MOSL: Morning India (13/November/17): 1. GST-2. SBI-3. L&T-4. BPCL-5. Mahindra & Mahindra-6. Nestle India-7. Bosch-8. Britannia Inds. 9. Aurobindo Pharma-10. Pidilite Inds.
​MOrning India (13/November/17): 1. GST; 2. SBI; 3. L&T; 4. BPCL; 5. Mahindra & Mahindra; 6. Nestle India; 7. Bosch; 8. Britannia Inds. 9. Aurobindo Pharma; 10. Pidilite Inds.
Today’s top research idea
- State Bank of India: Asset quality staging a turnaround; Buy
- Consol EBITDA grew 20% Yo SBIN reported a strong quarter - fresh slippages declined to INR106.27b (INR300.6b in 1QFY18), while healthy provisions (enabled by SBI Life stake sale gains) helped improve PCR by 470bp QoQ. The watch-list declined 13% QoQ to INR213b, while net NPA and restructured assets declined 83bp QoQ to 7.29. PPoP grew 13% QoQ, led by a healthy pick-up in NII and controlled opex. Cost/core income ratio fell 153bp QoQ to 56%, led by a 7% YoY fall in employee expenses.
- We build in capital infusion of INR120b in FY19 from recapitalization, revise our estimates (7% FY18 PAT estimate cut to account for higher credit costs) as we build in credit cost of 2.6%/2.1%/1.8% over FY18-20E, and estimate SBI to report net profit of INR316b in FY20. We maintain SBIN as our top Buy in the PSU banking space, with an SOTP-based TP of INR415.
Piping hot news
Category 3 AIFs see record capital inflows at Rs8,521 crore
In the first nine months of 2017, Category 3 Alternative Investment Funds (AIFs) have raised Rs8,521 crore (approximately $1.3 billion), which is more than double of what these funds managed to raise in the whole of 2016, according to data from markets regulator Securities and Exchange Board of India (Sebi).
Motilal Oswal Financial Services Ltd. is a reputed name in Financial Services and Online Trading with group companies providing services such as Private Wealth Management, Retail Broking and Distribution, Institutional Broking, Asset Management, Investment Banking, Private Equity, Commodity Broking, Currency Broking, Principal Strategies & Home Finance.
Motilal Oswal Securities is a group company of Motilal Oswal Financial Service Limited which started as a stock trading company and has blossomed into well diversified firm offering a range of financial products and services. Motilal Oswal has built a reputation as the source for best stock trading company and this has taken a wealth of experience, knowledge and expertise, constantly working in tandem, over the years.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.