Hold HDFC AMC target of Rs 3040: ICICI Direct
ICICI Direct’s research report on HDFC AMC
HDFC AMC reported a healthy set of numbers with traction in AUM and profitability. AUM growth came in at 12% YoY to Rs 368900 crore, at a lower pace compared to the previous run rate, attributable to redemption from equity asset base. Share of equity asset in AUM was at 46.4% with non-equity at 53.6%. SIP inflow witnessed a marginal dip at Rs 1220 crore in Q3FY20 compared to Rs 1280 crore in Q2FY20.
At the current price, the positives seems to be priced in. Therefore, we maintain our target price of Rs 3040 per share with a HOLD rating on the stock.
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