* Maintain Outperform, raise target to `220 from `175
* Watch-list is just ~2% of loans (70% could slip into NPLs)
* Watch-list includes only large/mid-corporate loans, potential stressed loans over 1 year
* Merger with subs may impact near-term earnings but bring synergy in medium-term
* Like stronger deposit-franchise, capital-adequacy and asset quality relative other PSUs
* Smooth management transition in September is key
Axis Capital on SBI
* Maintain Buy, target at `225
* Market chose to ignore dismal results and focus on longer-term trends
* Long term trend includes mgmt guidance of relatively lower credit costs in FY17E
* Long term trend includes synergies instead of drags from merger of associates
* Long term trend includes watch-list much smaller than even some private peers
* Believe co is amongst best placed banks to capitalize on macro-economic turnaround
UBS on SBI
* Raise target to `210 from `175, Maintain Neutral
* Watch-list of 2% seems very optimistic and is smaller than our expectation
* Build in GNPL formation of 3% in FY17 given slower recovery; 1.8% credit costs in FY17
* Raise FY19/FY20 EPS estimates by 5.7%/4.2% due to upfronting of credit costs
* ROE is likely to fall further to 6.7% in FY17; improve to 11% in FY18
* Capital position is better than peers with tier I ratio of 9.9%
Credit Suisse on SBI
* Raise target to `185 from `162, Maintain Neutral
* NPL slippages spike in 4Q with credit cost likely to stay high
* Management surprised by disclosing stress watchlist at just ~2% of loans
* Management's own guidance of NPL slippages remains high at 2.7% for FY17
* ROE is likely to remain in single digits in FY17 as the low NPL cover
CLSA on DLF
* Downgrade from Underperform to SELL, cut target to `105 from `107
* 4Q showed glimmer of hope as New Gurgaon contributed `2 bn to pre-sales
* Overall Q4 fell short of expectations during traditionally strong quarter
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