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Buy Max Financial Services Ltd For Target Rs. 1,550 By Yes Securities Ltd Assigned BUY for the first time in Dec 2022, MFSL showcases required positive outcomes Our view – Robust APE growth coupled with reasonable margin control VNB margin –Max Life displays material sequential expansion driven by seasonality and rider attachment: Calculated VNB margin for 2QFY25 rose 613bps QoQ to 23.6%. About 500 bps of the sequential margin expansion is attributable to operating leverage and seasonal aspects, while about 100 bps is attributable to healthy rider...
Buy Max Financial Services Ltd For Target Rs. 1,550 By Yes Securities Ltd
Buy Max Financial Services Ltd For Target Rs. 1,550 By Yes Securities Ltd
Source: Yes Securities Ltd.
2024-11-05 03:27:05 pm
Add Max Financial Ltd For Target Rs. 1,450 By Emkay Global Financial Services Healthy performance for H1; rebranding makes it future ready Max Life delivered a healthy performance for H1FY25, with APE growing 31% at Rs36.2bn and VNB margin at 21.1% (Emkay: 20.5%) resulting in VNB of Rs7.7bn (+15.5% YoY) as against our estimate of Rs6.9bn. With growth firing across the proprietary channels, management remains optimistic about growth outlook. While VNB margins are impacted by the new surrender regulations, management expects these to hover within the 23-24% range for ...
Add Max Financial Ltd For Target Rs. 1,450 By Emkay Global Financial Services
Add Max Financial Ltd For Target Rs. 1,450 By Emkay Global Financial Services
Source: Emkay Global Financial Services
2024-11-01 10:33:58 am
Neutral MAX Financial Services Ltd Target Rs.1030 By Motilal Oswal Financial Services Ltd VNB margin disappoints owing to adverse product mix Strong APE growth driven by 27% NOP growth * MAX Financial Services (MAXLIFE) reported a weak performance in 1QFY25, mainly due to a sharp contraction of 470bp in VNB margin. Total APE grew 30.5% YoY to INR14.5b (in line), and absolute VNB rose 3% YoY to INR2.5b (22% miss) during the quarter. * Surrender charges are likely to impact VNB margins by 100-200bp for the company. Management will distribute the impact among all stakeholder...
Neutral MAX Financial Services Ltd Target Rs.1030 By Motilal Oswal Financial Services Ltd
Neutral MAX Financial Services Ltd Target Rs.1030 By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd Ltd
2024-09-02 12:33:59 pm
Neutral MAX Financial Services Ltd Target Rs. 1030 By Motilal Oswal Financial Services Ltd VNB margin disappoints owing to adverse product mix Strong APE growth driven by 27% NOP growth * MAX Financial Services (MAXLIFE) reported a weak performance in 1QFY25, mainly due to a sharp contraction of 470bp in VNB margin. Total APE grew 30.5% YoY to INR14.5b (in line), and absolute VNB rose 3% YoY to INR2.5b (22% miss) during the quarter. * Surrender charges are likely to impact VNB margins by 100-200bp for the company. Management will distribute the impact among all stakeholder...
Neutral MAX Financial Services Ltd Target Rs. 1030 By Motilal Oswal Financial Services Ltd
Neutral MAX Financial Services Ltd Target Rs. 1030 By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2024-08-24 05:51:27 pm
Buy Max Financial Services Ltd For Target Rs. 1,300 By Yes Securities RoEV to remain reasonably healthy Our view – Improved APE growth to partly offset VNB margin pressure VNB margin – VNB margin for the quarter was subdued due to a tactical focus on ULIPs, while company remains confident of managing the impact of surrender rules: Calculated VNB margin for 1QFY25 fell -471bps YoY and -1111bps QoQ to 17.5%. The share of ULIP has risen in the prop channel, with the company aiming to tactically benefit from buoyant equity markets, particularly v...
Buy Max Financial Services Ltd For Target Rs. 1,300 By Yes Securities
Buy Max Financial Services Ltd For Target Rs. 1,300 By Yes Securities
Source: Yes Securities Ltd
2024-08-19 04:36:05 pm
Buy Max Financial Services Ltd. For Target Rs. 1310 - Yes Securities Max Life continues to prove it is the growth champion, reiterate as top life insurer pick Our view – Healthy growth over high base particularly creditable VNB margin - Margin expanded on sequential basis due to seasonality as well traction for certain margin-enhancing products: Calculated VNB margin for 4QFY24 rose 134bps QoQ but fell -175bps YoY to 28.6%. One of the reasons for margin expanding sequentially is seasonality as the margin for Max Life is computed on actual cost due...
