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Nippon Life Asset Management - Q2FY21 Result Update - YES Securities

Posted On: 2020-10-27 22:35:51

Key highlights of Q2 FY21 performance

- QAUM - QAUM de-grew by 1% on YoY basis and grew by 11% on sequential basis. Even though share of Equity AUM declined by 400 bps on YoY basis, it improved by 100 bps on sequential basis. Pie of Debt AUM improved by 100bps both on YoY and sequential basis.

- Revenue - Management Fees was at Rs.2.6bn was lower than our estimates of Rs. 2.7bn. Management fees declined by 14% yoy and witnessed a growth of 11% on sequential basis.

- Yield on Management fees - The Yield on Management fees was 52bps, which was decline of 8bps YoY, against our estimate of 53bps.

- Operating Profit - Operating profit came at Rs. 1.36bn which was lower than our estimates of Rs. 1.45bn on back lower revenue. Expenses came in line with our estimates.

- Profits - PAT stood at Rs. 1.45bn v/s our estimates of Rs. 1.24bn led by higher other income.

Q2 FY21 results in line with estimates, attractively priced at FY23E P/E of 21.6x, Retain BUY

We remain positive on the stock considering our expectations of 1) strong equity market performance, 2) NAM gaining market share under the new promoters, 3) costs control will narrow down the financial performance gap when compared with peers, and 4) valuations are attractive at 21.6x FY23E earnings. Our estimates for FY21 have been raised by 10% mainly on the back of higher other income. We maintain our BUY rating.

Shares of Nippon Life India Asset Management Ltd was last trading in BSE at Rs.273 as compared to the previous close of Rs. 271.8. The total number of shares traded during the day was 25901 in over 1904 trades.

The stock hit an intraday high of Rs. 274.5 and intraday low of 269.25. The net turnover during the day was Rs. 7048122.

Source: Equity Bulls

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