BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
HDFC Securities Report
Despite being India’s largest insurer, The New India Assurance Company Ltd. continues to make high underwriting losses.
We note that the company’s competitive positioning is weakening and remain concerned about its ability to write profitable business.
We estimate an FY22E adjusted return on equity of just 6.5% and can at best assign a valuation of just 0.7 times September-22E accredited in business valuation (less 10% discount for an additional 10.4% supply).
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