Nomura has maintained a buy call on HDFC Asset Management Company (AMC), estimating a 34.72% upside potential with a target price of ₹5,250/share. The firm highlights a 6% beat in operating profit, driven by higher operating revenue and lower operating expenses.
Nomura has raised its FY25-27 EPS estimates by 2-3%, projecting a strong operating profit CAGR of 20% during the period, closely aligned with average assets under management (AAUM) growth.
While the company maintained a steady market share in overall and equity AUM, its SIP flow market share declined by 60 basis points quarter-on-quarter.
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