnel. With expectations reset, HDFC Bank, especially through its ADRs, looks very investable. Read the full article on Seeking Alpha
Seeking Alpha • Oct 27

HDFC Bank: The Clouds Are Finally Clearing (Rating Upgrade)

Summary After a bumpy post-merger ride, HDFC Bank is poised to turn the page. The macro winds are also blowing in the right direction. Significantly lowered expectations add margin for error. Read the full article on Seeking Alpha
Seeking Alpha • Aug 21

HDFC Bank: Focus On Fundamentals Over The Upcoming $2bn Catalyst

Summary HDFC Bank may be due for a very sizeable flow of funds catalyst. But there's no escaping the lackluster post-merger fundamentals. Relative to its new reality, HDFC Bank isn't attractively priced at all. Read the full article on Seeking Alpha
Seeking Alpha • Jun 17

HDFC Bank: Negatives Are Priced In

Summary I expect HDFC Bank to report a flat net interest margin and a weaker rate of loan growth for the near future. HDB's unappealing prospects are reflected in its valuations, which are already discounted based on peer and historical comparisons. A Hold rating is awarded to HDFC Bank stock after looking at the company's prospects and the stock's valuations. Read the full article on Seeking Alpha
Seeking Alpha • Apr 03

HDFC Bank: The Jury Is Still Out, Although The Risk-Reward Is In A Better Place

Summary HDB has lost 18% of its value since its merger with HDFC, underperforming other Indian financials and a diversified basket of Indian stocks. We discuss some of the major sub-plots that could impact HDB's performance. On the technical front, the reward-to-risk equation looks quite encouraging now. Read the full article on Seeking Alpha
Seeking Alpha • Jan 22

HDFC Bank: Why The $21bn Rout Was Not Unjustified

Summary HDFC Bank continues to muddle through a challenging post-merger rest. While asset quality is trending in the right direction, getting back to pre-merger growth and profitability remains a big hurdle. Expectations may now also be a lot lower than before, but I would be cautious about calling a bottom just yet. Read the full article on Seeking Alpha
Seeking Alpha • Nov 17

HDFC Bank: Cleaning Out The Closet

Summary Even after a big reset to expectations pre-earnings, HDFC Bank delivered a mixed quarter. NIM compression remains the pressing concern, particularly relative to a seemingly ambitious midterm plan. Given its lower return profile and uncertainties related to post-merger integration, the stock deservedly trades at a narrower book value premium here. Read the full article on Seeking Alpha
Seeking Alpha • Sep 09

HDFC Bank: Merger Done, A New Chapter Begins (Rating Downgrade)

Summary HDFC Bank closes its merger with former parent company HDFC. There are clear scale economies here long term, but in the initial phases of integration, expect some P&L headwinds. The stock has de-rated, but rightly so, given HDFC's lower margin book and the increased complexity of the pro-forma entity. Read the full article on Seeking Alpha
Seeking Alpha • Jul 04

HDFC Bank: A Bet On The Rapid Emergence Of India

Summary HDFC Bank has performed very well in the past year, as India continues to lead the world in real GDP growth. The company is well-positioned to benefit from India's fast-growing economy amid its young population and rising foreign investments. HDB's leading payment business should also be a growth driver, as the adoption and spending for credit cards continues to increase. The current valuation looks very reasonable when considering its strong earnings growth. Read the full article on Seeking Alpha
Seeking Alpha • Jan 09

