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ICICI Securities Report
HDFC Asset Management Company Ltd. reported 24-quarter high core Ebitda of Rs 5.34 billion in Q4 FY24 driven by 8.6% end-to-end equity assets under management growth in the same period.
Consistent fund performance across segments has led to superior business metrics such as gain in equity market share, unique investor share and SIP flow market share in equity segment across channels.
Our current estimates consider ~18%/15% end to end AUM growth in FY25E/FY26E and 4 bps drop in yields between FY24- 26E.
The prospect of declining yields with AUM growth remains a risk due to telescopic pricing, fresh flows, regulation and competition. However, increasing systematic flows could mitigate the impact of declining yields through increase in equity mix, while superlative all-round performance/position could lead to increase in multiples.
Maintain Add.
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