tweak the valuation multiple to 43x P/E (earlier 44.5x) arriving at price target of Rs 1,081 (earlier Rs895). Reiterate ACCUMULATE RATING on the stock. than industry averages on cards-in-force and spends traction. (a) SBICARD records 16%YoY/1.4%MoM card-in-force growth, second best to ICICIB and better than HDFCB. (b) On card spends, SBICARD registers 1.5%YoY/32.7%MoM growth, second best to HDFCB. Moreover, the Co. has maintained MoM market share in terms of outstanding cards at 19% for Oct'20. We expect 17% CAGR in outstanding cards traction over FY21-23 with the...