HDFC AMC Q2 Review - Relative Underperformance Can Challenge Valuation Premium: ICICI Securities
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ICICI Securities Report
HDFC Asset Management Company Ltd. has lost 1.5% market share over the past year along with 1.3%/6% decline in individual assets / unique client market share.
Operating costs as a percentage of average assets under management has also increased from 10 basis points in FY21 to 12 bps in H1 FY22 (annualised basis).
Despite this relative underperformance, HDFC AMC's fundamentals remain strong given overall macro support of rising financialisation, strong franchise and an already existing AUM base of Rs 4.4 trillion as of H1 FY22.
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