MOSL: Morning India (25/July/19): 1. ICICI Pru Life (Robust performance); 2. Asian Paints; 3. Bharti Infratel; 4. Shriram Transport Fin.; 5. M&M Fin. Services; 6. Oberoi Realty; 7. Jubilant Foodworks; 8. P I In
MOrning India (25/July/19): 1. ICICI Pru Life (Robust performance); 2. Asian Paints; 3. Bharti Infratel; 4. Shriram Transport Fin.; 5. M&M Fin. Services; 6. Oberoi Realty; 7. Jubilant Foodworks; 8. P I Industries
Today’s top research Idea
ICICI Pru Life: Robust performance; VNB margins a positive surprise
- IPRU Life reported 1QFY20 PAT at INR2.8b. Gross premium grew 14.7% YoY, mainly led by robust growth in single premium.
- Total APE grew 5.3% YoY to INR14.7b led by robust 88% YoY growth in Protection APE to INR2.1b, resulting in improvement of its share in total APE to 14.6% (8.2% in 1QFY19) while share of ULIPs in total APE declined ~860bp YoY to 71.2%.
- VNB margins increased ~350bp YoY to 21% due to improvement in the product mix, resulting in 26.6% YoY growth in the VNB to INR3.1b. Cost ratio in savings declined from 13.7% in 1QFY19 to 11.3%.
- We estimate ~29% CAGR in the VNB over FY19-21E and estimate VNB margins to recover to ~22% by FY21E. Despite the stock's outperformance over recent months, it is still trading at attractive levels of 1.8x FY21E P/EV (LTA of 2.5x). Maintain Buy with a TP of INR475 (2.3x FY21E EV).
Piping hot news
IL&FS says on course to clear Rs20,000 crore debt
Infrastructure Leasing & Financial Services (IL&FS), which has an outstanding debt of Rs 94,216 crore, said Wednesday the board has taken various steps to address over Rs 20,000 crore of its debt pile over the past nine months. The government had appointed new board headed by veteran banker Uday Kotak last October.
Motilal Oswal Financial Services Ltd. is a reputed name in Financial Services and Online Trading with group companies providing services such as Private Wealth Management, Retail Broking and Distribution, Institutional Broking, Asset Management, Investment Banking, Private Equity, Commodity Broking, Currency Broking, Principal Strategies & Home Finance.
Motilal Oswal Securities is a group company of Motilal Oswal Financial Service Limited which started as a stock trading company and has blossomed into well diversified firm offering a range of financial products and services. Motilal Oswal has built a reputation as the source for best stock trading company and this has taken a wealth of experience, knowledge and expertise, constantly working in tandem, over the years.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.