HSBC ON SBI FUNDS ; BUY | TP ₹590 (EARLIER ₹640)

• Business traction improving despite Q2 earnings miss. • Q2 EPS missed estimates due to elevated operating costs and weak treasury income. • Growth momentum in equity mutual funds improved. • Better yield management, AIF/PMS expansion and operating leverage expected to drive mid-teens EPS growth over the medium term. • HSBC cuts FY27–29 EPS estimates by 4–6%. • Retains BUY rating despite lowering target price to ₹590.

SBI FUNDS MANAGEMENT LTD

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