External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

SBI Cards & Payment Services / Equity Bottom-Up

SBI Cards & Payment Services (SBICARD IN)

<ul><li>SBI Cards’ (SBICARD) Q4FY24 earnings were ahead of our estimates, largely due to lower opex on account of lower corporate spending</li><li>However, the company continues to grapple with elevated credit costs (7.6% of receivables), which is unlikely to normalise in FY25, as per management</li><li>NIMs continued to drift lower at 10.9% (Q3FY24: 11.3%), however, FY25 NIMs are likely to stabilise given a steady mix of receivables (revolve + instalment loans at 61%)</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

SBI Cards’ (SBICARD) Q4FY24 earnings were ahead of our estimates, largely due to lower opex on account of lower corporate spendingHowever, the company continues to grapple with elevated credit costs (7.6% of receivables), which is unlikely to normalise in FY25, as per managementNIMs continued to drift lower at 10.9% (Q3FY24: 11.3%), however, FY25 NIMs are likely to stabilise given a steady mix of receivables (revolve + instalment loans at 61%)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SBI Cards and Payment Services: Recovery Pushed Back Further. Maintain ADD