NIPPON AMC
NOMURA ON NIPPON AMC : 20.07.2021
* Nomura maintains NEUTRAL call on Nippon AMC, target raised to Rs 400/sh
* Q1 Results Largely In-line With Our Expectations On Both Profit/ Core EBIT
* Overall MF Revenues Flat QoQ Despite 5/2% QOQ Growth In Equity/Debt AUMS
* Overall Compressing Yields, Stagnant Market Share & SIP Market Share Decline Concerns Us
* Fy22-24 EPS Estimates Raised By 5-6%, valuation Multiple Increased To 32x
* Market Share Trends Across Segments Do Not Yet Reflect Any Signs Of Improvement
* MAINTAIN NEUTRAL TARGET: 400 (PREV TGT: 350)
NIPPON AMC
