Max Financial Services: Well-Managed Franchise; Valuations Factor Most Positives, Says Dolat Capital
A man counts Indian rupee banknotes in Varanasi, Uttar Pradesh, India. (Photographer Dhiraj Singh/Bloomberg)

Max Financial Services: Well-Managed Franchise; Valuations Factor Most Positives, Says Dolat Capital

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.

Dolat Capital Report

Traditionally a par player, Max Life has significantly diversified its product mix and has made significant strides to capture the protection and non-par segment.

Max Financial Services Ltd. has been able to build a strong franchise with a profitable agency channel. Axis Bank Ltd.’s transaction will also give more comfort to the renewal on the bancassurance tie-up which is due to expire in September 2021.

The company has already delivered strong growth thus far and we believe stock price largely reflects the positives from the Axis deal as well as top-line growth.

Click on the attachment to read the full report:

Dolat Capital Max Financial Services Initiating Coverage.pdf

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