*Macquarie on HDFC Bank*
* Maintain outperform, target at `1,500* Diversification has helped sustaining growth for the bank
* Recent wage hike plus possibly good monsoons could ensure strong demand
* Retail - opportunities exist, See some price discipline in retail segment
* Fee income growth continues to be a challenge
* At 3.0x FY18E book, stock trades in line with historical averages
* Expect CAGR in loans, EPS and BVPS at 25%, 22% and 18% over next 3 years
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