Maxlife Rating
CLSA ON MAX LIFE : 09.06.2021
* Best-in-class performance continues
• Maintain BUY, Target upped at Rs 1,350/share
• Fastest APE growth, driven by non-PAR savings mix increase
* ROEVS of 18.6% despite Rs 3.4bn of Covid-19 provision
* Target price based on 3.2x Jun-23 P/EV multiple
* CLSA has a Buy rating on Max Fin with co outperforming the peers in FY21
CLSA ON MAX FIN : 09.06.2021
* MAINTAIN BUY TARGET: 1,350
* Q4 VNB Margin Adjusted For COVID Impact Were 27%
* It's Outperformed Peers In FY21 On APE & Protection Growth
JEFFERIES ON MAX FIN : 09.06.2021
* MAINTAIN BUY TARGET: 1,040
* Jefferies maintains Buy call on Max Fin
* Max Life Posted VNB Growth Of 44% YOY, Aided By 36% Rise In APE
* VNB Margin Up 130 bps YOY But is Down 450 bps QoQ
* Q3 Margin Boosted By Non par Biz & Protection Mix
