Emkay Global Financial's research report on Motilal Oswal Financial Services
leading to a strong finish to the fiscal. While performance of the Capital Markets segment was sturdy, the Asset and Wealth Management segment delivered a solid turnaround with the Housing Finance business gradually coming back on track. Overall, the Q4 performance endorses our thesis on MOFS (Read: Perfect vehicle to ride India’s wealth creation journey), and we maintain that MOFS is well positioned to capitalize on the favorable macros around its key business segments, along with strength to navigate any short-term volatility that may arise in the capital market-linked cyclical business.
Outlook
To reflect the Q4 developments, we adjust our estimates and reiterate our BUY rating on MOFS, with revised up Mar-25E TP of Rs2,700 (from Rs2,200 earlier). The PCG business was transferred into Wealth Management (WM), which has hence gained scale and created a sizable value in terms of SOTP. Though the operational momentum remains strong, the recent strong run limits the upside.
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