HDFC AMC Q2 results: Brokerages cheer market share gain, hike target prices

The company’s active equity market share increased to 12.4 percent, a 90 basis points year-on-year (YoY) increase and a 30 bps quarter-on-quarter rise

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HDFC Asset Management Company (HDFC AMC) surged more than 5 percent on October 13, as analysts raised their earnings growth estimates for the company after the release of robust September quarter results.

Brokerages are also enthusiastic about HDFC AMC‘s market share gains in the quarter gone by. The company’s active equity market share increased to 12.4 percent, marking a 90 basis points (bps) year-on-year (YoY) increase and a 30 bps quarter-on-quarter (QoQ) rise.

One basis point is one-hundredth of a percentage point.

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Similarly, the Systematic Investment Plan (SIP) market share came in at 14 percent, growing 300 bps YoY and 114 bps QoQ. Unique individual investors market share rose to 20 percent, clocking 300 bps YoY growth and a 200 bps QoQ increase.

Nuvama Institutional Equities has raised its target price by 19 percent to Rs 3,170 from Rs 2,650.

Morgan Stanley has maintained an “equal weight” call on HDFC AMC and set a target price of Rs 2,375 a share. Its assessment indicates that the strong performance in the equity market has been a driving force behind revenue growth.

Also Read: HDFC AMC Q2 results: Net profit rises 20% to Rs 436 crore, revenue hits Rs 643 crore

HDFC AMC on October 12 reported a consolidated net profit of Rs 436.52 crore, up 20 percent YoY from Rs 364.5 crore. Revenue from operation jumped to Rs 643 crore, up 18 percent from Rs 574.54 crore in the corresponding quarter of the previous fiscal.

HSBC, which has a “hold” call on HDFC AMC, raised the target price to Rs 2,580. It has also increased its earnings per share (EPS) estimates for FY24 and FY25 by 4 percent due to the anticipated growth in assets under management. They have also raised their EPS estimates due to marginally lower cost-to-income projections.

HSBC, however, cautioned that moderation in income yields will lead to slower earnings growth. This is because when a mutual fund scheme grows in size, the market regulator mandates a lower total expense ratio (TER). TER indicates the amount an investor would need to pay to manage his/her portfolio.

At noon, the stock was quoting at Rs 2,886.75 on the National Stock Exchange, up 4.77 percent from the previous close.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.