India's Max Financial 'comfortable' to post mid-teen premium growth in FY24 - Kotak

Max Financial Services

30/06/2023 05:46

** Shares of Max Financial Services  MAXI.NS  up as much as 3.4%
at 824.2 rupees
    ** Stock touches highest level since Feb. 1; on track for a
third consecutive session of gains if trends hold 
    ** Max Life remains "comfortable" on delivering mid-teen
annual premium equivalent growth in FY2024E, with a stable
counter share at Axis Bank and higher growth in other channels -
Kotak Institutional Equities
    ** Adds, unless a shift from non-participating policy is
severe and investments in new initiatives weigh in
significantly, 27-28% value of new business margin guidance may
be conservative.
    ** Thirteen analysts rate the stock "buy" or "strong buy,"
one rates it "hold;" median PT is 905 rupees - Refinitiv data
    ** Stock up ~18% this year, as of last close

 (Reporting by Navamya Ganesh Acharya in Bengaluru)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))