The brokerage expects Capri’s AUM trajectory to remain robust. It derives comfort from its 20% AUM growth in FY20, with RoA/RoE at 3.8%/13.5% in FY23E. However, it believes current valuation of 4.3x FY23E BVPS adequately captures Capri’s industry-leading growth and return ratios. Downgrade to REDUCE from Hold, with a revised TP of Rs450. Key risks: a) stress unfolding higher than expectations, and b) moderation in AUM growth. Promoter/FII Holdings Promoters held 74.9 per cent stake in the company as of March 31, 2021, while FIIs held 0.8 per cent, DIIs 3 per cent and public and others 21.3 per cent. (Views and recommendations given in this section are the analysts' own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the stock/s mentioned.)