Australia's Hub24 on track to hit A$12.5 bln inflows in FY23 - Citi

Hub24

18/10/2022 05:40

(Updates with Citi comments)
    ** Citi feels HUB24's 1Q update was stronger than expected,
especially considering the market volatility in the quarter,
with net flows 15% ahead of brokerage's forecasts
    ** Citi gives HUB24's stock a target price of A$27.35 and
maintains "buy" rating 
    ** Brokerage says co on track to reach A$12.5 bln ($7.91
bln) in cash flows for FY23 
    ** Shares of Hub24  HUB.AX  rise as much as 15.4% to A$25.5,
their highest since Aug 25
    ** Co says September quarter has seen an improvement in net
inflows following a slightly softer Q4 FY22 across the market
 urn:newsml:reuters.com:*:nASX7zHrzY
    ** Says its average monthly net inflows for FY23 to date are
A$995 mln ,up 1.7% from FY22
    ** Co says, as of Sept 30, total funds under administration
stood at A$68.4 bln
    ** Adds Q1 FY23 net inflows of A$3 bln
    ** Brokerage expects revenue margins to benefit from flow
mix, primarliy driven by higher cash rates 
    ** Co stock on track for a fourth consecutive session of
gains
    ** Stock posts its biggest intraday pct gain since April
2020
    ** Hub24 stock down 22% this year, as of last close
    ($1 = 1.5805 Australian dollars)
 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))