Buy Max Financial Services Ltd. For Target Rs. 1310 - Yes Securities
Buy Max Financial Services Ltd. For Target Rs. 1310 - Yes Securities
Source: Yes Securities Ltd.
2024-06-24 12:25:25 pm
Neutral MAX Financial Services Ltd. For Target Rs.1040 - Motilal Oswal Financial Services Guides better-than-industry APE growth -      MAX Financial Services (MAXLIFE) reported a decent performance in 4QFY24. Total APE grew 13% YoY to INR28.7b (14% beat), while absolute VNB rose 7% YoY to INR8.2b (18% beat). VNB margin contracted 170bp YoY to 28.6% (vs. our estimate of 27.6%).  -      For FY24, VNB stood at INR19.7b (flat YoY), whereas VNB margin came in at 26.5% (-470bp YoY). -    ...
Neutral MAX Financial Services Ltd. For Target Rs.1040 - Motilal Oswal Financial Services
Neutral MAX Financial Services Ltd. For Target Rs.1040 - Motilal Oswal Financial Services
Source: Motilal Oswal Financial Services Ltd
2024-06-04 10:53:53 am
Max Financial Services Limited FY24 consolidated revenue^ rises to Rs. 46,618 crore up 48%; max life new sales grew at 16% against 8% private industry growth Max Financial Services Limited has recorded consolidated revenue of Rs. 46,618 crore in FY2024, 48% growth buoyed by higher investment income, excluding investment income consolidated revenue grew by 16% year-on-year. During Q4FY24, consolidated revenue^ Rs. 14,899 crore, grew by 50% year-on-year. During FY24, Max Life's total new business premium (individual and group) grew by 23% to Rs. 11,023 crore and Individual Adjusted First Year Premium grew by 16% to Rs.6,961 crore leading to p...
Max Financial Services Limited FY24 consolidated revenue^ rises to Rs. 46,618 crore up 48%; max life new sales grew at 16% against 8% private industry growth
Max Financial Services Limited FY24 consolidated revenue^ rises to Rs. 46,618 crore up 48%; max life new sales grew at 16% against 8% private industry growth
Source: PR Agency
2024-05-09 12:35:30 pm
Stock of the day : Max Financial Services Ltd For Target Rs.1120- Religare Broking Max Financial Services Ltd * MFSL has been gradually inching higher after registering a breakout from prolonged consolidation. * It has been forming a base on base pattern and has registered a breakout from the same with strong volumes. *  Also, on the weekly chart, it has recorded a breakout from the Cup and Handle pattern suggesting bullish momentum to continue. * Traders can consider fresh longs in the mentioned range. Buy Max Financial Services ...
Stock of the day : Max Financial Services Ltd For Target Rs.1120- Religare Broking
Stock of the day : Max Financial Services Ltd For Target Rs.1120- Religare Broking
Source: Religare Broking Ltd
2024-04-23 10:57:29 am
Stock of the day : Max Financial Services Ltd For Target Rs. 1070 - Religare Broking Max Financial Services Ltd * MFSL has registered a breakout from the brief consolidation with strong volumes, offering fresh buying opportunity. * At the similar juncture, it has recorded a breakout from the intermediate falling resistance trendline. * Following price action and formation of bullish gap pattern, suggests price to gradually inch higher to challenge its previous swing high. * We thus recommend creating fresh longs in the mentioned range. Buy Max Financial Ser...
Stock of the day : Max Financial Services Ltd For Target Rs. 1070 - Religare Broking
Stock of the day : Max Financial Services Ltd For Target Rs. 1070 - Religare Broking
Source: Religare Broking Ltd
2024-03-28 12:34:40 pm
IRDAI approves capital infusion by Axis Bank into Max Life nsurance regulator, IRDAI has approved the capital infusion by Axis Bank into Max Life, subject to the approval of the competition watchdog CCI. The PFRDA has already approved the proposed change in shareholding pattern of Max Life pertaining to the infusion of capital by Axis Bank into Max Life. Accordingly, the capital infusion of Rs 1,612 crore by Axis Bank into Max Life will be consummated upon the approval from the CCI, Max Financial Services said in a filing. The company had made ...
