ICICIPRULI
UBS ON ICICI PRU : 22.07.2021
* UBS has a Buy call on ICICI Pru, expects VNB margin to normalise with evolving product mix
* Strong Core Business Performance To Overshadow Weak Accounting Profits
* Elevated Claims & Higher COVID Reserving Dents Profitability
* Expect VNB Margin To Normalise With Evolving Product Mix
* Co Maintained Its Guidance To Double Its FY19 VNB By FY23, In-line With Estimates
* MAINTAIN BUY TARGET: 690
GS ON ICICI PRU : 22.07.2021
* GS maintains Neutral stance on ICICI Pru but revises FY22-FY24 VNB estimates higher by up to 2%
* MAINTAIN NEUTRAL TARGET: 570
* Q1 Beat Driven By Group Term, Tops Up COVID Provisions
* Revise FY22E-FY24 VNB Estimates Higher By Up To 2%
* FY23 VNB Guidance Implies A 28% CAGR Over Next 2 Yrs, A Tough Act To Achieve
CLSA ON ICICI PRU : 22.07.2021
* CLSA maintains Buy call on ICICI Pru and lifts VNB estimates by 13-14%
* Q1 Performance Beat Estimates Notably With Its VNB Margin At 29.4%
• Expect A VNB CAGR OF 25% Over FY21-23
* Lift VNB Estimates By 13-14%
* MAINTAIN BUY TARGET: 725
MS ON ICICI PRU : 22.07.2021
* MS has an Overweight rating on ICICI Pru, expects VNB growth pick-up after recent sluggish years to help rerate the stock
• In A Tough Q1, Delivered A 20%+ VNB Beat
• VNB Growth Pick-up After Recent Sluggish Years Should Help
* Rerate Stock
* MAINTAIN BUY TARGET: 700
CITI ON ICICI PRU : 22.07.2021
* Citi has a Buy call on ICICI Pru. It raises FY22/FY23 VNB estimates by 6%/3%
• Favourable Product Mix Is Driving VNB Margin Expansion
* Raise FY22/FY23 VNB Estimates By 6%/3% As We Factor Higher VNB Margin
* Lower FY22/FY23 Profit Estimates By 18%/13% As We Factor Higher Claims & Opex
* MAINTAIN BUY TARGET: 750
