External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Star Health & Allied Insurance / Equity Bottom-Up

Star Health & Allied Insurance (STARHEAL IN)

<ul><li>ICICI Securitie's research report on Star Health and Allied Insurance We attended Star Health’s (Star) ‘Investor and Analyst Day’ on 27 Jun’24 in Chennai.</li><li>Star is building well on its vantage in the retail segment via a well-concerted strategy encompassing distribution, product innovation, superior claims processing and enhanced underwriting.</li><li>It envisions doubling premiums over the next four years; thus, enabling PAT of INR 25bn under IFRS by FY28. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ICICI Securitie's research report on Star Health and Allied Insurance We attended Star Health’s (Star) ‘Investor and Analyst Day’ on 27 Jun’24 in Chennai.Star is building well on its vantage in the retail segment via a well-concerted strategy encompassing distribution, product innovation, superior claims processing and enhanced underwriting.It envisions doubling premiums over the next four years; thus, enabling PAT of INR 25bn under IFRS by FY28. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Star Health and Allied Insurance - General Insurance

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Emkay Global Financial's research report onStar Health At 92.8% for Q4FY24 (and 96.7% for FY24), the combined ratio (CoR) of Star Health was slightly worse than our estimates.</li><li>However, the higher investment income drove Q4 PAT to Rs1.4bn, putting it ahead of our estimate of Rs1.2bn.</li><li>Management expects Company to clock better-than-industry growth, while following a quality underwriting approach.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Emkay Global Financial's research report onStar Health At 92.8% for Q4FY24 (and 96.7% for FY24), the combined ratio (CoR) of Star Health was slightly worse than our estimates.However, the higher investment income drove Q4 PAT to Rs1.4bn, putting it ahead of our estimate of Rs1.2bn.Management expects Company to clock better-than-industry growth, while following a quality underwriting approach.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Star Health - A Status Quo Quarter; Reiterate REDUCE

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>We attended STARHEAL’s analyst day where the management showcased its policy underwriting and claims management processes and articulated its focus on incrementally raising persistency post the recent price hike in its flagship product</li><li>We like STARHEAL for its strong moats, including a dominant agency-led distribution network, retail business mix, and best-in-class opex ratios.</li><li>We expect STARHEAL to deliver revenue/APAT CAGRs of 21%/26% and RoEs in the range of 14.7-16.8% over FY23-FY25E, maintain BUY with a target price of INR795 (DCF derived multiple at 44x Sep24E AEPS and 6.8x Sep24E P/ABV).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We attended STARHEAL’s analyst day where the management showcased its policy underwriting and claims management processes and articulated its focus on incrementally raising persistency post the recent price hike in its flagship productWe like STARHEAL for its strong moats, including a dominant agency-led distribution network, retail business mix, and best-in-class opex ratios.We expect STARHEAL to deliver revenue/APAT CAGRs of 21%/26% and RoEs in the range of 14.7-16.8% over FY23-FY25E, maintain BUY with a target price of INR795 (DCF derived multiple at 44x Sep24E AEPS and 6.8x Sep24E P/ABV).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Star Health and Allied Insurance - Disciplined Approach to Drive Profitability.

<ul><li>We attended STARHEAL’s analyst day where the management showcased its policy underwriting and claims management processes and articulated its focus on incrementally raising persistency post the recent price hike in its flagship product</li><li>We like STARHEAL for its strong moats, including a dominant agency-led distribution network, retail business mix, and best-in-class opex ratios.</li><li>We expect STARHEAL to deliver revenue/APAT CAGRs of 21%/26% and RoEs in the range of 14.7-16.8% over FY23-FY25E, maintain BUY with a target price of INR795 (DCF derived multiple at 44x Sep24E AEPS and 6.8x Sep24E P/ABV).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Star Health and Allied Insurance: Disciplined Approach to Drive Profitability.

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>In its FY22 Annual Report, STARHEAL outlined the strong growth opportunities in the Health Insurance space in India.</li><li>After the lifting of COVID-related restrictions, there is growing acceptance of the need for hospitalization, leading to larger customer walk-ins wanting to avail Health Insurance policy without being prospected.</li><li>With India ranking high in terms of diabetes, obesity, and cancer, along with increasing share of the older age population, the severity of hospitalized cases will continue to rise.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In its FY22 Annual Report, STARHEAL outlined the strong growth opportunities in the Health Insurance space in India.After the lifting of COVID-related restrictions, there is growing acceptance of the need for hospitalization, leading to larger customer walk-ins wanting to avail Health Insurance policy without being prospected.With India ranking high in terms of diabetes, obesity, and cancer, along with increasing share of the older age population, the severity of hospitalized cases will continue to rise.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Star Health and Allied Insurance Company - Enhancing Reach Via Distribution and New Products

India

Star Health & Allied Insurance Co. Ltd. is India's first standalone health insurance provider, offering a comprehensive suite of insurance solutions across health, personal accident, and overseas travel segments. The company provides retail health products to individuals, families, students, senior citizens, and corporates. It was founded in 2006 and is headquartered in Chennai, India.

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Star Health & Allied Insurance (STARHEAL IN)

Star Health and Allied Insurance - General Insurance

ICICI Securitie's research report on Star Health and Allied Insurance We attended Star Health’s (Star) ‘Investor and Analyst Day’ on 27 Jun’24 in...

ICICI Securities Limited

Star Health - A Status Quo Quarter; Reiterate REDUCE

Emkay Global Financial's research report onStar Health At 92.8% for Q4FY24 (and 96.7% for FY24), the combined ratio (CoR) of Star Health was...

Emkay

Star Health and Allied Insurance - Disciplined Approach to Drive Profitability.

We like STARHEAL for its strong moats, including a dominant agency-led distribution network, retail business mix, and best-in-class opex ratios.

HDFC Securities

Star Health and Allied Insurance: Disciplined Approach to Drive Profitability.

We like STARHEAL for its strong moats, including a dominant agency-led distribution network, retail business mix, and best-in-class opex ratios.

HDFC Securities

Star Health and Allied Insurance Company - Enhancing Reach Via Distribution and New Products

With India ranking high in terms of diabetes, obesity, and cancer, along with increasing share of the older age population, the severity of...

Motilal Oswal

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