Name: Latest research reports of UTI Asset Management Company Ltd. authored by ICICI Securities Limited and published by - Trendlyne research reports.
Item: UTI Asset Management Company Ltd.
Rating: 3
Author: ICICI Securities Limited

Summary	Date	Stock	Author	LTP	Target	Price at reco (Change since reco%)	Upside(%)	Type	Report	Discuss
	20 Oct 2023	UTI Asset Management	ICICI Securities Limited Target	1146.40	810.00	785.90 (45.87%)	Target met	Hold	pdf post cache	Broker Report Cost stabilisation playing out; awaiting market share improvement ICICI Securities Limited UTI had reported strong 37% QoQ core EBITDA growth in Q2FY24 compared to 26% QoQ growth in Q1FY24. Operationally Q2FY24 saw sequential equity / total market share decline of 8bps / 13bps to 5.68%/4.31% on the basis of AAUM, along with a decline in SIP flow/AUM share. pdf Copy Link Share on Share on Share on Share on Alert
	19 Oct 2023	UTI Asset Management	BOB Capital Markets Ltd. Reco Target	1146.40	835.00	785.90 (45.87%)	Target met	Hold	pdf post cache	Broker Report UTI AMC (HOLD): Equity flows yet to pick up BOB Capital Markets Ltd. Q2 AUM grew 14% YoY to Rs 2.7tn but equity and hybrid schemes saw cumulative outflows for the fourth straight quarter pdf Copy Link Share on Share on Share on Share on Alert
	13 Oct 2023	HDFC AMC	ICICI Securities Limited Target	2674.70	2783.00	2755.45 (-2.93%)	Target met	Hold	pdf post cache	Broker Report AUM tailwinds lead to strong EBITDA growth; sustainability of performance amidst AUM growth and yield decline … ICICI Securities Limited HDFC AMC reported 22-quarter high EBITDA of INR 4.82bn in Q2FY24 driven by 29.6% end-to-end equity AUM growth in H1FY24. Improvement in fund performance is leading to superior business metrics such as gain in equity market share, unique investor share, and gain in flow market share in equity segment across channels. pdf Copy Link Share on Share on Share on Share on Alert
	12 Oct 2023	HDFC AMC	BOB Capital Markets Ltd. Target	2674.70	2814.00	2755.45 (-2.93%)	Target met	Hold	pdf post cache	Broker Report HDFC AMC (HOLD): Robust quarter but upside limited BOB Capital Markets Ltd. Higher equity share drove robust QAAUM growth of 22% YoY in Q2; topline growth strong at 18% pdf Copy Link Share on Share on Share on Share on Alert
	08 Aug 2023	HDFC AMC	Geojit BNP Paribas Target	2674.70	2681.00	2494.00 (7.25%)	Target met	Hold	pdf post cache	Broker Report HDFC ASSET MANAGEMENT COMPANY LIMITED Geojit BNP Paribas pdf Copy Link Share on Share on Share on Share on Alert
	01 Aug 2023	Aditya Birla Sun Life AMC	ICICI Securities Limited Reco Target	751.95	435.00	416.80 (80.41%)	Target met	Accumulate	pdf post cache	Broker Report Strong retail franchise; to benefit from improved fund performance ICICI Securities Limited We upgrade Aditya Birla Sun Life AMC (ABSL) on the back of improved earnings growth prospects driven by better fund performance, strong retail franchise and revision in TER regulation, which is now expected to be favourable (Link) vs earlier announcements. pdf Copy Link Share on Share on Share on Share on Alert
	31 Jul 2023	Nippon Life Asset Mgmt	ICICI Securities Limited Target	870.50	364.00	318.95 (172.93%)	Target met	Accumulate	pdf post cache	Broker Report Equity flow share, fund performance and retail franchise remain strong ICICI Securities Limited We factor in 17.4% AAUM CAGR between FY23-25E and overall revenue yield to decline from 45.9bps in FY23 to 44.8bps in FY24E to 42.8bps in FY25E leading to a revenue CAGR of 13% during the same period. We expect total opex CAGR of 11.1%, resulting in ~14.2/13.7% core EBITDA/PAT CAGR over FY23-25E. pdf Copy Link Share on Share on Share on Share on Alert
	30 Jul 2023	UTI Asset Management	ICICI Securities Limited Target	1146.40	824.00	785.30 (45.98%)	Target met	Hold	pdf post cache	Broker Report Cost stabilisation playing out; market share improvement key for rerating ICICI Securities Limited While UTI reported strong 26% QoQ EBITDA growth in Q1FY24, there was sequential equity / total market share decline of 5bps / 9bps on the basis of ending AUM, along with marginal decline in SIP flow/AUM share. However, employee cost is now showing consistent signs of stabilising (broadly at INR 1bn levels for 5 quarters), which should help earnings growth. International and retirement subsidiaries offer good diversification. pdf Copy Link Share on Share on Share on Share on Alert
	28 Jul 2023	Nippon Life Asset Mgmt	Keynote Capitals Ltd Reco Target	870.50	330.00	318.95 (172.93%)	Target met	Neutral	pdf post cache	Broker Report Nippon Life India Asset Management Ltd Keynote Capitals Ltd Quarterly Update Q1FY24 pdf Copy Link Share on Share on Share on Share on Alert
	27 Jul 2023	Aditya Birla Sun Life AMC	BOB Capital Markets Ltd. Target	751.95	425.00	406.95 (84.78%)	Target met	Hold	pdf post cache	Broker Report Aditya Birla Sun Life AMC (HOLD): Healthy quarter BOB Capital Markets Ltd. QAAUM grew 5% YoY to Rs 2.9tn in Q1; market share inched up to 6.9% after a prolonged decline pdf Copy Link Share on Share on Share on Share on Alert
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Neutral

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Broker Research reports: All reports for Industry - Asset Management Cos.

Cost stabilisation playing out; awaiting market share improvement

UTI AMC (HOLD): Equity flows yet to pick up

AUM tailwinds lead to strong EBITDA growth; sustainability of performance amidst AUM growth and yield decline …

HDFC AMC (HOLD): Robust quarter but upside limited

HDFC ASSET MANAGEMENT COMPANY LIMITED

Strong retail franchise; to benefit from improved fund performance

Equity flow share, fund performance and retail franchise remain strong

Cost stabilisation playing out; market share improvement key for rerating

Nippon Life India Asset Management Ltd

Aditya Birla Sun Life AMC (HOLD): Healthy quarter

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