ICICI Direct’s research report on HDFC AMC
HDFC AMC is among the largest and profitable mutual funds with an QAAUM of ~Rs 4.4 lakh crore as on December 2022. Market share as on Q3FY23 was at 11.2% • Strong distribution network with 228 branches and over 75,000 empanelled distribution partners.
Outlook
We maintain our BUY rating on the stock. However, growth in AUM amid gain in market share to compensate for pressure on yield & drive earnings growth. Thus, we value the business at ~27x FY25E EPS and revise our target from Rs 2600 to Rs 2250.
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