With significant deterioration in macros, we anticipate a substantial slowdown in all the business verticals over at least the next 2 quarters. For the AMC business, we are concerned about fund raising, fee renegotiations and regulatory clampdown impacting growth, while for broking we are wary of increased competition. Lastly, despite much of the negatives in MOHL being factored in, the business needs to display scalability and improvement in asset quality. Challenging macros compel us to downgrade our FY20E/21E earnings (ex-MOHL) by 16.3/16.7%; we also cut our multiples for the AMC business to 17x (-15%) and thus maintain a NEUTRAL with a TP of 545 (+9.3%). Key Risks: any sharp turnaround in fund raising and broking market activity, stronger scale up and lower stress in legacy book at MOHL. MOFS (ex-MOHL) reported an in-line APAT of Rs 1.12bn (-3.2% vs. est). APAT for AMC/capital markets segment were at Rs 409/356mn (-8.5/45.6% YoY). Difficult macros drive our earning cuts; retain NEUTRAL with TP of Rs 545.