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Buy Nippon Life India Asset Management: target of Rs 430: Sharekhan

Sharekhan is bullish on Nippon Life India Asset Management has recommended buy rating on the stock with a target price of Rs 430 in its research report dated April 26, 2022.

April 27, 2022 / 05:24 PM IST
The research firm ICICI Securities believes earnings of apparel brands and retail companies under their coverage may surprise positively from Q3FY22E as the likely demand recovery may result in better than expected margin performance. Some of the costs savings achieved during pandemic may sustain and coupled with high operating leverage may lead to higher than pre-covid margins from Q3FY22E.  Stocks like Trent, V-Mart and Aditya Birla Fashion and Retail are the preferred picks backed by their strong and consistent track record of execution.

The research firm ICICI Securities believes earnings of apparel brands and retail companies under their coverage may surprise positively from Q3FY22E as the likely demand recovery may result in better than expected margin performance. Some of the costs savings achieved during pandemic may sustain and coupled with high operating leverage may lead to higher than pre-covid margins from Q3FY22E.  Stocks like Trent, V-Mart and Aditya Birla Fashion and Retail are the preferred picks backed by their strong and consistent track record of execution.

 
 
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Sharekhan's research report on Nippon Life India Asset Management


Revenue from operations grew by 12% y-o-y while it was flat q-o-q to Rs.338 crore. Yields declined by 6 bps y-o-y and was flat sequentially. PAT stood at Rs. 175 crore versus our expectations of Rs. 181 crore, growing by a moderate 5% y-o-y. For FY22, PAT rose by 9% y-o-y to Rs. 743 crore. Quarterly average assets under management (QAAUM) stood at Rs 2,833 billion, rising by ~24% y-o-y and ~1% q-o-q. NAM India’s market share remained stable q-o-q at 7.4% in Q4FY22 driven by steady performance of funds, strong risk management and a wide distribution network. At CMP, the stock currently trades at 24.3x and 20.9x its FY23E and FY24E EPS.


Outlook


We maintain a Buy rating on NAM India with a revised price target (PT) of Rs. 430.


 For all recommendations report, click here

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first published: Apr 27, 2022 05:24 pm
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