HDFC Bank: Market's Attention Is On Pending Merger

Summary HDB's share price initially dropped by -25% in the one month after it proposed a merger with HDFC Limited. HDFC Bank's trailing price-to-tangible book and consensus forward P/E multiples have also compressed significantly in the nine months following the initial merger announcement. I think a Hold rating for HDFC Bank is fair, taking into account both the negatives and positives associated with the proposed merger. Elevator Pitch My investment rating for HDFC Bank (HDB) stays as a Hold. I reviewed HDFC Bank's financial performance for the first quarter of fiscal 2022 with my earlier September 24, 2021 write-up for the bank. With expectations that HDFC Bank's merger with HDFC Limited will be completed this year, it is timely to assess how the market has responded to the proposed merger, and evaluate the merits and risks associated with this M&A deal. On one hand, I am concerned about HDFC Bank's near-term net interest margin and ROE outlook, and its increased capital requirements once the merger is concluded. On the other hand, I like the cross-selling synergies and asset mix optimization benefits that the merger brings. Considering the pros and cons of the merger, I continue to rate HDB's stock as a Hold. HDB's Valuation Multiples Have Compressed Following Merger Announcement On April 4, 2022, HDFC Bank disclosed that it was proposing a merger with its parent, HDFC Limited, which it described as "India’s largest housing finance company" in the announcement. The Indian stock market exchanges have given the go-ahead for the merger in December 2022, and this deal is expected to be concluded in Q2/Q3 of fiscal 2024 ended March (the second half of calendar year 2023). In the month following the merger announcement, HDFC Bank's stock price fell by as much as -25% from $67.67 as of April 4, 2022 to reach an one-year trough of $50.61 during intra-day trading on May 9, 2022. While HDB's shares subsequently recovered to close at $67.40 as of January 6, 2023, this also means that HDFC Bank's share price is roughly back at the same level it was at nine months ago when the merger was revealed. More importantly, HDFC Bank's valuation multiples have compressed to a considerable extent in the last nine months. Based on valuation data sourced from S&P Capital IQ, HDFC Bank's consensus forward next twelve months' normalized P/E multiple de-rated from 22.1 times as of April 4, 2022 to 18.0 times at the end of the January 6, 2023 trading day. In the same time period, HDFC Bank's trailing twelve months' price-to-tangible book valuation ratio declined from 3.89 times to 3.42 times. It is clear from the de-rating of HDB's valuation multiples that investors have reservations about the merits of the merger between HDFC Bank and HDFC Limited. In my view, there are both pros and cons associated with the merger as detailed in the subsequent sections of the article. Positives Associated With The Proposed Merger On the positive side of things, HDFC Bank can realize cross-selling synergies, optimize its asset mix, and achieve greater economies of scale. Firstly, there is room for HDFC Bank and HDFC Limited to cross-sell more products to each other's client base. Even though HDFC Bank is HDFC Limited's subsidiary, roughly seven in 10 of HDFC Limited's customers don't have any banking relationships with HDFC Bank, as highlighted in HDB's April 2022 investor presentation. On the flip side, only a mere 2% of HDFC Bank's clients take up mortgage loans with HDFC Limited, while four times as many of HDB's customers are actually doing business with HDFC Limited's competitors in the Indian mortgage banking space. Secondly, the combined entity created with the merger of HDFC Bank and HDFC Limited will have a more balanced mix. As indicated in its April 2022 investor presentation, HDFC Bank on a stand-alone basis had the commercial & rural banking and corporate banking segments account for a majority or 61% of its total loans. Following the proposed merger with HDFC Limited, the percentage of HDB's loans derived from the commercial & rural banking and corporate banking segments will drop to 42%. This change in asset mix will come about as the merged entity's exposure to mortgages (as a proportion of total loans) grows from 11% to 33% after the proposed merger is completed. Thirdly, HDFC Bank is in a position to benefit from more substantial economies of scale in a high-fixed cost business like banking with the merger. The pro-forma numbers for the merged entity disclosed in HDFC's April 2022 presentation slides suggest that HDFC Bank's deposits and gross advances can potentially expand by +44% and +33%, with the integration of HDFC Limited's operations after the conclusion of the merger. The Merger's Key Risk Factors On the negative side of things, there are concerns that the proposed merger with HDFC Limited will pose risks to HDFC Bank's margins and growth outlook.
Seeking Alpha • Oct 27