IRDAI approves capital infusion by Axis Bank into Max Life
IRDAI approves capital infusion by Axis Bank into Max Life
Source: IANS
2024-02-07 09:57:54 am
Buy Max Financial Services Ltd Target Rs. 1,200 - Yes Securities After waiting to initiate with BUY in Dec 2022, we now place MAXF as the top pick, tactically Result Highlights (See “Our View” below for elaboration and insight) ? VNB margin: Calculated VNB margin for 2QFY24 rose 297bps QoQ but fell - 615bps YoY to 25.2% ? VNB growth: VNB growth was at 68.4%/11.5% QoQ/YoY where the YoY growth was driven by growth in APE ? APE growth: New business APE grew by 48.5%/38.8% QoQ/YoY, driven higher YoY by growth in all product segments exc...
Buy Max Financial Services Ltd Target Rs. 1,200 - Yes Securities
Buy Max Financial Services Ltd Target Rs. 1,200 - Yes Securities
Source: Yes Securities Ltd
2023-11-30 01:48:12 pm
Stock of the day : MFSL For Target Rs.1033 - Religare Broking MFSL * MFSL has been in a strong uptrend from past more than 6 months and trading at 52 week high levels. * It has registered a fresh breakout from brief consolidation range offering fresh buying opportunity. * Price action coupled with uptick in volumes suggests bullish tone to continue. * We thus recommend creating fresh longs in the mentioned range. BUY MFSL Ltd CMP 979.25; Range* 977-980; SL 952; Target 1033   Please refer disclaimer at https:/...
Stock of the day : MFSL For Target Rs.1033 - Religare Broking
Stock of the day : MFSL For Target Rs.1033 - Religare Broking
Source: Religare Broking Ltd
2023-11-22 11:39:52 am
Buy Max Financial Services Ltd For Target Rs. 1,200 - YES Securities After waiting to initiate with BUY in Dec 2022, we now place MAXF as the top pick, tactically Result Highlights (See “Our View” below for elaboration and insight) ? VNB margin: Calculated VNB margin for 2QFY24 rose 297bps QoQ but fell - 615bps YoY to 25.2% ? VNB growth: VNB growth was at 68.4%/11.5% QoQ/YoY where the YoY growth was driven by growth in APE ? APE growth: New business APE grew by 48.5%/38.8% QoQ/YoY, driven higher YoY by growth in all product segments exc...
Buy Max Financial Services Ltd For Target Rs. 1,200 - YES Securities
Buy Max Financial Services Ltd For Target Rs. 1,200 - YES Securities
Source: Yes Securities Ltd
2023-11-20 02:38:49 pm
Neutral MAX Financial Services Ltd For Target Rs.900 - Motilal Oswal PAT beat of 36%; VNB margins contract 615bp YoY RoEV to sustain at 20% * MAX Financial Services (MAXLIFE) reported a healthy PAT of INR1.6b in 2QFY24 (36% beat) with APE/VNB growth of 39%/12% YoY. * In 2QFY24, total APE grew 39% YoY to INR16.5b (in line). Absolute VNB grew 12% YoY to INR4.2b (16% miss) and VNB margins came in at 25.2% in 2QFY24 (declined 615bp YoY, our estimate of 30.1%). * Margin pressure was seen in ULIPs, owing to the new product (index fund), which has lower marg...
Neutral MAX Financial Services Ltd For Target Rs.900 - Motilal Oswal
Neutral MAX Financial Services Ltd For Target Rs.900 - Motilal Oswal
Source: Motilal Oswal Financial Services
2023-11-11 10:42:56 am
Buy Max Financial Services Ltd For Target Rs. 1,090 - Emkay Global MAXF’s H1FY24 APE growth at 26% YoY and VNB margin at 24.0% gave us a slightly positive surprise on growth, albeit a minor negative surprise on margin. Increased PAR in product mix and changes to the variants of ULIP (Online index fund ULIP entailing lower margin) and Annuity plan, coupled with investments in distribution-capability augmentation, caused a margin miss. With both— Agency and Banca channels—performing well and given its leadership in online channels, Max Life i...
Buy Max Financial Services Ltd For Target Rs. 1,090 - Emkay Global
Buy Max Financial Services Ltd For Target Rs. 1,090 - Emkay Global
Source: Emkay Global Financial Services
2023-11-09 11:30:57 am