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Yes Securities Report
UTI Asset Management Company Ltd.'s overall calculated revenue yield declined one basis points sequentially despite share of equity moving up:
Share of pure equity excluding hybrid in total assets under management inched up 13 bps QoQ to 29.5% whereas the share of equity including hybrid moved up 55 bps QoQ to 38.5%. However, overall calculated revenue yield still inched lower one bp QoQ to 42 bps.
Pure equity AUM growth at 9.3% YoY is relatively sluggish whereas hybrid fund AUM has done better, growing 17.6% YoY:
The 9.3% YoY growth of pure equity fund AUM excluding hybrid funds is relatively lower than the growth for other listed players and a reflection, among other factors, of fund under-performance. Hybrid funds have grown faster but, being smaller in size, take overall equity AUM growth to a still modest 11.1%.
We maintain a less-than-bullish ‘Add' rating on UTI Asset Management Company's with a revised price target of Rs 980:
We value UTI AMC at 18.4 times FY25 price earning at which it would trade at a FY25 P/B of 3.1 times.
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