Nippon Life Q4 Review: Tax Reversal, Other Income Drive PAT Beat; Motilal Oswal Maintains 'Buy', Hikes TP

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Motilal Oswal Report

Nippon Life India Asset Management Ltd. has shown continued market share expansion, especially in passives on the back of improvement in fund performance, maintaining investor stickiness and product innovation. While the yields on the equity segment are expected to decline at a relatively moderate pace, the decline in overall yields will be protected by strong net flows.

We broadly retain our earnings estimates, keeping our AUM assumptions intact and accounting for expense growth according to the management guidance. We reiterate our Buy rating on the stock with a target price of Rs 750, based on 34 times FY27E core earnings per share.

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