At the upper end of the band at Rs290 HDFC Standard Life trades at 4.7x FY17 P/EV of Rs124.7bn and 2.8x Sep-19E P/EV which we believe is fairly valued. Growth in profitable new business, balanced product mix, better distribution channel, improved persistency and healthy return ratios makes the issue attractive for long term perspective. We recommend investors to subscribe to the issue.
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About Prabhudas Lilladher
Prabhudas Lilladher has a nationwide distribution network, consisting of branches, franchisees and associates, providing a comprehensive gamut of financial services in the Institutional and Retail domain. Their services includes Equity, derivatives; margin funding, mutual funds, PMS, IPOs and online trading.
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