Core Ebitda up ~63% y-o-y; Jio, retail performance was in line with estimates; ‘Overweight’ retained with target price of Rs…
RoE expected to reach ~16% by FY25; ‘Overweight’ rating retained with target price of Rs 910; valuation is attractive.
Earnings were a tad better than estimates; investors discounting positives; ‘Overweight’ retained with target price of Rs 3,253
4% q-o-q earnings growth expected; scope for 10%+ EPS raise in FY23 due to strength in energy vertical; ‘Overweight’ retained.
GMV growth was steady at 105% y-y in March; Ebitda breakeven is expected in FY25; ‘Equal-weight’ rating with unchanged TP…
SBI has much “option value,” both in earnings (1% RoA) and multiples. Our bull case (>100% upside) reflects this. Its…
Stock has underperformed year to date and has significantly underperformed both Sensex and Bankex.
Beat in Q2 and interest cost savings are expected to drive consensus upgrades; ‘Overweight’ maintained
Global comparisons: We find it of interest that global utilities focused on a single line of business tend to trade…
Core revenue growth slowed in Q1; UW retained given fuzzy outlook on asset front and muted RoE prospects.
Our thesis of structural and cyclical upturn is playing out. We raise our target P/E to 34x, marginally above long-term…
Net debt to remain stable in FY21; FY21e EPS down 10% to factor in Covid-19; TP revised to Rs 1,544…
Revenue/ average AUM has continued to surprise positively, driven by strong fee income and rising share of high-yielding loans.
Consol. Ebitda for FY21/22e up 3/1%; TP raised to `174; valuations still reasonable.
We forecast good core PPoP growth of ~25% CAGR during FY19-22. Although the bank should reduce risk and see higher…
The loan market share gain has been going on for years.
The company is starting construction on 12-13msf of new projects in its Devco, including the luxury residential project in Phase-V…
With a 350 bp higher ROCE than Asian energy peers and a focus on balance sheet deleveraging, we find the…
