Australia's Hub24 falls after drop in first-half inflows

Hub24

17/01/2023 03:39

(Updates with Citi comments)
    ** Shares of Australia's Hub24  HUB.AX  fall as much as 4.4%
to A$26.7, hitting their lowest since Jan. 12
    ** Investment management co posts 13.6% fall in net inflows
for the first half of FY23  
    ** Says net inflows A$2.8 billion ($1.95 billion) for
quarter, which is broadly flat on Q1
    ** Brokerage Citi says the weak trading update was due to
lower-than-expected benefit from positive markets, although it
was in-line with consensus estimates 
    ** It lowers co's earnings before interest, tax,
depreciation and amortization estimates for FY23 and FY24 by 3%
and 4%, respectively
    ** The broker remains "neutral" on the stock, however
slashes its price target A$27.95 per share from A$29.00/shr 
    ** Stock fell 6% in 2022
($1 = 1.4362 Australian dollars)
 (Reporting by Rishav Chatterjee and Archishma Iyer in
Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))