Market Dashboard
BSE Code: | NSE Code: | ISIN: | Sector:
| Change | Change % |
| -2.30 | -0.84% |
Updated:19 Sep, 2018, 15:59 PM IST |
|
| Change | Change % |
| -2.60 | -0.95% |
Updated:19 Sep, 2018, 16:01 PM IST |
|
Research Report Detail
| Brokerage Analyst |
Report Date | Call | Price@Call | Target Price Stop Loss |
Current Status | Time Horizon |
|---|---|---|---|---|---|---|
| Nomura N/A |
14-08-2017 | Buy | 278.35 | 330.00 N/A |
Target Hit | Long (1Y) 14-08-2018 |
Nomura maintains buy on State Bank of India 330
SBI's 1QFY18 performance was weaker than we expected, with slippages of INR300bn and INR179bn of slippages from SME/retail/Agri. While higher granular slippages were expected, the quantum was clearly a negative surprise. Also a NIM drop of around 40bp q-q was high and guidance of just 10-15bp improvement from current levels is not inspiring. With the weak show on NIM and asset quality, near-term catalysts are limited, in our view. The key over the next 6-12 months will be recovery from the granular accounts (guided INR130bn of recovery/upgrades) and NIM improvement from current levels.We expect normalised ROEs of around 11.5% by FY20F now and hence maintain our Buy rating. Our TP of INR330/share implies 1.1x Mar-19F adjusted book.
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