360 ONE WAM Q2 Results Review - Strong Set Of Number: Centrum

Centrum Broking Report

360 One Wam Ltd. had a strong quarter with the recurring AUM growing 41% YoY (+10% QoQ) to Rs 2.4 trillion, with its 360 One Plus business posting the highest growth. The net flows remained strong at Rs 98 billion in Q2 FY25 (Rs 153 billion for H1 FY25) and we increase our FY25 numbers from Rs 250 billion to Rs 280 billion.

Yields remained soft owing to multiple factors and we lower our yield forecast by 2-3 bps over FY25-FY27. Riding on a strong AUM growth, PAT grew 33% YoY to Rs 2.5 billion at end Q2 and we therefore revise the number upwards by 3-4% over FY25-FY27.

The stock is currently trading at 32 times Sep’26 earnings per share. We value the stock at an unchanged 33 times Sep’26 EPS – a ~10% premium to +1sd from long term mean to arrive at a revised target price of Rs 1,070 (versus Rs 1,050 earlier).

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