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Last Updated : May 28, 2020 03:05 PM IST | Source: Moneycontrol.com

Buy Max Financial Services; target of Rs 518: Prabhudas Lilladher

Prabhudas Lilladher is bullish on Max Financial Services has recommended buy rating on the stock with a target price of Rs 518 in its research report dated May 27, 2020.

Broker Research @moneycontrolcom
 
 
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Prabhudas Lilladher's research report on Max Financial Services


Max Life's overall APE grew 5% YoY supported by decent growth in single & regular premiums. Protection segment remains the key focus with shift of Product mix to NPar savings continuing. Margins remained stable YoY at 21.6% for FY20 (but improved sequentially to 22.8% in 4Q20) on account of support from NPar growth. Persistency has improved across all buckets except the 61m persistency (upto Mar'20 i.e.11m) being affected by the ULIP segment.



Outlook


We retain BUY with revised TP of Rs518 (Rs610) valuing Max Life based on 2.3x Mar-22 EV (from 2.6x Sep-22 EV), we reduce Holdco discount at 35% on clarity on certain aspects like Axis JV, merger and rationalizing ownership structure but we need approvals to come through to get more constructive on reducing the holdco discount further.



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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.

First Published on May 28, 2020 03:05 pm
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