360 ONE WAM Q4 Results Review — ICICI Securities Maintains 'Add' Rating Citing Multiple Growth Triggers 

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ICICI Securities Report

We back the business trajectory prospects of 360 One WAM Ltd. driven by multiple growth opportunities ahead basis:

1. Better execution in active ARR AUM flows aided by deepening wallet share of existing client segment beyond tier-1 in wealth management and new mandates in AMC.

2. Flows from the UBS strategic tie-up/HNI segments.

3. Gradual restoration of cost to income towards mid-40s.

4. Steadier trajectory of transaction-based revenue post the acquisition of B&K Securities.

Key risks to the stock include adverse MTM movements, decline in retention rates, lower than-expected flows, cost escalations and employee attrition. However, the business’ nature is more resilient under threat of weak market conditions compared to most AUM-based plays.

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