ICICI Direct has given Buy recommendation for SBI Cards and Payments recommended buy rating on the stock with a target price of Rs 1000 in its research rep with a target price of Rs. 1000 in its research report issued on Jan 27, 2022
ICICI Direct’s research report on SBI Cards and Payments
SBI Cards is a 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 19.2% and spends is 19.0% • High margin business with strong return ratios, +5% RoA and +20% RoE.
We maintain BUY rating on the stock. We roll over and value SBI Cards at ~32x FY24E EPS (7.8x FY24E ABV) and revise our target price to Rs 1000 from Rs 1200 earlier.
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At 17:30 SBI Cards & Payment Services was quoting at Rs 868.00, up Rs 24.60, or 2.92 percent.
It has touched an intraday high of Rs 875.15 and an intraday low of Rs 837.00.
It was trading with volumes of 57,383 shares, compared to its thirty day average of 113,448 shares, a decrease of -49.42 percent.
In the previous trading session, the share closed down 0.81 percent or Rs 6.85 at Rs 843.40.
The share touched its 52-week high Rs 1,164.65 and 52-week low Rs 781.25 on 01 September, 2021 and 25 January, 2022, respectively.
Currently, it is trading 25.47 percent below its 52-week high and 11.1 percent above its 52-week low.
Market capitalisation stands at Rs 81,862.21 crore.