Whalesbook
Emkay ka SBI Cards par 'BUY' Call Fir Se!
Emkay Global Financial ne SBI Cards and Payment Services Ltd. par apna 'BUY' wala stance dobara pakka kiya hai, aur target price Rs 850 set kiya hai. Brokerage ke hisab se, company ne portfolio quality par jo focus kiya hai, uski wajah se customer acquisition (CIF) aur Assets Under Management (AUM) growth thoda dheema raha hai.
Fees Income Ne Bachaya, Growth Slow Hone Par Bhi!
Is strategy aur seasonal changes ki wajah se, Net Interest Income (NII) growth sirf 3% year-on-year raha. Lekin, SBI Cards ne kamaal dikhaya hai apni strong fee income se, jo customer spending se bani hai. Credit costs bhi kam hue hain, yani 7.7% se, jo pichle quarter ke 8.2% se better hai. Is sab ka natija ye hua ki Profit After Tax (PAT) expectations ke aas paas raha, aur Return on Assets (RoA) 3.6% raha.
Aage Kya? RoA Badhne Ki Umeed, Par Thoda Risk Bhi Hai.
Aage dekhein toh, Emkay ko lagta hai ki spending growth badhti rahegi aur fee income ko support karegi. Asset quality stress bhi kam hone ki ummeed hai. Isse RoA aage chalkar badhega, jo FY26E ke 3.3% se badhkar FY27E, FY28E, aur FY29E tak 3.9%, 4.4%, aur 4.8% ho sakta hai. Haan, macro risks jaise West Asia conflict ki wajah se, Emkay ne FY27E aur FY28E ke liye earnings estimates 10% aur 15% tak kam kar diye hain. Lekin phir bhi, company ke quality focus aur expected profit gains ki wajah se, Emkay ko lagta hai ki stock ka valuation dheere dheere badhega.