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

Emkay

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

Star Health & Allied Insurance / Equity Bottom-Up

Star Health & Allied Insurance (STARHEAL IN)

<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.

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

KFin Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kfin-technologies" target="_blank" data-smartkarma-citation="entities:36609:1" rel="noopener">KFin Technologies (1804170D IN)</a> is looking to raise around US$180m in its India IPO.</li>
<li>KFin Technology (KFin) is a technology driven financial services platform providing comprehensive services and solutions to the capital markets ecosystem.</li>
<li>In this note, we will look at its RHP updates, peer comparison, earnings assumptions, and share our thoughts on valuation.</li>
</ul>



KFin Technologies (1804170D IN) is looking to raise around US$180m in its India IPO.
KFin Technology (KFin) is a technology driven financial services platform providing comprehensive services and solutions to the capital markets ecosystem.
In this note, we will look at its RHP updates, peer comparison, earnings assumptions, and share our thoughts on valuation.


KFin Technologies IPO - Profit Growth Has Outpaced Peer, However Valuation Isn’t Cheap

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kfin-technologies" target="_blank" data-smartkarma-citation="entities:36609:1" rel="noopener">KFin Technologies (1804170D IN)</a> is looking to raise around US$300m in its India IPO.</li>
<li>KFin Technology (KFin) is a technology driven financial services platform providing comprehensive services and solutions to the capital markets ecosystem.</li>
<li>Under its offering, it primarily serves asset managers and corporate issuers domestically, while providing investor solutions for mutual funds and private retirement schemes in other regions.</li>
</ul>



KFin Technologies (1804170D IN) is looking to raise around US$300m in its India IPO.
KFin Technology (KFin) is a technology driven financial services platform providing comprehensive services and solutions to the capital markets ecosystem.
Under its offering, it primarily serves asset managers and corporate issuers domestically, while providing investor solutions for mutual funds and private retirement schemes in other regions.


KFin Technologies Pre-IPO - Large Domestic Player Continues to Get Larger

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 - 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

KFin Technologies IPO - Profit Growth Has Outpaced Peer, However Valuation Isn’t Cheap

KFin Technologies (1804170D IN) is looking to raise around US$180m in its India IPO. In this note, we will look at its RHP updates, peer...

Clarence Chu

KFin Technologies Pre-IPO - Large Domestic Player Continues to Get Larger

KFin Technologies (1804170D IN) is looking to raise around US$300m in its India IPO. KFin is a tech-driven financial services platform providing...

Clarence Chu

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