to Co.'s SBI association, existing sophisticated technology infrastructure and data analytics. Valuation multiple stands trimmed as it reflects the vulnerability of unsecured nature of business to pandemic shocks. At CMP, stock trades at 42x FY20 & 32x FY22E P/E. While a credit card business remains a high growth high return model and SBICARD FY22 earnings expected to report robust 27% RoE and 5% RoA, our revised multiple at 36x (earlier 38x) stands justified. Maintain BUY with TP of Rs 643 (earlier Rs 646). Spends under pressure; retail share focus: Spends per day declined 32% in 2nd...