HDFC Securities is bullish on Nippon Life India Asset Management has recommended buy rating on the stock with a target price of Rs 288 in its research report dated May 16, 2020.
HDFC Securities' research report on Nippon Life India Asset Management
NAM printed 4QFY20 operating profits of Rs 1.52bn (+9.4/11.9% YoY/QoQ, 18.1% beat). Beat was primarily driven by lower expenses (-44.1/-27.7% YoY/QoQ). Large MTM loss (due to sharp correction on investments in equity AUM) on investment book resulted in negative other income of Rs 1.25bn and caused APAT to decline to just Rs 37mn (-97.3/-97.5% YoY/QoQ).
We retain BUY with a TP of Rs 288 (36x Mar-22E NOLPAT + cash).
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