HDFCLIFE
NOMURA ON HDFC LIFE : 20.07.2021
* Nomura maintains NEUTRAL call on HDFC Life
* Wave-2-Impacts Q1; KEEP NEUTRAL ON VALUATIONS
* It Remains A Compounder But Await A Better Entry Point
• We Build In 16% / 18% FY21-24 CAGR In APE/VNB
* Recent Underperformance is Gradually Closing Valuation Gaps Vs Peers
* MAINTAIN NEUTRAL TARGET: 750 (PREV TGT: 725)
JPMORGAN ON HDFC LIFE : 20.07.2021
• Maintain Overweight on HDFC Life, Target at Rs 770/share
* Growth and product mix to sustain 20%+ VNB growth
• Distribution momentum more evident in proprietary channel
• Prefer SBI Life/IPRU trading at 2.3x FY23E P/EV over HDFC Life
JEFFERIES ON HDFC LIFE : 20.07.2021
* Jefferies maintains BUY call on HDFC Life, target cut to Rs 800 from Rs 880/sh
* Front Ended Spike in Mortality Reserves
* Reserves Should Be Adequate To Meet 2nd Wave Claims
* VNB Grew 40% YOY, Largely In line With Estimates
* We See A 19% VNB CAGR Over FY21-24
* Persistency Was Stable/ Better Across Buckets Over Q4
* MAINTAIN BUY TARGET: 800(PREV TGT: 880)
