India: Ambuja Cements, Life Insurance Corp of India (LIC), SBI Life Insurance Co Ltd, Apcotex Industries, Vedanta Resources and more

• ACL reported encouraging Volume/Revenue growth of 3%/8% YoY but witnessed notable EBITDA/APAT de-growth of 19%/25% respectively YoY in Q1CY22
• We maintain our BUY rating on the stock with a revised TP of Rs 4,350/share (which includes Rs 275/share for the company’s stake in PMAG) as we value the stock at 17x its FY24E EPS
• TP implies an upside potential of 13.5% from the CMP.

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• Life Insurance Corp of India (LIC) (1248Z IN) is set to launch its IPO with the anchor investor offer period starting 2 May. The offer period closes on 9 May. 
• At the IPO price range of Rs902-949, the Indian government aims to raise $2.6-2.7 billion, which is materially lower than the initial target of $8.7 billion. 
• Following up on Life Insurance Corp of India IPO: Premium Market, in this note, we look at the latest developments from the Red Herring Prospectus. 

• SBI Life Insurance (SBIL) reported another consistent performance in Q4FY22. APE growth of 3.8% YoY was largely in line with expectations.
• VNB margin was reported at 25.9 (effective tax basis) witnessing an expansion of 270bps YoY with best-in-class cost ratios and improved persistency
• We remain positive on the stock and maintain a BUY rating with a Target Price of Rs 1,530/share (2.7x FY24EV), implying an upside potential of 37% from the CMP.

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• Apcotex Industries (APCOTEX) Q4FY22 results beat our estimates on all fronts. The revenues came in at Rs 277 Cr, reporting a 48% growth YoY, largely on a lower base of the last year.
• On a sequential basis, the top line grew by 10.7% on account of strong volumes and an increase in realizations
• We roll forward our estimates and multiple, valuing the company at 20x (30% discount to TTM PE of 28x) FY24E earnings to arrive at a revised TP to Rs 550/share (Rs 435 earlier).

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Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.

In this Insight:

1. China Jinmao Holdings
2. Guangzhou R&F Properties
3. Sunac China Holdings
4. Greenland Hong Kong Holdings
5. Evergrande

and more…