We are concerned about the loss of investor confidence which debt schemes face given significant write-downs/offs on exposures to stressed corporates. Additionally, given the current inter-promoter deal structure, we believe an OFS by RCAP is imminent. Lastly, the macro environment remains challenging and thus despite our positive bias towards Nippon Life as sole promoter, increased credibility to raise HNI/institutional capital, and valuation discount (37% on FY21E P/E) to HDFCAMC, we cut multiple to 22x (from 26x) to Jun-21E NOPLAT and downgrade stock to NEUTRAL with a revised Jun-20E TP of Rs 235 (22x Jun-21E NOLPAT + cash). While 1QFY20 revenues were in-line, RNAM printed a 14.1/-9.2% YoY/QoQ APAT of Rs 1.25bn, largely due to lower other income.