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Max Financial Services business remains highly profitable with 21% medium-term operating RoEV
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Max Financial Services (MFSL)
- The business remains highly profitable with 21% medium-term operating RoEV.
- VNB margin will likely expand to 26.5% from 25.3% in 1HFY21 – this reflects the benefit of higher volumes in 2H and interplay of renewed focus on protection and non-par business (low base of 4QFY21), offset by higher ULIPs.
- A high APE base will likely suppress yoy APE growth in 2H although large Covid-related reversals in 4QFY21 will provide some support to VNB.
- Axis Bank remains a strong medium-term growth driver even as a balanced product mix and continued focus on protection will sustain high margins.
- At our FV, the stock will trade at 3.1X EV December 2023E.
Note: The above is a brief note on the company, based on the inputs of the KIE research report dated 10th November 2021, which is available on their website at: https://www.kotaksecurities.com/ksweb/ResearchCall/Fundamental. Disclaimer: http://bit.ly/2n5AxIE
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Lakshit Financial is Authorized Person of Kotak Securities Limited in cash segments of BSE & NSE and NSE F&O segments with NSE. Lakshit Financial registration number: BSE CASH AP0106730124228 | NSE CASH AP029177621 | NSE F&O AP029177621. Lakshit Financial Registered Office: ASM 7, Ashwin Sector, Mumbai Agra Highway, CIDCO, Nasik 422009, Maharashtra, India. Kotak Securities Limited. Registered Office: 27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai 400051. CIN: U99999MH1994PLC134051. Correspondence Address: Infinity IT Park, Bldg. No 21, Opp. Film City Road, A K Vaidya Marg, Malad (East), Mumbai 400097. SEBI Registration No. INZ000200137 (Member of NSE, BSE, MSE, MCX & NCDEX). Member Id: NSE-08081; BSE-673; MSE-1024; MCX-56285; NCDEX-1262. AMFI ARN 0164, PMS INP000000258 and Research Analyst INH000000586. NSDL/CDSL: IN-DP-NSDL-23-97.
Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing. Please refer the Risk Disclosure Document issued by SEBI and go through the Rights and Obligations and Do's and Dont's issued by Stock Exchanges and Depositories before trading on the Stock Exchanges.
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