External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only.  Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Nippon Life India Asset Management / Equity Bottom-Up

Nippon Life India Asset Management (NAM IN)

<p>We maintain our BUY rating with a target price of Rs 485 (32x FY23E EPS).</p><p>Nippon Life India AMC (NAM) reported good earnings performance in Q2FY22 led by higher MF AUM growth, up 33% YoY and 11% QoQ. Yields came under pressure due to portfolio churn, increased competition, and TER regulations. Other Income was up 53% YoY/45% QoQ. Opex was higher on account of business normalisation and NFO-related expenses. Employee expenses increased partly due to ESOP expenses. AAUM growth, led by equity and debt portfolios, was higher than the industry, leading to market share gains. PAT came in at Rs 214 Cr (up 47% YoY and 17% QoQ).</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We maintain our BUY rating with a target price of Rs 485 (32x FY23E EPS).Nippon Life India AMC (NAM) reported good earnings performance in Q2FY22 led by higher MF AUM growth, up 33% YoY and 11% QoQ. Yields came under pressure due to portfolio churn, increased competition, and TER regulations. Other Income was up 53% YoY/45% QoQ. Opex was higher on account of business normalisation and NFO-related expenses. Employee expenses increased partly due to ESOP expenses. AAUM growth, led by equity and debt portfolios, was higher than the industry, leading to market share gains. PAT came in at Rs 214 Cr (up 47% YoY and 17% QoQ).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Nippon Life India AMC: Encouraging Performance; Maintain BUY