SBI
CREDIT SUISSE ON SBI : 05.08.2021
* Credit Suisse maintain Outperform, Target upped at Rs 550/sh
* Strong asset quality outcomes sustain
• Growth is likely to remain in line with industry
* Expect a pick up, led by retail
• Stock at 0.8x FY23E P/B and 13% ROE
JPMORGAN ON SBI : 05.08.2021
* JPMorgan maintains Overweight, Target at Rs 575/sh
* Slippage rate of 2.5% was one of the lowest in the industry
* NIMs of 2.9% were flat Q/Q
* Expect improvements in asset quality
* Consequent profitability to drive re rating at bank
CLSA ON SBI : 05.08.2021
• Decent performance in a tough quarter
* Continuing to deliver on asset quality in an operationally muted quarter
* Slippage at 65bps of loans; relatively strong performance
• Retail stress increase not a worry
JEFFERIES ON SBI : 05.08.2021
* Jefferies maintains BUY call on State Bank of India, target raised to Rs 550 from 520/sh
* Managing Asset Quality Better, But Growth May Lag
* Profit Led By Other Income & Tad Lower Provision
* Slippages At 2.8% Of Past Loans Above Expectations
* We See Scope For Upgrades In Q2 & Q3
* Despite Stronger CASA, Co Has Lagged On Loan Growth
* Co Stays Among Key Picks With Buy Rating: It's A Preferred Recovery Play
* Trim FY22-23 EPS Estimates By 4%
* MAINTAIN BUY TARGET: 550 (PREV TGT: 520)
CLSA ON SBI : 05.08.2021
* CLSA maintains BUY call on SBI, target at Rs 650/sh
* Decent Performance In A Tough Quarter
* Continuing To Deliver On Asset Quality
* NII Miss Driven By Yield Pressure & A Lack Of Growth
* PPOP/PAT Estimates Cut By 1-3%
* Expect Co To Deliver A 14% ROE In FY22 & 15% From FY23
* MAINTAIN BUY TARGET: 650
MS ON SBI : 05.08.2021
* Morgan Stanley maintains OVERWEIGHT call on SBI, target at Rs 600/sh
* Bad Loan Formation At 1.0% Of Loans Broadly In-line
* Slippages Higher & Restructuring Is Lower Vs Our Estimates
* Core PPOP Missed Estimate On Lower Margin & Slower Growth In B/S
* Reduce EPS Estimate By 3-4%
* MAINTAIN OVERWEIGHT TARGET: 600
