The upcoming quarter for HDFC Bank is expected to focus more on the commentary rather than the numbers. Analysts will closely watch the bank's timelines for achieving certain targets such as CASA, cost to income, ROA, and margins. The stock's underperformance may be attributed to over-ownership concerns, but in terms of fundamentals, once the bank achieves a 2% ROA, it is expected to re-rate upwards. The inclusion of subsidiaries in the analysis of HDFC Bank may introduce some complexity, but the argument for a large holding company discount is debatable.
