Buy Nippon Life India Asset Management; target of Rs 345: Sharekhan

Sharekhan's research repor on Nippon Life India Asset Management

Nippon Life India Asset Management’s (NAM’s) Q2FY2021 results were encouraging with ahead of expectations operational numbers, helped by cost control and stable AUMs. The AUM decline trend seen in Q1 was arrested, which is encouraging. With MNC ownership, there is more stability and can result in improved global funds flow for NAM. We have fine-tuned our estimates for FY2021E and FY2022E and introduce FY2023E estimates in this note.

Outlook

We maintain our Buy rating on the stock with a PT of Rs. 345.

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