SBI is the largest bank in the Indian banking space and we believe will be the key beneficiary among PSBs of a turnaround in the Indian economy. With relatively better asset quality in comparison with other PSBs, we believe the core strength of the bank lies in its diversified advances book. We value the stand alone business at 1.5x FY17E ABV and recommend a Buy rating on the stock with a SOTP based target price of Rs 319 (1.9x FY17E ABV).