Buy State Bank of India; target of Rs 341: Prabhudas Lilladher

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26 Aug, 2025 12:21

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Prabhudas Lilladher's research report on State Bank of India

We attended the SBI's subsidiaries day represented by chief executives of non-lending business and key RRBs. Key takeaways from the session were (i) Improve engagement with bank for cross sell & leverage bank's technology knowhow & reach (ii) Improve USP of each subsidiary to create niche visibility over next few years and (iii) Plans for unlocking value for each subsidiary.

Outlook

In our current SOTP of Rs341 (reduced from Rs350) we value subs at Rs80 (up from Rs.74 on our recent TP increase in SBI Life). We have tweaked our FY18 & FY19 numbers on credit losses for the bank due to some impact from revised stressed asset guidelines but should also benefit from the resolution process from NCLT. Retain "BUY".For all recommendations report, click here

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