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HDFC Life Insurance - Q2FY21 Results - YES Securities

Posted On: 2020-10-19 22:13:02


HDFC Life Insurance (Q2FY21) - ADD (Target Rs620, Upside 9%)

Beats estimates, upsides priced in at FY22E P/EV of 3.9x, Retain ADD

The savings business has gathered momentum in Q2 FY21 and is likely to sustain given that the propensity to save is increasing amongst customers. Protection business will continue to witness strong demand on the back of lower penetration and current environment. HDFC Life with a balanced product mix and strong distribution channel is well poised to sustain its strong growth trajectory in premiums. Profitability is also expected to improve going ahead with favorable product mix and scale benefits. While we have raised our NBP growth estimates for FY21E from 10% to 12%, we have cut our VNB margin estimates by 100bps to 26%. At FY22E P/EV of 3.9x, we find the valuations fair. Retain ADD with a target price of Rs620 (Rs625 earlier).

YES Securities - HDFC Life Insurance (Q2FY21) - 20201020

Shares of HDFC Life Insurance Company Ltd was last trading in BSE at Rs.570.65 as compared to the previous close of Rs. 561.45. The total number of shares traded during the day was 138336 in over 6297 trades.

The stock hit an intraday high of Rs. 574.25 and intraday low of 564.6. The net turnover during the day was Rs. 78799965.


Source: Equity Bulls

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