Sharekhan's research report on Max Financial Services
APE grew by ~31% y-o-y (in-line) driven by strong growth in proprietary channels besides good show by ULIP and protection segment. VNB grew by only 3% y-o-y (~22% below estimates). VNB margins were at 17.5% versus 22.2% y-o-y / 28.6% q-o-q and estimates of 23.2%. Adverse product mix and higher opex led to big miss in VNB. Factoring in new surrender value norms, company expects VNB margins to be at 23-24% versus earlier 25-26% guided for FY25E.
Outlook
Stock trades at 2.0x/1.7x its FY2025E/FY2026E EVPS. We maintain a Buy with a revised PT of Rs. 1,200.
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