CLSA On SBI
Outperform Name, Goal Rs1,050/sh
Good Efficiency On Asset High quality However NIM Compressed
Mortgage Progress Moderates In-line With System
Decline In NIM Barely Disappointing However Asset High quality Stays Intact
Deposit Progress Of 10% Was Not Dangerous However Is Uninspiring
Mgmt Tgts 10-11% YoY Deposit Progress In FY25
It Lowered Deposit Progress 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 Progress Was Wholesome At 14%
Deposit Progress 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, Mushy NIMs, Strong Mortgage Progress & Asset High quality
Robust RoE Outlook, Valuations Enticing
Mushy NIMs & Charge Earnings Led To Core-PPoP Miss; Decrease Credit score Prices Aids PAT
MS On SBI
Equal-weight Name, Goal Rs865/sh
Asset High quality Stays Robust
Core PPoP Margin Development Stays Underneath Strain
NIMs Declined By 13 bps QoQ & Drove 3% NII Miss
Credit score Progress Stays Robust At 14% YoY
Credit score Continues To Develop Quicker Than Deposits Given Higher Liquidity Beginning Level
HSBC On SBI
Maintain Name, Goal Minimize To Rs800 From Rs880/sh
Q3 Miss On Mortgage Progress, NIMs & Value Ratios
Asset High quality Efficiency Was Wholesome
See Muted EPS Progress Over FY25-27 As Greater NIM Strain Continues
Minimize FY25-27 EPS Est By 1.5-5.2%
Macquarie on SBI
Underperform Score, Goal Value Rs700
NIM steerage diminished by 30bps to three% ranges
Credit score prices decline pushed by provision write-back
Count on 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% Greater 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 Had been Robust
UBS on Airtel
Largely in-line outcomes, with outperformance vs Jio
Impartial with a PT of Rs1,705
Dwelling broadband was barely forward of our estimates, whereas Enterprise phase was a tad beneath
India cell revenues according to exp
Airtel added 6.5mn 4G subs and postpaid web provides of 0.6mn have been sturdy
Deal with dividend development
HSBC On Bharti Airtel
Purchase Name, Goal Rs1,940/sh
Progress Levers Are Intact
Rising Cellular ARPU, Increasing Dwelling Broadband Subs, Rising FCF, & Progress 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 Progress In Subscribers
ARPU In India Cellular Biz, Alongside With Sharp Margin Enchancment QoQ
