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Buy Max Financial Services; target of Rs 720: Sharekhan

Sharekhan is bullish on Max Financial Services has recommended buy rating on the stock with a target price of Rs 720 in its research report dated August 24, 2020.

August 26, 2020 / 03:22 PM IST
 
 
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Sharekhan's research repor on Max Financial Services


Max Financial Services’ (MFS’) deal with Axis Bank Ltd is progressing well; Axis Bank to now buy a lower stake of 17% in Max Life Insurance Co. Ltd. (MLIC) taking eventual shareholding to 18%. Changes are likely due to regulatory requirements and we believe that deal is closer to fruition, which will remove the overhang on MFS (Axis partnership crucial for MLI; Axis has 57% share of APE for MLI). Max Life generates healthy ROEV (15.9% in Q1 FY21) and has sufficient capital (solvency ratio of 212%) and its robust fundamentals make it a strong candidate for potential re-rating as outlook improves.



Outlook


We maintain a Buy rating with a revised price target of Rs 720.


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.

Broker Research
first published: Aug 26, 2020 03:22 pm

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