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* SBI Cards & Payment Services is the second-largest credit card issuer in India with a healthy market share of 18.1%. Recently, the stock has witnessed sharp correction due to rising concerns over the sustainability of asset quality. Further, with consumption coming to a grinding halt, credit card spending is also expected to be hit severely. In terms of valuation, the earlier commanded premium multiples have tapered down however we believe that further downside cannot be ruled out given the high possibility of extended lockdown and a possible increase in NPAs.
* Nonetheless, we believe SBI card is a good bet For long term investors given its market leadership, strong brand and wide presence. Therefore, new investors having at least 2-3 year view can accumulate the stock in a staggered manner while existing investors can continue to hold.
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