External broker reports(aggregated public sources), Sharekhan

Sharekhan

External broker reports(aggregated public sources)

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>SBI is reasonably confident to deliver ~15% loan growth and RoE of 16-18% in the near to medium term.</li><li>The bank is well positioned to manage sectoral headwinds, given surplus liquidity and comfortable LDR at ~75%, while the overall impact on margins would not be significant if the rate cuts cycle starts as it has levers to restrict the impact.</li><li>The asset quality is holding up well and the portfolio is still not showing worrying signs, including unsecured retail loans despite the slowdown in growth.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SBI is reasonably confident to deliver ~15% loan growth and RoE of 16-18% in the near to medium term.The bank is well positioned to manage sectoral headwinds, given surplus liquidity and comfortable LDR at ~75%, while the overall impact on margins would not be significant if the rate cuts cycle starts as it has levers to restrict the impact.The asset quality is holding up well and the portfolio is still not showing worrying signs, including unsecured retail loans despite the slowdown in growth.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>State Bank of India (SBIN) reported 2QFY25 PAT of INR183.3b (up 28% YoY, 12% beat), driven by a steady NII and robust treasury income.</li><li>The bank is well poised to deliver robust growth as domestic CD ratio remains controlled at 67.9% while strong underwriting will enable a tight leash on credit cost.</li><li>SBI has delivered three years earnings CAGR of 36% with an average RoA at 1%.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

State Bank of India (SBIN) reported 2QFY25 PAT of INR183.3b (up 28% YoY, 12% beat), driven by a steady NII and robust treasury income.The bank is well poised to deliver robust growth as domestic CD ratio remains controlled at 67.9% while strong underwriting will enable a tight leash on credit cost.SBI has delivered three years earnings CAGR of 36% with an average RoA at 1%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

State Bank of India - Steady Quarter; Asset Quality Ratios Improve Further

<ul><li>PAT at Rs. 18,331 crore (up 28% y-o-y) was significantly above estimates mainly driven by higher treasury gains and other income resulting in RoA/RoE at . 17%/18.0% in Q2FY25.</li><li>Lower slippages (0.59% annualised versus 1.08% q-o-q) led to stable asset quality thus core credit cost was also lower at 38bps annualized versus 48 bps q-o-q and 22 bps y-o-y.</li><li>Bank guided that overall portfolio is still not showing worrying signs including unsecured retail loans.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PAT at Rs. 18,331 crore (up 28% y-o-y) was significantly above estimates mainly driven by higher treasury gains and other income resulting in RoA/RoE at . 17%/18.0% in Q2FY25.Lower slippages (0.59% annualised versus 1.08% q-o-q) led to stable asset quality thus core credit cost was also lower at 38bps annualized versus 48 bps q-o-q and 22 bps y-o-y.Bank guided that overall portfolio is still not showing worrying signs including unsecured retail loans.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

State Bank of India - Steady Q2, Non-Interest Income Drives Return Ratios

Equity Research Analyst - Long-Short

Raj S, CA, CFA

Artoval Advisors

Art’o’val stands for Art of Valuation. Artoval Advisors LLP is a professionally run advisory firm catering to various financial advisory services including Valuation, Investment Research, Training, Accounting, CFO Services and other ancillary services.

We are passionate about what we do and strongly believe in working with our clients as their extended teams. With Artoval Advisors as their trusted partner, our clients find it easy to achieve efficiency in service delivery without compromising on quality.

True Art of Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/state-bank-of-india" target="_blank" data-smartkarma-citation="entities:160:1" rel="noopener">State Bank Of India (SBIN IN)</a> is the best-performing PSU bank in India and shows clear convergence with private peers across fundamental metrics beyond what its valuations might suggest</li>
<li>Medium-Term ROE Forecast of 16% to 18% and loan growth forecast of 14% to 16%; ROA ~1.2% consistently; Strong fee income; successful cross-selling through subsidiaries; Strong asset quality.
</li>
<li>
 P/BV is cheap at 1.3x FY25e, compared private peers’ valuations of 2.5x to 3.0x. SBIN can potentially re-rate to P/BV of ~1.6x FY25e in the near term (~35% upside).</li>
</ul>



State Bank Of India (SBIN IN) is the best-performing PSU bank in India and shows clear convergence with private peers across fundamental metrics beyond what its valuations might suggest
Medium-Term ROE Forecast of 16% to 18% and loan growth forecast of 14% to 16%; ROA ~1.2% consistently; Strong fee income; successful cross-selling through subsidiaries; Strong asset quality.


 P/BV is cheap at 1.3x FY25e, compared private peers’ valuations of 2.5x to 3.0x. SBIN can potentially re-rate to P/BV of ~1.6x FY25e in the near term (~35% upside).


State Bank Of India (SBIN IN): Initiation -  Convergence with Private Peers, Poised for Re-Rating

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Advances grew by 15/1% YoY/QoQ, marginally lower than our expectations.</li><li>Deposits grew by 8% YoY and flat QoQ. CASA deposits 3% YoY and -1% QoQ. CASA Ratio stood at 39.1% vs 41.2/39.5% YoY/QoQ.</li><li>Overall C-D Ratio stood at 76.5% vs 71.4/75.3% YoY/QoQ.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Advances grew by 15/1% YoY/QoQ, marginally lower than our expectations.Deposits grew by 8% YoY and flat QoQ. CASA deposits 3% YoY and -1% QoQ. CASA Ratio stood at 39.1% vs 41.2/39.5% YoY/QoQ.Overall C-D Ratio stood at 76.5% vs 71.4/75.3% YoY/QoQ.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

State Bank of India - Steady Quarter, No Road-Blocks in RoA Delivery of 1.1%!

India

State Bank of India provides a wide range of banking and financial services to corporate, institutional, commercial, agricultural, industrial and individual customers throughout India.  The Bank also provides international banking to its Indian customers and has operations in other countries.

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State Bank Of India (SBIN IN)

State Bank of India - On Strong Footing

SBI is reasonably confident to deliver ~15% loan growth and RoE of 16-18% in the near to medium term.The bank is well positioned to manage sectoral...

Sharekhan

State Bank of India - Steady Quarter; Asset Quality Ratios Improve Further

State Bank of India (SBIN) reported 2QFY25 PAT of INR183.3b (up 28% YoY, 12% beat), driven by a steady NII and robust treasury income.

Motilal Oswal

State Bank of India - Steady Q2, Non-Interest Income Drives Return Ratios

PAT at Rs. 18,331 crore (up 28% y-o-y) was significantly above estimates mainly driven by higher treasury gains and other income resulting in RoA...

Sharekhan