2021-04-30 UTI Asset Management.. HDFC Securities

639.15 750.00 639.15
(84.60%) Target met Buy

HSIE Results Daily: Hindustan Unilever, Titan, Bajaj Auto, Ambuja Cements, UTI Asset Management Company, Mastek

UTI Asset Management Company: While UTIAMs market share and equity performance improved in FY21, high staff costs continue to pose a significant challenge to core profitability. AUM growth along with cost rationalisation is expected to drive near-term performance; we expect the company to deliver an FY21-23E revenue/NOPLAT CAGR of 13/29%. We retain a BUY with a DCF-derived target price of INR750 (10% execution discount to DCF), valuing the stock at 19.7x Mar-23E NOPLAT + Mar-22E cash and investments. The stock is currently trading at FY22E/23E EV/NOPLAT of 18/14.4 and P/E of 20.7/17.4x. Mastek: Mastek delivered strong revenue growth (+7.5% QoQ CC) in the quarter and an increase in order bookings by 19.3% QoQ was encouraging. The growth visibility has improved significantly, based on the three large deals that the company has bagged from the UK government. These include a ~GBP30mn+ deal from NHS, ~GBP25mn deal from UK Home Office, and a GBP10mn contract from HMRC. The UK governments business along with Evosys (+8.9% QoQ) will drive growth. Mastek is making continuous investments to revive the UK private and the US retail business, which have been impacted by the pandemic. Revival in these businesses can further add to growth. The EBIT margin, which expanded ~620bps in FY21, is expected to decline by ~90bps in FY22E due to increased investment in sales and capabilities. We increase our target multiple to 18x (earlier 15x) and revenue/EPS estimates by +6/5% for FY23E, based on acceleration in organic growth and the companys ability to win large deals. Our TP of INR...

2021-03-04 UTI Asset Management.. Way2Wealth 604.10 604.10
(95.32%) Buy 2021-01-11 UTI Asset Management.. HDFC Securities

548.35 650.00 548.35
(115.17%) Target met Buy

Insurance and Capital Markets (3QFY21 Results Preview): Stronger earnings expected across sectors

Broking. Despite introducing the first phase of upfront peak margin requirement for cash and derivatives, ADTV for cash increased 57.1/-0.8% YoY/QoQ, while derivatives saw a growth of 77.6/38.1%. We expect family-owned smaller scale brokers to cede market share to more organized larger competitors. Strong activity along with market share gain is expected to boost broking revenues. Distribution income is expected to improve as industry active equity AUM grew 8.1/16.4% YoY/QoQ. Commentary around new customer acquisition, new pricing plans, and the impact of regulatory changes will be key to watch. ISEC: We expect ISEC to deliver APAT growth of 77.1/-12.6 % YoY/QoQ. We retain ADD with a TP of Rs 560 (i.e. 23x Sep-22E EPS). Asset management. While active equity has witnessed net outflows of Rs 566.9bn in FY21TD with 3QFY21 accounting for Rs 436.0bn, Nifty-50/Nifty-200 are up 24.3/23.6% just in 3QFY21; this has driven industry equity AUM higher by 16.4% QoQ. Debt schemes continued to receive inflows with 3QFY21 witnessing Rs 1.45tn vs. Rs 818bn in 2QFY21. Higher equity prices are expected to boost treasury profits. Commentary from management around flows and market share will be key. Our top pick in the space is UTIAM. We maintain BUY rating with a TP of Rs 650 (i.e. 20.6x Sep-22E NOPLAT + cash and investments).

2020-12-08 UTI Asset Management.. HDFC Securities 555.00 640.00 555.00
(112.59%) Target met Buy

UTI Asset Management Company (Initiating Coverage): A turnaround in the works. BUY

We initiate with a BUY rating and a target price of Rs 650 (10% discount to DCF) i.e. FY22/23E EV/NOPLAT of 23.6/18.0x, which is a 37.3/46.6% discount to NAMs target multiples. UTIAM is Indias eighth-largest MF asset manager. Its equity performance is improving (40.6% outperforming AUM, +1,285 bps vs. Mar-20) and market share stabilising (4.7%, +34bps vs. Mar-20), which should drive flows and revenue growth. UTIAM boasts of a strong agency-led granular AUM. IFA/B30 contribute 60.3/24.5% of equity/total assets. We expect FY20-23E revenue CAGR of 7.5% along with improving staff costs (27.0bps of AAUM in FY21E to 21.6 bps in FY23E) to drive operating profits at a CAGR of 13.8%.

2020-09-29 UTI Asset Management.. IDBI Capital
IPO Note

UTI AMC: IPO Note

UTI AMC the 2nd largest Asset management company in terms of Total AUM while it is 8th largest AMC in terms of Mutual fund QAAUM as of June 2020. With a total AUM of Rs 1.3Tn as of June 2020, it commands a market share of 5.4% in the industry. Client base accounts of 12.2% (10.9mn folio) out of total industry folio of 89.7mn folio. AMC revenues and PAT declined from FY18 to FY20 but has high shares of B-30 centers in AUM at 24% vs 15.1% for the industry which provide growth opportunities. At upper price band, IPO is priced at a P/E of 25.7x and P/AUM of 5.3% which is discount to its peers AMC (Nippon India P/E of 37.7x, P/AUM of 6.1% and HDFC AMC with P/E of 35.6x...

2020-09-28 UTI Asset Management.. Ventura
IPO Note 2020-09-26 UTI Asset Management.. HDFC Securities
IPO Note

UTI Asset Management Company Limited - IPO Note 26092020

UTI Asset Management Company Limited - IPO Note Issue Open: Sept 29 Oct 01, 2020 Price Band: Rs. 552 554 Issue Size: 38,987,081 eq shares (Entirely Offer for sale) Issue Size: Rs. 2152.1 2159.9 cr Reservation for: QIB Upto 19,393,540 eq sh Non Institutional atleast 5,818,062 eq sh Retail atleast 13,575,479 eq sh Employee Upto 200,000 eq sh

2020-09-26 UTI Asset Management.. AUM Capital
IPO Subscribe

UTI Asset Management Company

UTI Asset Management Company (AMC) was incorporated in 2002. UTI AMC & its predecessor (Unit Trust of India) have been active in the asset management company for more than 55 years, having established as the first mutual fund in India. UTI is the second largest AMC in terms of total AUM (Asset under Management) and eighth largest AMC in terms of mutual fund QAAUM (Quarterly Average Asset Under Management) as of June 30, 2020 as per CRISIL. UTI manages the domestic mutual funds of UTI Mutual Fund, provides portfolio management services (PMS) to institutional & high net worth...

2020-09-25 UTI Asset Management.. ICICI Securities Limited
IPO Note

UTl Asset Management Co. IPO

UTI AMC, a predecessor of Unit Trust of India, is the second largest asset management company (AMC) in terms of total AUM and eighth largest AMC in terms of mutual fund quarterly average AUM (QAAUM) as on June 30, 2020. As on June 2020, total QAAUM for domestic mutual funds was at | 1,33,630 crore while other AUM was at | 8,49,390 crore. UTI AMC provides discretionary PMS to Employees Provident Fund Organization (EPFO), Postal Life Insurance (PLI), National Skill Development Fund (NSDF) and advisory PMS to various offshore and domestic accounts....

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