SBI Rating
CLSA ON SBI : 24.05.2021
* Maintain BUY, Target upped at Rs 650 from Rs 600/share
* State Bank of India's 4QFY21 was a big beat
* FY21 slippages at less than 1.2% of loans were best in class
* Corporate credit cycle clearly turning and retail slippages at less than 0.5%
* Current valuations at 0.7x Mar-23 book are undemanding
MS ON SBI : 24.05.2021
* MAINTAIN OVERWEIGHT TARGET: 600
* Morgan Stanley is OVERWEIGHT on SBI, says valuations are attractive at current levels
* FY21 Asset Quality Was Strong Despite COVID
* Core PPOP Also Did Well & Will Improve Further
* Valuations Attractive At Current Levels
JPMORGAN ON SBI 24.05.2021
* Maintain Overweight, Target upped at Rs 515/share
* Credit growth outlook however remains hazy
* SBI's FY21 asset quality print is even better vs. large private banks
* Expect bank's ROA to reflate back to the historical average
CS ON SBI : 24.05.2021
* MAINTAIN OUTPERFORM TARGET: 480
* Credit Suisse maintains OUTPERFORM call on SBI, lifts EPS by 2-8% on lower provisions & higher recoveries
* Strong Asset Quality Outcomes, Recoveries Aid ROE
* May Not Need Additional Capital Unless Loan Growth Picks Up
* Lift EPS By 2-8% On Lower Provisions & Higher Recoveries
GS ON SBI : 24.05.2021
* MAINTAIN BUY TARGET: 648 (PREV TGT: 585)
* Goldman Sachs maintains BUY call on SBI, increases target to Rs 648/sh
* Increase Earnings By 6%/11% For FY22-23
* Positively Surprised In FY21 On Many Fronts
* Decade-best Asset Quality & Improvement In RoA On Expanding Retail Portfolio
* Have Hit Its Structurally Peak RoAs Of +1% & RoEs Of 16-18% By FY23-25
CLSA ON SBI : 24.05.2021
* MAINTAIN BUY TARGET: 650
* CLSA maintains BUY call on SBI, target at Rs 650/sh
* Best In Class; Still At PSU Price
* Visibility of 15% ROE High Now
* Current Valuations At 0.7x March 20223 Book Are Undemanding
* FY21 Slippages At Less Than 1.2% Of Loans Were Best In Class
MACQUARIE ON SBI : 24.05.2021
* MAINTAIN OUTPERFORM TARGET: 450
* Macquarie maintains OUTPERFORM call on SBI, target at Rs 450/sh
* Biggest Positive Has Been Asset Quality; Lower Slippages & Restructuring
* Weak Loan Growth Remains A Concern
* Core P/BV Attractive At 0.8x FY23e
MORGAN STANLEY ON SBI : 24.05.2021
* Maintain Overweight, Target at Rs 600/share
* Turn in corporate NPL cycle is offsetting COVID impact
* FY21 asset quality was strong despite COVID, given good retail underwriting
* Core PPoP also did well and will improve further; FY22e P/E of ~5x, 2.8x core PPOP, and 0.7x core book
GOLDMAN SACHS ON SBI : 24.05.2021
* Maintain BUY, Target at Rs 648/share
* SBI positively surprised in FY21 on many fronts
* Improvement in ROA on expanding retail portfolio
* Q4 the bank delivered a beat on core PPOP by 19%
