Buy HDFC Life Insurance; target of Rs 670: ICICI Direct

ICICI Direct is bullish on HDFC Life Insurance has recommended buy rating on the stock with a target price of Rs 670 in its research report dated April 27, 2022.

IDBI Capital

April 27, 2022 / 05:08 PM IST

"India’s specialty chemicals industry is a decadal growth opportunity and it is still not too late to participate in the value creation process. We prefer CRAMS/CSM players Navin Fluorine (Navin) and PI Industries (PI) as they provide long-term earnings visibility. We also like UPL due to robust growth outlook and reducing debt concerns and SRF due to rising contribution from the chemicals business," JM Financial research report.

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ICICI Direct's research report on HDFC Life Insurance

HDFC Life is among the most dominant players in the Indian life insurance industry with a strong distribution network, parentage, operating metrics. Balanced product mix with focus on non-par, protection & annuity business • Industry leading VNB margins of over 26%.

Outlook

Insurance under penetration coupled with focus on product mix to aid healthy business growth and VNB margin. Market share trend and synergy benefit from Exide merger to be watched. We value HDFC Life at 2.8x FY24E EV with TP of Rs 670.

For all recommendations report, click here