Equity Research Analyst - Long-Short

Raj S, CA, CFA

I am Raj - CA and CFA

I cover BFSI, NBFCs, Autos and several other sectors across geographies.
   
I am a CA and CFA with 10+ years experience in fundamental equity research across buy-side and sell-side and across geographies.

My research process is primarily focused on highlighting the catalysts which would have a direct impact on a stocks fundamental performance and market valuation. I try to cut through the noise and sort through the detail, in order to organize and simplify my thinking about an investment thesis.  

Please reach out to us for customized services which can help your office or fund, whether that be shadow coverage of specific companies or a more customized service. We provide a wide range of services at efficient pricing. PM me for a discussion. Thank you for your time.

HDFC Bank - 1st Results After Amalgamation | Dupont Analysis For Comparatives | Credit Cost Decline

ICICI Prudential Life: 2Q24 Result Update: The Search for Salvation (Continues..)

Axis Bank - Loan Mix Improving Dramatically | Strong ALM | Credit Costs Likely to Narrow Sharply

SBI Life: Best Bet to Play the Indian Life Insurance Sector - Initiating Coverage.

Indian Life Insurance (And Savings) Sector Primer - Long-Term Potential and Strong Operating Margins

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

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hdfc-standard-life-insurance" target="_blank" data-smartkarma-citation="entities:26004:1" rel="noopener">HDFC Life Insurance (HDFCLIFE IN)</a> reported 2Q24/ 1H24 results last week which were decent given the context: moderating VNB Margins amid changing product-mix and growth outlook positive for remaining year.</li>
<li>The strong growth at the HDFC Bank counter is the key positive, though expected, on back of the HDFC Bank-HDFC merger.</li>
<li>We value HDFC Life (HDFCL) at ~2.4x FY25e P/EV, implying a ~5% upside to current price. HDFCL is fairly valued in our view.</li>
</ul>



HDFC Life Insurance (HDFCLIFE IN) reported 2Q24/ 1H24 results last week which were decent given the context: moderating VNB Margins amid changing product-mix and growth outlook positive for remaining year.
The strong growth at the HDFC Bank counter is the key positive, though expected, on back of the HDFC Bank-HDFC merger.
We value HDFC Life (HDFCL) at ~2.4x FY25e P/EV, implying a ~5% upside to current price. HDFCL is fairly valued in our view.


ICICI Prudential Life Insurance (IPRU IN)

HDFC Life: 2Q24 Result Update: In-Line on a High Base, HDFC Bank Distribution the Main Positive.

HDFC Limited

HDFC Life: 2Q24 Result Update: In-Line on a High Base, HDFC Bank Distribution the Main Positive.