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Wealth Research, Centrum Broking, says AND Now.
Published excerpts:
Is this a subscription from you too on the IPC AMC HDFC?
Yes, that's the case. We have a strong conviction. It's a five out of five stars.
From the point of view of valuation, at 8% of AUM, how does this cumulate? If my memory serves me correctly, when the Reliance-Nippon case has unfolded, it was between 4% and 5%. Where is it in the evaluation cycle?
Fundamentally, valuations seem high, but we must keep in mind that apart from valuation, their profitability is also the highest.
It is not only the highest in terms of absolute amount, but also percentage income of assets under management or net income as a percentage of assets under management, the market share that they hold with the funds equity investments and the best reports, they attract a higher valuation, which is justified in our opinion.
You spoke about the valuation range for measuring mutual fund activities.
At the present time, the measure of evaluation would evolve since this industry would count more listed players and more companies would be in competition. Whether you see it from one price to the other or from a book value price, you get a higher valuation when you compare with the only Reliance-Nippon AMC listed partner. This is enough justification for all the powers that HDFC AMC has.
We were talking with some market commentators and they told us that they were not expecting a big beta version of HDFC AMC. This is going to be a great story of composition and so your investment horizon needs to be long term. Do you agree with this analysis?
Yes, companies like AMC should not be considered in the very short term. It has a long-term horizon, not only because it's in a kind of mutual fund business, but it does take a number of years for the market to works and that similar returns come into the income statement the wealth of an investor.
It's a long-term game and you have to consider it that way.
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