SBI Cards : Under Bull's Control for 15% - 50% rise
SBI Cards :
A good Short term (15%) to Long Term (50%) play on cards from current levels. 720 SL
Here’s a summary of the key points :
1. Rating Upgrade: Stock rating for SBI Cards (SBICARD) upgraded to 'Buy' from 'Sell'.
2. Target Price Raised: Target price increased to 913 rupees from 652 rupees.
3. Profit Outlook: Pre-provision operating profit for SBIC is stabilizing as the industry undergoes cost rationalization.
4. Cost Efficiency: Improvement in the cost-to-income ratio amidst industry consolidation.
5. Earnings Estimates: EPS estimates raised by 7% for FY25 and 21% for FY26.
6. Credit Cost Expectations: Anticipates improvement in credit costs starting Q2 FY25 and expected loan growth from FY26.
7. Bond Issuance: SBI Cards accepted bids totaling 15 billion rupees ($178.7 million) for 10-year subordinated bonds at an annual coupon of 8.25%.
8*** Concerns on Lending: Ongoing concerns regarding unsecured lending in the market due to rising household leverage.
A good Short term (15%) to Long Term (50%) play on cards from current levels. 720 SL
Here’s a summary of the key points :
1. Rating Upgrade: Stock rating for SBI Cards (SBICARD) upgraded to 'Buy' from 'Sell'.
2. Target Price Raised: Target price increased to 913 rupees from 652 rupees.
3. Profit Outlook: Pre-provision operating profit for SBIC is stabilizing as the industry undergoes cost rationalization.
4. Cost Efficiency: Improvement in the cost-to-income ratio amidst industry consolidation.
5. Earnings Estimates: EPS estimates raised by 7% for FY25 and 21% for FY26.
6. Credit Cost Expectations: Anticipates improvement in credit costs starting Q2 FY25 and expected loan growth from FY26.
7. Bond Issuance: SBI Cards accepted bids totaling 15 billion rupees ($178.7 million) for 10-year subordinated bonds at an annual coupon of 8.25%.
8*** Concerns on Lending: Ongoing concerns regarding unsecured lending in the market due to rising household leverage.
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