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.

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

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

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

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

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.

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True Art of Valuation

Equity Bottom-Up

Life Insurance  of India / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/life-insurance-corp-of-india" target="_blank" data-smartkarma-citation="entities:28829:1" rel="noopener">Life Insurance of India (LICI IN)</a> reported its 1H24 earnings which are a continuation of the poor performance of the largest life insurer in India.</li>
<li>Total sales were down -10% (individual sales – flat y-o-y); VNB margins falling; outlook not positive. Not positive shifts in product mix or distribution trends.</li>
<li>We value LIC at 0.5x FY25e P/EV, implying a -15% downside from the current price, reflecting poor sales growth, loss of market-share and its failure to turn-around the business model.</li>
</ul>



Life Insurance of India (LICI IN) reported its 1H24 earnings which are a continuation of the poor performance of the largest life insurer in India.
Total sales were down -10% (individual sales – flat y-o-y); VNB margins falling; outlook not positive. Not positive shifts in product mix or distribution trends.
We value LIC at 0.5x FY25e P/EV, implying a -15% downside from the current price, reflecting poor sales growth, loss of market-share and its failure to turn-around the business model.


ICICI Prudential Life Insurance (IPRU IN)

Life Insurance of India (LICI IN) 2Q24 Review: Poor Performance; No Signs of Turnaround. Sell.