Risk Reward Update: Go Digit General Insurance | Asia Pacific

研报英文原文证据摘录

Risk Reward Update: Go Digit General Insurance | Asia Pacific

UpdateM

RiskRisk RewardReward– Go Digit- GoGeneralDigitInsuranceGeneral(GODG.NS)Insurance (GODG.NS)

Strong profit and ROE trajectory but largely priced in

PRICE TARGET Rs328.00 EQUAL-WEIGHT THESIS

Probability-weighted 85% base, 10% bear and 5% bull. Skew to bear case reflects current ▪Go Digit has experienced management,

geopolitical uncertainty. We apply target 2028e multiples of 30x, 35x and 24x to base, bull promoters with domain expertise and vested

and bear cases, respectively, the level implied by our price target for peer ICICI Lombard. We interests as well as strong execution on

find this justified because we think Go Digit in future will achieve return ratios similar to market share.

those of ILOM, India's only other private, listed, multi-line non-life insurer. ▪It is the only new player since F10 to

achieve scale and profitability within five Rs366.20

years of starting up.

Consensus Price Target Distribution Rs290.00 Rs411.00 forecast a ~36% profit CAGR over MS PT ▪We

Source: Refinitiv, Morgan Stanley Research Mean Morgan Stanley Estimates F26-28 on a small base, with ROE seen at

~17% by F28, driven by increased scale

(GDPI CAGR of 14% over F26-28).

▪However, we believe these positives are

RISK REWARD CHART largely captured in the current valuation.

INR Rs519.00Rs519.00(+66.80%)Rs519.00(+66.80%)(+66.80%) Consensus Rating Distribution

70% Overweight

480 20% Equal-weight

10% Underweight

360 MS Rating

Rs311.15Rs311.15Rs311.15 Rs328.00Rs328.00(+5.42%)Rs328.00(+5.42%)(+5.42%) Source: Refinitiv, Morgan Stanley Research

Risk Reward Themes

Rs208.00Rs208.00(-33.15%)Rs208.00(-33.15%)(-33.15%) Secular Growth: Positive

View descriptions of Risk Rewards Themes here

JUL '25 JAN '26 JUL '26 JUL '27