Jefferies initiates India's 360 One Wam, Nuvama with buy; stocks rise

360 One Wam

09/04/2024 05:33

** Jefferies initiates coverage on Indian wealth management
co stocks 360 One Wam  ONEW.NS  and Nuvama Wealth Management
 NUVA.NS  with "buy"
    ** ONEW shares up as much as 3.9% at 748.40 rupees, while
NUVA rises as much as 6% to record high of 5,350 rupees
    ** Indian wealth managers are well-placed to ride on
country's economic growth, financialization of savings into
capital markets, brokerage says
    ** Jefferies says 360 One is largest wealth manager with
ultra-high net worth individuals focus, while Nuvama has
diversified platform with growing wealth franchise
    ** Brokerage has street-high PT of 900 rupees for ONEW and
6,000 rupees for NUVA
    ** Jefferies says leading wealth managers would see 20%-22%
profit CAGR over FY24-27E
    ** ONEW rated "strong buy" with median PT 748.50 rupees -
LSEG data
    ** ONEW up 4% YTD, while NUVA up 48%

 (Reporting by Sethuraman NR in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))