Buy SBI Cards and Payments; target of Rs 1000: ICICI Direct

"India’s specialty chemicals industry is a decadal growth opportunity and it is still not too late to participate in the value creation process. We prefer CRAMS/CSM players Navin Fluorine (Navin) and PI Industries (PI) as they provide long-term earnings visibility. We also like UPL due to robust growth outlook and reducing debt concerns and SRF due to rising contribution from the chemicals business," JM Financial research report.

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ICICI Direct's research report on SBI Cards and Payments

SBI Cards is subsidiary of State Bank of India (69.2% stake) and is the second largest credit card issuer in India. Market share in terms of cards issued is 18.9% and spends is 19.2% • High margin business with strong return ratios, +5% RoA and +20% RoE.

Outlook

We maintain BUY rating on the stock. We value SBI Cards at ~34x FY24E EPS (~8x FY24E ABV) and maintain our target price at Rs 1000.

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