YES Securities' research report on Nippon Life Asset Management
We remain positive on the stock considering our expectations of 1) strong equity market performance, 2) NAM gaining market share under the new promoters, 3) costs control will narrow down the financial performance gap when compared with peers, and 4) valuations are attractive at 21.6x FY23E earnings.
Outlook
Our estimates for FY21 have been raised by 10% mainly on the back of higher other income. We maintain our BUY rating.
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