Morgan Stanley raises PT on HMC Capital, citing larger assets under management

HMC Capital

11/12/2024 22:56

** Morgan Stanley lifts price target for fund manager HMC
Capital  HMC.AX  to A$12.98 from A$10.35
    ** Brokerage sees increase in HMC's assets under management
(AUM) given the underwritten establishment of the DigiCo REIT,
with AUM of A$4 billion ($2.55 billion), and the progress of
Energy Transition Fund, to positively impact co
    ** Also sees higher FY25 pre-tax earnings of 71.4 AU cents
per share, reflecting better month-on-month trading update for
November
    ** Despite better outlook, Morgan Stanley warns about high
contribution of non-cash realised gains to revenue and earnings,
and overepresentation of listed equities, which provide better
fee structure and higher inflows
    ** Brokerage rates HMC stock "equal-weight"
    ** 1 of 7 analysts rate the stock "buy", 5 "hold" and 1
"sell"; their median PT is A$8.94 — LSEG
    ** As of last close, stock up 89.9% YTD


($1 = 1.5704 Australian dollars)

 (Reporting by Nichiket Sunil in Bengaluru)
 ((Nichiket.Sunil@thomsonreuters.com))