HDFC Bank: Steady As She Goes

Summary HDFC Bank delivered another stellar quarter of loan and deposit growth. The bank’s NIM expansion has also remained solid, supporting industry-leading profitability through the cycles. The stock trades at a book value discount to historical levels as well, and patient, long-term-oriented investors stand to be well rewarded.
Seeking Alpha • Oct 17

HDFC Bank GAAP EPS of ₹19.00, core net revenue of ₹28,869.8 crore

HDFC Bank press release (NYSE:HDB): Q2 GAAP EPS of ₹19.00. Core net revenue of ₹28,869.8 crore (+18.3% Y/Y). Net interest income grew by 18.9% Y/Y to ₹ 21,021.2 crore. The total credit cost ratio was at 0.87%, as compared to 1.30% for the quarter ending September 30, 2021. Total Deposits showed a healthy growth and were at ₹ 1,673,408 crore, an increase of 19.0% Y/Y. Net non-performing assets were at 0.33% of net advances as on September 30, 2022.
Seeking Alpha • Jul 15

HDFC Bank: Sustainability At Its Core

HDFC Bank maintains consistently high shareholder returns by having sustainable interest margins and operational efficiency. The bank has consistently maintained a positive ROE that is also significantly above the industry average over the four years ending 2022. HDFC Bank’s shareholders obtained higher returns for their investment compared to those who invested in other financial institutions in India. HDFC Bank Limited (HDB) engages in the provision of banking and financial services, including commercial banking and treasury operations. The firm also provides financial services to upper- and middle-income individuals and corporations in India. Besides its country of origin, HDB also has major operations in the Middle East and Hong Kong. It is a subsidiary of Housing Development Finance Corporation. As the following analysis will show, HDB maintains consistently high shareholder returns by having sustainable interest margins and operational efficiency. It has also shown prudency towards risk. Therefore, it can be expected that HDB's returns will persist into the future. A buy or hold investment decision is thus suggested. Profitability Return on equity [ROE] is a primary indicator of a bank's profitability and efficiency in utilizing shareholder capital. Figure 1 shows that HDB's ROE has remained within the ranges of 17-16%. While this range is narrow, it is considerably higher than that of its primary rival. Additionally, it is also higher than the industry median in India (3.2%). The implication is that HDB's shareholders obtained higher returns for their investment compared to those who invested in other financial institutions in India. Additionally, and as will be discussed in subsequent sections, HDB was operationally more efficient and more risk prudent compared to the average bank in India. Finbox Figure 1: ROE trends HDB's primary activity is lending for a profit. Therefore, its performance on this front is of critical importance. One of the core measures useful in assessing HDB's performance with regard to profitability is net interest margin [NIM]. This is the ratio between a bank's net interest income and its total earning assets. As Figure 2 shows, HDB's NIM has been on a slight decline over the last four years. This outcome can be attributed to a general downward trend in interest rates charged by the Reserve Bank of India [RBI]. Specifically, the RBI had reduced the rate at which it lends money to commercial banks to record lows to ease the economic repercussions of the COVID-19 pandemic. This rate is an indicator of eventual commercial lending rates and suggests that HDB moved towards lowering its customer rates. Additionally, there has been consistent growth in earning assets during the four years. Nevertheless, HDB earned higher than average NIM compared to its rivals during this period. hdfcbank.com ; icicibank.com Figure 2: NIM trends Against this background of low interest margins, banks in India have the option of focusing revenue generation through noninterest sources. However, Figure 3 shows this avenue's importance in the revenue mix has grown steadily for HDB over the four years ending 2022. However, noninterest income has a limit in that in a nearly perfect market where customers primarily seek out commercial banks for services related to lending, excessive banking fees are likely to drive clients to a rival. It is likely that this realization is what led HDB's rival into reducing the role played by noninterest income in its revenue mix and as seen in Figure 3. hdfcbank.com;icicibank.com Figure 3: Non-interest income to gross revenue ratio trends Besides having superior NIM performance, HDB also had above-average asset efficiency. This is assessed by the return on assets [ROA] ratio which measures how efficient a bank is at utilizing scarce resources in deriving profits. HDB's superior asset returns are shown in Figure 4. However, it is necessary to note that HDB's ROA is on a near plateau at around 2%, while that of its main competitor has seen a sharp rise over the last four years. While this does not cast doubt on HDB's above-average performance, it suggests that the bank could learn from its rivals on ways to improve its asset utilization. hdfcbank.com;icicibank.com Figure 4: ROA trends In a market characterized by low interest margins, as denoted in Figure 2, it is imperative that banks have stringent control over their operating costs if they are to derive residual profits. To assess management's efficiency on this front, the ratio of operating costs to gross revenues is applied. Figure 5 shows that HDB has maintained a significantly lower operational efficiency ratio compared to its rival. This outcome has been attained despite HDB being larger than its competitors with respect to employee numbers. It is necessary to note that employee compensation often accounts for a considerable portion of operating costs in the banking industry. A subsequent inference is that HDB at the very least derived higher revenues per employee compared to its competitor. This is a major contributor to the bank's net income as evidenced in the ROA discussed earlier, which is also a profitability indicator. hdfcbank.com;icicibank.com Figure 5: Cost to income ratio trends Risk Analysis Besides a consideration of profit, a risk analysis is also paramount in the banking industry. As entities that lend money with uncertain chances of repayment, nonperforming assets are a key indicator as these represent that portion of loans that are considered overdue and have little chance of repayment. Furthermore, low nonperforming assets [NPAs] suggests a stringent lending culture that provides greater repayment assurance. Therefore, the NPA performance shown in Figure 6 is reflective of these considerations. Namely, HDB has a lower risk outlook and better lending practices compared to its rival.
Seeking Alpha • Jun 24

