External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

SBI Life Insurance Co Ltd / Equity Bottom-Up

<ul><li>SBI Life Insurance (SBILIFE) reported a weak performance in 2QFY25. APE grew 3% YoY to INR53.9b (11% miss).</li><li>For 1HFY25, it grew 9% YoY to INR90.3b.</li><li>Absolute VNB declined 3% YoY to INR14.5b (14% miss).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SBI Life Insurance (SBILIFE) reported a weak performance in 2QFY25. APE grew 3% YoY to INR53.9b (11% miss).For 1HFY25, it grew 9% YoY to INR90.3b.Absolute VNB declined 3% YoY to INR14.5b (14% miss).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SBI Life Insurance - VNB Margins Contract Due to Shift in Product Mix

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>SBILIFE reported APE growth of ~20% YoY in Q1FY25, while retail APE growth stood at ~22% YoY, marginally ahead of our expectations.</li><li>APE growth was driven by strong growth in ULIPs (+40% YoY). Resultantly, the share of ULIPs increased to ~61% from ~52% YoY.</li><li>VNB stood at Rs 36.4 Bn (+11.5% YoY), while VNB margins contracted sharply by ~200bps YoY and stood at 26.8% vs 28.8% in Q1FY24 and 28.1% in FY24. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SBILIFE reported APE growth of ~20% YoY in Q1FY25, while retail APE growth stood at ~22% YoY, marginally ahead of our expectations.APE growth was driven by strong growth in ULIPs (+40% YoY). Resultantly, the share of ULIPs increased to ~61% from ~52% YoY.VNB stood at Rs 36.4 Bn (+11.5% YoY), while VNB margins contracted sharply by ~200bps YoY and stood at 26.8% vs 28.8% in Q1FY24 and 28.1% in FY24. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SBI Life Insurance Ltd. - Steady Quarter; VNB Margin Takes a Hit Owing to Product Mix Shift!

India BFSI - Long-Short - Equity Research Analyst

Raj S, CA, CFA

Artoval Advisors

Art’o’val stands for Art of Valuation. Artoval Advisors LLP is a professionally run advisory firm catering to various financial advisory services including Valuation, Investment Research, Training, Accounting, CFO Services and other ancillary services.

We are passionate about what we do and strongly believe in working with our clients as their extended teams. With Artoval Advisors as their trusted partner, our clients find it easy to achieve efficiency in service delivery without compromising on quality.

True Art of Valuation

<ul>
<li>We make two arguments in this note (A) Why you should invest in the Indian Life Insurance Sector right now; (B) Why you should start with <a href="https://www.smartkarma.com/entities/sbi-life-insurance-co-ltd" target="_blank" data-smartkarma-citation="entities:25899:1" rel="noopener">SBILIFE</a>  over<a href="https://www.smartkarma.com/entities/hdfc-standard-life-insurance" target="_blank" data-smartkarma-citation="entities:26004:1" rel="noopener"> HDFCLIFE</a>
</li>
<li>Answers (A) The train has left-the-station on the long runway of double-digit growth in the sector; (B) The sector valuations are very reasonable due to short-term pressures, SBIL especially so.</li>
<li>We compare SBILIFE and HDFCL's valuations, and narrow the focus on to One Crucial Factor showcasing the fundamental strength of these businesses.</li>
</ul>


We make two arguments in this note (A) Why you should invest in the Indian Life Insurance Sector right now; (B) Why you should start with SBILIFE  over HDFCLIFE

Answers (A) The train has left-the-station on the long runway of double-digit growth in the sector; (B) The sector valuations are very reasonable due to short-term pressures, SBIL especially so.
We compare SBILIFE and HDFCL's valuations, and narrow the focus on to One Crucial Factor showcasing the fundamental strength of these businesses.


