AgenciesEmkay Global Financial Services has buy call on with a target price of Rs 930. The current market price of Services is Rs 706.4.
Max Financial Services, incorporated in the year 1988, is a Mid Cap company (having a market cap of Rs 24289.18 Crore) operating in Financial Services sector.
Max Financial Services key Products/Revenue Segments include Income From Dividend, Income From Sale Of Share & Securities, Sale of services, Rental Income and Interest for the year ending 31-Mar-2022.
Financials
For the quarter ended 30-09-2022, the company has reported a Consolidated Total Income of Rs 9322.59 Crore, up 184.58 % from last quarter Total Income of Rs 3275.89 Crore and down -.05 % from last year same quarter Total Income of Rs 9327.37 Crore. Company has reported net profit after tax of Rs 61.61 Crore in latest quarter.
The company’s top management includes Mr.Analjit Singh, Mr.Mitsuru Yasuda, Mr.Charles Richard Vernon Stagg, Mr.D K Mittal, Mr.Hideaki Nomura, Mr.Jai Arya, Mr.Aman Mehta, Ms.Naina Lal Kidwai, Mr.Sahil Vachani, Mr.Mohit Talwar, Mr.K Narasimha Murthy. Company has Deloitte Haskins & Sells LLP as its auditors. As on 30-09-2022, the company has a total of 35 Crore shares outstanding.
Investment Rationale
Hurt by the double whammy of falling growth and deferral in structure simplification, including the delay and penalty from the regulatory end, the company's shares have materially underperformed the broader market and peers. Currently trading at FY24E P/EV of ~1.6x, Company shares are ascribing very little (implied ~6x FY25 VNB) structural value to such a strong franchise. Once Max Financial makes progress in structure simplification and sees revival in growth, its share price should witness sustained re-rating, in accordance with the brokerage's view.
Promoter/FII Holdings
Promoters held 14.72 per cent stake in the company as of September quarter, while FIIs owned 0 per cent, DIIs 31.71 per cent.
Max Financial Services, incorporated in the year 1988, is a Mid Cap company (having a market cap of Rs 24289.18 Crore) operating in Financial Services sector.
Max Financial Services key Products/Revenue Segments include Income From Dividend, Income From Sale Of Share & Securities, Sale of services, Rental Income and Interest for the year ending 31-Mar-2022.
Financials
For the quarter ended 30-09-2022, the company has reported a Consolidated Total Income of Rs 9322.59 Crore, up 184.58 % from last quarter Total Income of Rs 3275.89 Crore and down -.05 % from last year same quarter Total Income of Rs 9327.37 Crore. Company has reported net profit after tax of Rs 61.61 Crore in latest quarter.
The company’s top management includes Mr.Analjit Singh, Mr.Mitsuru Yasuda, Mr.Charles Richard Vernon Stagg, Mr.D K Mittal, Mr.Hideaki Nomura, Mr.Jai Arya, Mr.Aman Mehta, Ms.Naina Lal Kidwai, Mr.Sahil Vachani, Mr.Mohit Talwar, Mr.K Narasimha Murthy. Company has Deloitte Haskins & Sells LLP as its auditors. As on 30-09-2022, the company has a total of 35 Crore shares outstanding.
Investment Rationale
Hurt by the double whammy of falling growth and deferral in structure simplification, including the delay and penalty from the regulatory end, the company's shares have materially underperformed the broader market and peers. Currently trading at FY24E P/EV of ~1.6x, Company shares are ascribing very little (implied ~6x FY25 VNB) structural value to such a strong franchise. Once Max Financial makes progress in structure simplification and sees revival in growth, its share price should witness sustained re-rating, in accordance with the brokerage's view.
Promoter/FII Holdings
Promoters held 14.72 per cent stake in the company as of September quarter, while FIIs owned 0 per cent, DIIs 31.71 per cent.
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