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MOSL: MOrning India (8/July/22): 1. ICICI Lombard - Initiating Coverage (Successfully weathering the storm); 2. 1QFY23 Preview (a. Automobiles; b. Consumer); 3. EcoScope; 4. Insurance; 5. Mahindra and Mahindra;

ICICI Lombard | Initiating Coverage (Successfully weathering the storm)
- The general insurance industry is all set to deliver a healthy 12% CAGR in premium over the next decade led by 1) healthy trend in auto sales, 2) sustained strong momentum in health insurance demand and 3) commercial insurance lines growing in line with a robust economic growth. Amidst this, ICICIGI has emerged to be India's largest private sector general insurance company post its merger with Bharti Axa (BAXA).
- ICICIGI auto segment has a relatively stronger correlation with new Auto sales when compared to that of the industry (60% v/s 40%). Additionally, the mix is skewed towards passenger cars and 2Ws, where the revival is likely to be stronger. Post the decline of 200bps in market share over the past two years, we expect an improvement going ahead. In addition, to capture a higher share of growth opportunities emerging in the
- Health segment, ICICIGI has invested in building its individual agency channel, wherein it is hiring 1,000 agency representatives. During FY22-24, we see the company delivering a premium/PAT CAGR of 19%/28% and a RoE of 19.1% in FY24. The stock has corrected by 31% over the past 18 months, even as the Nifty remained flat. After the correction, the stock is trading near at all-time low one year forward valuation. The stock should re-rate towards its historic valuation as it delivers profitable growth and clarity emerges on the stake sale. We initiate coverage on ICICIGI with a Buy rating and a one-year TP of INR1,500 (35x FY24E P/E)
Piping hot news
Jaguar Land Rover reports 37% decline in retails sales in June quarter
Tata Motors-owned Jaguar Land Rover on Thursday reported a 37 per cent decline in retail sales at 78,825 units in the quarter ended June, impacted by semiconductor shortage, COVID-19 lockdowns in China and new model transition of Range Rover Sport. Sales of Jaguar brand were down 48 per cent at 15,207 units in the April-June period of 2022, while that of Land Rover were also lower by 33 per cent at 63,618 units.
Piping hot news
Jaguar Land Rover reports 37% decline in retails sales in June quarter
Tata Motors-owned Jaguar Land Rover on Thursday reported a 37 per cent decline in retail sales at 78,825 units in the quarter ended June, impacted by semiconductor shortage, COVID-19 lockdowns in China and new model transition of Range Rover Sport. Sales of Jaguar brand were down 48 per cent at 15,207 units in the April-June period of 2022, while that of Land Rover were also lower by 33 per cent at 63,618 units.

Piping hot news
Jaguar Land Rover reports 37% decline in retails sales in June quarter
Tata Motors-owned Jaguar Land Rover on Thursday reported a 37 per cent decline in retail sales at 78,825 units in the quarter ended June, impacted by semiconductor shortage, COVID-19 lockdowns in China and new model transition of Range Rover Sport. Sales of Jaguar brand were down 48 per cent at 15,207 units in the April-June period of 2022, while that of Land Rover were also lower by 33 per cent at 63,618 units.

Piping hot news
Jaguar Land Rover reports 37% decline in retails sales in June quarter
Tata Motors-owned Jaguar Land Rover on Thursday reported a 37 per cent decline in retail sales at 78,825 units in the quarter ended June, impacted by semiconductor shortage, COVID-19 lockdowns in China and new model transition of Range Rover Sport. Sales of Jaguar brand were down 48 per cent at 15,207 units in the April-June period of 2022, while that of Land Rover were also lower by 33 per cent at 63,618 units.