ICICI Direct's research report on Nippon Life India AMC
Nippon Life India AMC is among the largest asset managers in India with an AUM size of Rs 3.49 lakh crore. The company has a strong distribution network with 87200+ distributors. Market share as on Q2FY23 was at 7.3% • Strong presence in B-30 cities that contribute to 18.2% of total AUM.
Outlook
We downgrade the stock from BUY to HOLD. Steady market share & superior performance bode well. However, pressure in equity yields remains an overhang. Thus, we value Nippon AMC at ~5.2% FY24E AUM and revise our target price from Rs 330 to Rs 300 per share.
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