Sharekhan's research report on Max Financial Services
Max Life reported in-line performance with ~10% y-o-y growth in APE and 16% y-o-y rise in VNB. VNB margin stood at 22.2% vs. 21.1% y-o-y. APE growth was led by non-par savings (55% y-o-y) and protection (17% y-o-y). Banca APE was down 2.3% y-o-y, while proprietary channels saw strong growth at ~23% y-o-y. Management has guided to achieve double-digit APE growth in FY2024, led by a rise in the share of the proprietary channel and other partners along with the bancassurance channel with VNB margin at 27-28%.
Outlook
The stock trades at 1.8x/1.5x its FY2024E/FY2025E EVPS. We maintain our Buy rating with a revised PT of Rs. 1,020.
For all recommendations report, click here
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
