Kotak Institutional Equities ne Indian AMCs par apna outlook badla hai. HDFC AMC ab 'Buy' list mein hai, jabki Aditya Birla Sun Life ko valuation issues ki wajah se downgrade kar diya gaya hai.
AMC sector mein bada badlav
Kotak Institutional Equities ki latest report se pata chala hai ki AMC sector mein dynamics tezi se badal rahe hain. Top 10 AMCs ka market share, jo FY25 mein 73% tha, wo ab gir kar 71.3% par aa gaya hai. Iska matlab saaf hai ki investors ab choti aur behtar performance dene wali companies ki taraf shift ho rahe hain.
Kiske liye achi aur kiske liye buri khabar?
- HDFC AMC: Kotak ne ise 'Add' se upgrade karke 'Buy' kar diya hai aur target price ₹2,800 set kiya hai. Umeed hai ki company ka AUM 18% ki rate se grow karega.
- SBI Funds Management: Is par pehli baar coverage shuru ki gayi hai 'Buy' rating ke saath, target ₹600. Parent bank network ka inhe bada fayda mil raha hai.
- Aditya Birla Sun Life AMC: Inhe 'Reduce' rating mili hai aur target ₹1,010 hai. Current valuations kaafi mehengi lag rahi hain, isliye upside ki gunjayish kam hai.
Kya hain risks?
Industry ke liye sabse bada challenge 'Passive Investing' (Index funds/ETFs) ka badhta trend hai, jo margins par pressure daal raha hai. Saath hi, distributors ka commission game bhi kaafi tough hai. ICICI Prudential AMC aur Nippon Life India par bhi 'Reduce' rating bani hui hai, jabki UTI AMC ko 'Add' rating mili hai (₹1,020 target). Ab dekhna ye hoga ki kaunsi company competition ko face karke inflows maintain kar paati hai.