Accumulate HDFC Asset Management Co; target of Rs 2202: KR Choksey

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KR Choksey's research report on HDFC Asset Management Co

QAAUM (Quarterly Average Assets Under Management) was at INR 4,293 Bn as of September 30, 2022, a growth of 3.4% QoQ, while declined by 2.2% YoY. In Q2FY23, revenue growth stood at INR 5,447 Mn, a growth of 4.4% QoQ. The revenues were flat on YoY basis. Revenues for H1FY23 grew by 1.6% YoY at INR 10,663 Mn. The EBITDA during Q2FY23 was reported at INR 4,046 Mn (excluding other income), an increase by 3.8% QoQ, while fell by 1.6% YoY. For H1FY23, the EBITDA stood at INR 7,942 Mn. Net Profit for Q2FY23 grew by 5.7% YoY/ 15.9% QoQ at INR 3,641 Mn. PAT for H1FY23 declined by 1.7% YoY at INR 6,783 Mn.

Outlook

HDFCAMC shares are currently trading at a P/E of 27.3x/25.3x on FY23E/FY24E earnings. We are applying a P/E multiple of 28x on FY24E EPS of INR 78.6 to arrive at a target price of INR 2,202 per share (previously INR 2,100), an upside of 8.0% over the CMP. We maintain our rating of “ACCUMULATE” on the shares of HDFC AMC.

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HDFC Asset Management Co - 211022 - kr