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.
Seeking Alpha • Apr 04

HDFC Bank: Turning A New Chapter Post RBI Restrictions

HDFC Bank is now in the clear as the RBI lifts its digital restrictions after a 15-month wait. The bank has taken steps to significantly upgrade its tech stack and governance, leaving it in better shape to unlock further growth. For a bank sustaining high-teens ROE and positioned for post-COVID tailwinds, the current valuation is attractive.
Seeking Alpha • Nov 28

HDFC: Well Positioned To Profit From India's Economic Upswing

HDFC has underperformed relative to peers largely as a result of the RBI ban. Fundamentally the bank is sound and although it lags in terms of net revenue growth, HDFC’s pristine asset quality levels and profitability are largely unaffected. Underperformance could offer an opportunity to acquire shares in a bank that offers a combination of profitability, stability, a consistent track record and long term growth potential.
Seeking Alpha • Sep 24

HDFC Bank: Long-Term Growth Potential Overshadowed By Short-Term Challenges

HDFC Bank's recent quarterly financial results indicate that its loan growth has slowed and asset quality has deteriorated, which are the market's key concerns about the company. On the flip side, HDFC Bank's growth runway appears to be long considering the opportunities with rural markets and small businesses. HDFC Bank is currently valued by the market at 25.8 times consensus forward next twelve months' P/E.
Seeking Alpha • Jul 08

With Banks Getting Ready To Kick Off Earnings Season, I Like HDFC Bank Better Than Most

HDFC Bank has seen earnings and revenue growth higher than the overall banking industry in recent years. The stock has pulled back since February and that has brought it into contact with a trend line that connects the lows from the last 16 months. Sentiment toward HDFC is considerably less optimistic than the large U.S. banks and that could help it going forward.

주주 수익률

HDBUS BanksUS 시장
7D1.2%3.2%1.0%
1Y-33.1%22.4%28.7%

수익률 대 산업: HDB은 지난 1년 동안 22.4%의 수익을 기록한 US Banks 산업보다 저조한 성과를 냈습니다.

