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Buy ICICI Lombard General Insurance: target of Rs 1750: Sharekhan

Sharekhan is bullish on ICICI Lombard General Insurance has recommended buy rating on the stock with a target price of Rs 1750 in its research report dated April 16, 2021.

April 20, 2021 / 01:10 PM IST
An Edelweiss research report for Q4FY21 says road tonnage continued to improve, evident in e-way bill generation (up 6% QoQ) and improved core trucking rentals. “We estimate tonnage would increase by three–five percent for truckers. Asset-light plays Mahindra Logistics and TCI Express remain our preferred picks due to their ability to scale up/down as the environment demands,” the report said. Edelweiss is bullish on Blue Dart Express due to the pandemic-induced boom in e-commerce and its leaner cost structure. It has retained a ‘buy’ call on Mahindra Logistics, TCI Express and Blue Dart Express.

An Edelweiss research report for Q4FY21 says road tonnage continued to improve, evident in e-way bill generation (up 6% QoQ) and improved core trucking rentals. “We estimate tonnage would increase by three–five percent for truckers. Asset-light plays Mahindra Logistics and TCI Express remain our preferred picks due to their ability to scale up/down as the environment demands,” the report said. Edelweiss is bullish on Blue Dart Express due to the pandemic-induced boom in e-commerce and its leaner cost structure. It has retained a ‘buy’ call on Mahindra Logistics, TCI Express and Blue Dart Express.

 
 
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Sharekhan's research report on ICICI Lombard General Insurance


ICICI Lombard General Insurance (ILGI) reported steady numbers for Q4FY2021. Operational performance was largely in-line, helped by lower combined ratios. The combined ratio has been normalizing and stood at 101.8% for Q4, but on FY2021 basis, it stood at 99.8%, lower than 100.4% in FY2020. We expect the focus on diversifying into tier 3 & 4 cities is positive, and will help the company ride on growth drivers of diversifying product mix, multi-channel distribution network, backed by robust risk selection and strong investment return.



Outlook


We retain Buy with unchanged price target of Rs 1750 with reasonable valuations at 38.6x / 31x FY2022E / FY2023E EPS.


For all recommendations report, click here


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first published: Apr 20, 2021 01:10 pm

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