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Buy HDFC Life Insurance Company; target of Rs 740: Sharekhan

Sharekhan is bullish on HDFC Life Insurance Company has recommended buy rating on the stock with a target price of Rs 740 in its research report dated July 01, 2022.

July 04, 2022 / 03:28 PM IST
 
 
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Sharekhan's research report on HDFC Life Insurance Company


HDFC Life Insurance Co through Reflect, Reshape, Resurge as a theme in its annual report intends to overcome the hurdles with the resilient business model, and move ahead by adapting to new structures, systems and processes through leveraging its intrinsic strengths to grow and gain further market share. The company reported strong business performance across various parameters. Its total new business premium market share stood at 21% among the private players, making the company the second largest in the private and the third largest in the overall insurance space. Its new business margin increased to 27.4%, an increase of 130 bps y-o-y aided by a balanced product mix. It plans to focus on product innovation to stay ahead of the curve and had introduced several new products over the last year. It continues to focus on profitable growth and invest in strengthening the digital presence and tie-ups with upcoming e-commerce partners.


Outlook


HDFC Life trades at 3x/2.5x its FY2023E/FY2024E EVPS. The stock has corrected 27% from the highs of Rs. 776. We maintain Buy with an unchanged PT of Rs. 740.


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At 12:14 hrs HDFC Life Insurance Company was quoting at Rs 569.70, up Rs 4.15, or 0.73 percent.


It has touched an intraday high of Rs 571.20 and an intraday low of Rs 563.25.


It was trading with volumes of 32,254 shares, compared to its thirty day average of 82,857 shares, a decrease of -61.07 percent.


In the previous trading session, the share closed up 2.79 percent or Rs 15.35 at Rs 565.55.


The share touched its 52-week high Rs 775.65 and 52-week low Rs 497.30 on 02 September, 2021 and 08 March, 2022, respectively.


Currently, it is trading 26.55 percent below its 52-week high and 14.56 percent above its 52-week low.


Market capitalisation stands at Rs 120,387.44 crore.


For all recommendations report, click here


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HDFC Life Insurance Company - 040722 - khan

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first published: Jul 4, 2022 12:18 pm
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