Nomura On SBI
Maintain Buy, TP Rs 360
Q1 Was A Miss On Relatively High Expectations
Expect Core Margins To Improve
Large Non-fund Exposure-related Slippages OF Q1 Quantum Are Unlikely
Expect ROEs Of 13% By FY20
Cut FY19 PAT Estimates By 85-90%

DB On SBI
Maintain Buy, TP Rs 365
High MTM & Credit Provisioning Impact Earnings
Slippages Still Elevated, But Strong Recoveries Aid NPL Reduction
Pace Of Recovery Should Sustain; Credit Costs Will Decline
Building In A 0.65%/0.8% RoA In FY20/21 & 11/14% RoEs