Motilal Oswal - Riding On Financialisation Is A Winning Strategy: ICICI Securities

ICICI Securities Report

Motilal Oswal Financial Services Ltd. has maintained a strategy of riding on the structural trend in financialisation over the years. The phygital strategy bodes well considering the franchise strength and the possible premiumisation opportunities.

Our constructive stance on the stock has been based on individual growth levers in all business segments (market share improvement in broking, improved fund performance in asset market company, increase in raw material efficiency in wealth management, traction in PE and improving return on equity in affordable housing business) at attractive valuations.

The stock has given ~82% returns over the last year and we expect the tailwinds to continue, considering the capital market momentum in the near term; long-term structural tailwinds remain intact. Maintain 'Buy'.

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