CLSA On SBI
Outperform Name, Goal Rs1,050/sh
Good Efficiency On Asset High quality However NIM Compressed
Mortgage Development Moderates In-line With System
Decline In NIM Barely Disappointing However Asset High quality Stays Intact
Deposit Development Of 10% Was Not Dangerous However Is Uninspiring
Mgmt Tgts 10-11% YoY Deposit Development In FY25
It Lowered Deposit Development Tgt From 11-12% in Q2FY25
Bernstein On SBI
Market Carry out, Goal Rs900/sh
Margin Strain Drives Down RoA To 1% Regardless of Secure Asset High quality
Mortgage Development Was Wholesome At 14%
Deposit Development Remained Weak & Pushed By Time period Deposits
Asset High quality Improves Additional
NIM Declines Whereas NOI Normalises
Nomura On SBI
Purchase Name, Goal Rs1,000/sh
Blended Quarter, Comfortable NIMs, Sturdy Mortgage Development & Asset High quality
Sturdy RoE Outlook, Valuations Engaging
Comfortable NIMs & Price Revenue Led To Core-PPoP Miss; Decrease Credit score Prices Aids PAT
MS On SBI
Equal-weight Name, Goal Rs865/sh
Asset High quality Stays Sturdy
Core PPoP Margin Development Stays Below Strain
NIMs Declined By 13 bps QoQ & Drove 3% NII Miss
Credit score Development Stays Sturdy At 14% YoY
Credit score Continues To Develop Quicker Than Deposits Given Higher Liquidity Beginning Level
HSBC On SBI
Maintain Name, Goal Reduce To Rs800 From Rs880/sh
Q3 Miss On Mortgage Development, NIMs & Price Ratios
Asset High quality Efficiency Was Wholesome
See Muted EPS Development Over FY25-27 As Increased NIM Strain Continues
Reduce FY25-27 EPS Est By 1.5-5.2%
Macquarie on SBI
Underperform Score, Goal Value Rs700
NIM steerage decreased by 30bps to three% ranges
Credit score prices decline pushed by provision write-back
Anticipate credit score prices to extend given the upcoming ECL norms and normalisation of recoveries
CLSA On Bharti Airtel
Outperform Name, Goal Rs1,860/sh
Q3 India Cellular Income/EBITDA Up 21%-30% YoY & Indus Consolidation
ARPU Was Up 5% QoQ & 18% YoY & Now 21% Increased Than Reliance Jio’s
Bharti Even Gained 4.9 M Subscribers Versus A 2.9 M Loss Earlier Quarter.
Bharti’s Q3 Consolidated FCF After Leases/Capex Have been Sturdy
UBS on Airtel
Largely in-line outcomes, with outperformance vs Jio
Impartial with a PT of Rs1,705
Residence broadband was barely forward of our estimates, whereas Enterprise section was a tad under
India cellular revenues in step with exp
Airtel added 6.5mn 4G subs and postpaid web provides of 0.6mn have been sturdy
Concentrate on dividend progress
HSBC On Bharti Airtel
Purchase Name, Goal Rs1,940/sh
Development Levers Are Intact
Rising Cellular ARPU, Increasing Residence Broadband Subs, Rising FCF, & Development In Dividends
MS On Bharti Airtel
Equal-weight Name, Goal Rs1,650/sh
India Biz Income (Excluding Passive Infrastructure) Was In-line With Est
EBITDA Beat Est By 2%
India Web Debt (Excluding Lease Liabilities & Indus Towers) Narrowed By Nearly $1bn QoQ
This Mirrored Stable FCF Technology In Q3FY25
Regular Development In Subscribers
ARPU In India Cellular Biz, Alongside With Sharp Margin Enchancment QoQ
