External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

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External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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.

Equity Bottom-Up

SBI Cards & Payment Services / Equity Bottom-Up

SBI Cards & Payment Services (SBICARD IN)

<p>We initiate on SBI Cards with BUY and RI-based target price of INR1,100. SBI Cards and Payment Services (SBI Cards), India's second largest credit card issuer, has established itself as an enviable franchise, delivering on all fronts (~40% EPS CAGR from FY18 to FY20, ~5-6% RoA, prudent risk management, etc.). With a balanced customer acquisition strategy across open market and banca (SBI), SBI Cards has diversified its revenue streams (fee income at ~50% of total income) to drive earnings, which is poised for a 45% EPS CAGR over FY21-FY24E.</p><div class="content-highlight"><em>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.</em></div>

We initiate on SBI Cards with BUY and RI-based target price of INR1,100. SBI Cards and Payment Services (SBI Cards), India's second largest credit card issuer, has established itself as an enviable franchise, delivering on all fronts (~40% EPS CAGR from FY18 to FY20, ~5-6% RoA, prudent risk management, etc.). With a balanced customer acquisition strategy across open market and banca (SBI), SBI Cards has diversified its revenue streams (fee income at ~50% of total income) to drive earnings, which is poised for a 45% EPS CAGR over FY21-FY24E.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 Cards and Payment Services (Initiating Coverage): Top-of-the-crest play. BUY