Add HDFC Life, target price Rs 721: Yes Securities

Add HDFC Life, target price Rs 721:  Yes Securities

Yes Securities has add call on HDFC Life Insurance Company with a target price of Rs 721. The current market price of HDFC Life Insurance Company Ltd. is Rs 680.35.

HDFC Life Insurance Company Ltd., incorporated in the year 2000, is a Large Cap company (having a market cap of Rs 137522.34 Crore) operating in Financial Services sector.

For the quarter ended 30-09-2020, the company reported a Consolidated sales of Rs 219.37 Crore, down 37.84 % from last quarter Sales of Rs 352.92 Crore and down 2.53 % from last year same quarter Sales of Rs 225.06 Crore.

Company reported net profit after tax of Rs 327.83 Crore in latest quarter.

Investment Rationale
While the brokerage believes that HDFC Life deserves premium valuations given its balanced product mix, strong distribution network and group’s track record of delivering healthy performance in all financial segments, current valuations are fair and it retain ADD rating with a revised 1-year price target of Rs721.

Promoter/FII Holdings
Promoters held 60.4 per cent stake in the company as of Sept 30, 2020, while FIIs held 23.4 per cent, DIIs 7.3 per cent and public and others 8.8 per cent.

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