Sharekhan's research report on Max Financial Services
Max Financial Services (MFS) posted modest numbers for Q4FY2020, with below expectations operating performance, and posted slower growth in VNB and APE due to impaired collections because of the lockdown. MLIC has a strong bancassurance relationship with Axis Bank, which is now looking more stable due to the recent agreement between the two entities. Due to the lockdown, for the medium term, premium recovery and incremental sales growth may be impacted for insurance players, including MLIC.
We maintain our Buy rating on the stock with a revised price target (PT) of Rs. 570.
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