amc stocks: Top pick among UTI listed AMC stocks: ICICI Securities | Techno Glob


Of the 4 listed AMC stocks in India; The top choice for a brokerage and research firm is a buy coverage. The brokerage sees 31 percent upside in the stock.

“Despite adding a yield decline of more than 5 bps in FY22-24, flat cost estimates of 1.6% CAGR between FY22-23 and setting multiple lows in the AMC space, UTI offers the highest upside in our coverage universe (31%),” ICICI Securities said in a report.

UTI is likely to outperform EBITDA (6.2% of CAGR and UTI AMC and 1% each of CAGR).

AMC/NAM between FY22-24E).

In its report, the brokerage said inflows into MF schemes remained positive at the aggregate level with equity (excluding index funds) and debt at Rs 59bn/110bn in Aug ’22. The positive flows of credit that occurred after the nine-month moratorium were remarkable.

According to ICICI Securities; Key takeaways from the performance of listed AMCs:

  • It has been a steady performer in its major equity programs. Midcap funds have seen a meaningful turnaround.
  • (NAM) Small cap fund’s (17% AUM of equity) performance rose from Quartile 2 to Quartile1, while midcap moved from Quartile 1 to Quartile 2. Largecap is a steady performer.
  • UTI underperformed in its key segments – large cap and flexi cap.
  • ABSLAMC’s large cap fund has been in Quartile 2 for the last 5 quarters, while other major funds like flexi cap have moved from Quartile 1 to Quartile 4, while ELSS has remained in Quartile 4 for a long time.

(Disclaimer: Suggestions, recommendations, views and opinions given by experts are their own. They do not represent the views of Economic Times.)



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