Journey of Indian Stock Market in CY22 and Outlook for CY23

Outlook:

SBI is the dominant player in the Indian banking sector being the largest bank in the public sector with 23% market share by assets. The bank has largest customer base in the country and has deep penetration in the rural and urban markets. It has significantly improved its balance sheet and has shown strong growth last two years. The bank expects healthy credit growth momentum to continue in FY23 across segments. The rising interest rate scenario would generate better margins further. On the performance front, SBI delivers TTM EPS of Rs. 46.14 and is trading at the PE of 13.03 times. We recommend to buy the stock for the target price of Rs.750 with the time horizon of 12 months.

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Elite Wealth  Limited does/does not do business with companies covered in its research reports. Investors should be aware that the Elite Wealth  Limited may/may not have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only information in making their investment decision and must exercise their own judgment before making any investment decision.
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Disclosure Appendix

Analyst Certification (For Reports)

Israil Khan, Elite Wealth  Limited, suhail@elitewealth.in

The analyst(s) certify that all of the views expressed in this report accurately reflect my/our personal views about the subject company or companies and its or their securities. I/We also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. Unless otherwise stated, the individuals listed on the cover page of this report are analysts in Elite Wealth  Limited.

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