Buy SBI Life Insurance; target of Rs 1500: ICICI Direct

ICICI Direct is bullish on SBI Life Insurance has recommended buy rating on the stock with a target price of Rs 1500 in its research report dated July 29, 2022.

Broker Research

July 31, 2022 / 01:50 PM IST

The research firm ICICI Securities believes earnings of apparel brands and retail companies under their coverage may surprise positively from Q3FY22E as the likely demand recovery may result in better than expected margin performance. Some of the costs savings achieved during pandemic may sustain and coupled with high operating leverage may lead to higher than pre-covid margins from Q3FY22E. Stocks like Trent, V-Mart and Aditya Birla Fashion and Retail are the preferred picks backed by their strong and consistent track record of execution.

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ICICI Direct's research report on SBI Life Insurance

SBI Life (SBIL) is among most dominant players in the Indian life insurance industry with strong distribution network, parentage, operating metrics. Balanced product mix with focus on opex ratio ahead of industry • Strong parentage led distribution remains key catalyst.

Outlook

We retain our BUY rating on the stock. We value SBIL at ~2.7xFY24 EV still lower than HDFC Life and revise our target price from Rs 1400 to Rs1500 per share.