Motilal Oswal - MOSL: MOrning India (22/May/17)-1.GST; 2. Consumer (GST); 3. SBI; 4. Grasim Inds.; 5. Titan Company; 6. GSK Pharma; 7. PNB

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Motilal Oswal

Team Research

MOSL: MOrning India (22/May/17)-1.GST; 2. Consumer (GST); 3. SBI; 4. Grasim Inds.; 5. Titan Company; 6. GSK Pharma; 7. PNB

â€‹MOrning India (22/May/17): 1.GST; 2. Consumer (GST); 3. SBI; 4. Grasim Inds.; 5. Titan Company; 6. GSK Pharma; 7. PNB; 8. Bajaj Auto; 9. Cummins India; 10. Granules India

Todayâ€™s top research idea

â€‹State Bank of India: Healthy standalone operating performance marred by huge clean-up in ABs
SBIN exhibited strong growth in granular retail loans (+21% YoY), which was broad-based across housing (+17%), auto (+21%) and personal loans (+30%).
While slippages were elevated, overall trends on asset quality are improving for SBIN with most of the stress in key stress sectors recognized. 72% of corporate slippages in FY17 happened from watch list, which gives us comfort. The bank has declared post-merger revised watch-list of INR324.7b (1.6% of loans) of which INR110b can be attributed to associate banks.
Within PSBs, SBIN remains the best play recovery in Indian economy with lowest NSL at 8.6%, relatively healthy PCR of 66%, healthy capitalization, strong liability franchise and focus on core operating profitability. Core and non-core strategic investments add significant value to the entity. Buy.

22/05/2017 36 EN

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MOSL: MOrning India (22/May/17)-1.GST; 2. Consumer (GST); 3. SBI; 4. Grasim Inds.; 5. Titan Company; 6. GSK Pharma; 7. PNB

MOSL : HOME FIRST FINANCE COMPANY: Earnings in-line with sustained improvement in asset quality

MOSL : SHOPPERS STOP: Ticking the right boxes

MOSL : ERIS LIFESCIENCES: Enhanced efforts toward product launch-related activities

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