수익률 대 시장: HDB은 지난 1년 동안 28.7%를 기록한 US 시장보다 저조한 성과를 냈습니다.

주가 변동성

Is HDB's price volatile compared to industry and market?
HDB volatility
HDB Average Weekly Movement4.8%
Banks Industry Average Movement3.5%
Market Average Movement7.2%
10% most volatile stocks in US Market16.4%
10% least volatile stocks in US Market3.1%

안정적인 주가: HDB는 지난 3개월 동안 US 시장에 비해 주가 변동성이 크지 않았습니다.

시간에 따른 변동성: HDB의 주간 변동성(5%)은 지난 1년 동안 안정적이었습니다.

회사 소개

설립직원 수CEO웹사이트
1994211,178Sashi Jagdishanwww.hdfc.bank.in

HDFC Bank Limited는 인도, 바레인, 홍콩, 싱가포르, 두바이에서 개인과 기업에 은행 및 금융 상품과 서비스를 제공합니다. 이 회사는 재무, 소매 은행, 도매 은행, 기타 은행 사업, 보험 사업 및 기타 부문을 통해 운영됩니다. 저축, 급여, 경상, 농촌, 공공 적립금, 연금, 데모 계좌, 정기 및 정기 예금, 안전 예금 보관함, 역외 계좌 및 예금, 정기 예금에 대한 초과 인출을 제공합니다.

HDFC Bank Limited 기초 지표 요약

HDFC Bank의 순이익과 매출은 시가총액과 어떻게 비교됩니까?
HDB 기초 통계
시가총액US$123.38b
순이익 (TTM)US$7.95b
매출 (TTM)US$29.61b
15.5x
주가수익비율(P/E)
2.0x
주가순자산비율(P/B)

HDB는 고평가되어 있습니까?

공정 가치 및 평가 분석 보기

순이익 및 매출

최근 실적 보고서(TTM)의 주요 수익성 지표
HDB 손익계산서 (TTM)
매출₹2.83t
매출원가₹0
총이익₹2.83t
기타 비용₹2.07t
순이익₹760.26b

최근 보고된 실적

Mar 31, 2026

다음 실적 발표일

해당 없음

주당순이익(EPS)49.38
총이익률100.00%
순이익률26.83%
부채/자본 비율96.7%

HDB의 장기 실적은 어땠습니까?

과거 실적 및 비교 보기

배당

1.7%
현재 배당 수익률
26%
배당 성향

기업 분석 및 재무 데이터 상태

데이터최종 업데이트 (UTC 시간)
기업 분석2026/05/22 22:49
종가2026/05/22 00:00
수익2026/03/31
연간 수익2026/03/31

데이터 소스

당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.

패키지데이터기간미국 소스 예시 *
기업 재무제표10년
  • 손익계산서
  • 현금흐름표
  • 대차대조표
분석가 컨센서스 추정치+3년
  • 재무 예측
  • 분석가 목표주가
시장 가격30년
  • 주가
  • 배당, 분할 및 기타 조치
지분 구조10년
  • 주요 주주
  • 내부자 거래
경영진10년
  • 리더십 팀
  • 이사회
주요 개발10년
  • 회사 공시

* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.

별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.

분석 모델 및 스노우플레이크

이 보고서를 생성하는 데 사용된 분석 모델에 대한 자세한 내용은 당사의 Github 페이지에서 확인하실 수 있습니다. 또한 보고서 활용 방법에 대한 가이드와 YouTube 튜토리얼도 제공합니다.

Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.

산업 및 섹터 지표

산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.

분석가 소스

HDFC Bank Limited는 74명의 분석가가 다루고 있습니다. 이 중 37명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.

분석가기관
Parth Gupta360 ONE Capital Market Private Limited
Jignesh ShialAmbit Capital
Nitin BhasinAmbit Capital