HDFCL Vs SBIL: The Low Down on the Best Life Insurance Stocks In India Right Now (+SBIL 2Q24 Review)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/state-bank-of-india" target="_blank" data-smartkarma-citation="entities:160:1" rel="noopener">State Bank Of India (SBIN IN)</a> is the best-performing PSU bank in India and shows clear convergence with private peers across fundamental metrics beyond what its valuations might suggest</li>
<li>Medium-Term ROE Forecast of 16% to 18% and loan growth forecast of 14% to 16%; ROA ~1.2% consistently; Strong fee income; successful cross-selling through subsidiaries; Strong asset quality.
</li>
<li>
 P/BV is cheap at 1.3x FY25e, compared private peers’ valuations of 2.5x to 3.0x. SBIN can potentially re-rate to P/BV of ~1.6x FY25e in the near term (~35% upside).</li>
</ul>



State Bank Of India (SBIN IN) is the best-performing PSU bank in India and shows clear convergence with private peers across fundamental metrics beyond what its valuations might suggest
Medium-Term ROE Forecast of 16% to 18% and loan growth forecast of 14% to 16%; ROA ~1.2% consistently; Strong fee income; successful cross-selling through subsidiaries; Strong asset quality.


 P/BV is cheap at 1.3x FY25e, compared private peers’ valuations of 2.5x to 3.0x. SBIN can potentially re-rate to P/BV of ~1.6x FY25e in the near term (~35% upside).


State Bank Of India (SBIN IN): Initiation -  Convergence with Private Peers, Poised for Re-Rating

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>Adani Enterprises is looking to raise INR200bn (US$2.4bn) via a further public offering (FPO). Bookbuild will begin tomorrow (27th Jan 23) and last till the end of the month.</li>
<li>Adani Enterprises is the flagship company of the Adani Group. The group’s entities' stock performance over the past few years has made the founder one of the richest persons globally.</li>
<li>We have covered most aspects of the deal in our earlier note published. In this note, we talk about the recent updates and the deal pricing and structure.</li>
</ul>


Adani Enterprises is looking to raise INR200bn (US$2.4bn) via a further public offering (FPO). Bookbuild will begin tomorrow (27th Jan 23) and last till the end of the month.
Adani Enterprises is the flagship company of the Adani Group. The group’s entities' stock performance over the past few years has made the founder one of the richest persons globally.
We have covered most aspects of the deal in our earlier note published. In this note, we talk about the recent updates and the deal pricing and structure.


Adani Enterprises US$2.4bn FPO - Updates, Pricing, Structure, Anchor and Some More

India

SBI Life Insurance Company Limited offers financial services. The Company provides claims, general insurance, online banking, retirement plans, tax calculators, revival of lapsed policies, and other services. SBI Life Insurance serves customers in India.

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SBI Life Insurance Co Ltd (SBILIFE IN)

SBI Life Insurance - VNB Margins Contract Due to Shift in Product Mix

SBI Life Insurance (SBILIFE) reported a weak performance in 2QFY25. APE grew 3% YoY to INR53.9b (11% miss). For 1HFY25, it grew 9% YoY to INR90.3b.

Motilal Oswal

SBI Life Insurance Ltd. - Steady Quarter; VNB Margin Takes a Hit Owing to Product Mix Shift!

SBILIFE reported APE growth of ~20% YoY in Q1FY25, while retail APE growth stood at ~22% YoY, marginally ahead of our expectations.

Axis Direct

HDFCL Vs SBIL: The Low Down on the Best Life Insurance Stocks In India Right Now (+SBIL 2Q24 Review)

We have added price charts showing clear "market sentiment" in favour of SBIL compared to HDFCL and the benchmark. This supports our central...

Raj S, CA, CFA

State Bank Of India (SBIN IN): Initiation - Convergence with Private Peers, Poised for Re-Rating

State Bank of India (SBIN IN) is by far the best-performing PSU bank in India and has the potential to re-rate substantially in the near-term.

Raj S, CA, CFA

Adani Enterprises US$2.4bn FPO - Updates, Pricing, Structure, Anchor and Some More

Adani Enterprises is looking to raise INR200bn (US$2.4bn) via a further public offering (FPO). We have covered most of the details in our prior...

Sumeet Singh

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