We initiate coverage on Reliance Nippon Life Asset Management (RNLAM) with a BUY rating and a target price of INR 350, valuing the company at 28x FY20E earnings (at CMP stock trades at 36x/ 29x FY18E/ FY19E). We believe RNLAM remains in a favourable position to capitalise on twin trends: a) mutual fund (MF) industry tailwinds as inflows remain strong and...