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As for the P/B, yes, 3.9 is high, though not the highest we've seen for HDB and you're paying for quality here. HDB continues to put up 20%+ growth and maintains industry leading margins and asset quality.

I am not a 100% sure on this but the trading range for HDB has traditionally been between 3 - 6 times P/B. So 3.9 seems on the lower end. I think FX is a big IF here. The 50% growth in dividend this year translated to 0% growth due to FX. I hope the rupee gains next year during the July time when HDB pays the dividend. The dividend growth over the last 13 - 15 years has been staggering and I do not think that will slow in the near future. Maybe 10 - 20 years from now.

Again, my biggest holding and I have been a shareholder since the 2000's.

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