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Buy SBI, target of Rs 1605: Motilal Oswal

Posted on: January 27th, 2009 and is filed under Brokerage Recommendations.

Motilal Oswal has maintained its buy rating on State Bank of India (SBI) with a target of Rs 1605 in its January 24, 2009 research report. “SBI 3QFY09 PAT at Rs 24.8 billion is in line with our estimates. Key highlights of the results are: (1) deposits growth at 36% YoY and 12% QoQ, savings deposits growth at 27% YoY and 5% QoQ, contained cost of deposits and sustained margins QoQ; (2) a strong fee growth of 57% YoY and 3) 100bp improvement in provision coverage QoQ to 48% (remains low though).”

“We expect SBI to report consol EPS of Rs179 in FY09 and Rs 196 in FY10. Consol ABV would be Rs 1,018 in FY09 and Rs 1,134 in FY10. Adjusted for SBI Life�s value of Rs 130 per share, the stock trades at 0.8x FY10E Consol ABV. Maintain Buy with a target price of Rs 1,605 � an upside of 53%,” says Motilal Oswal’s research report.

source: Moneycontrol

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