Australia's HUB24 up after rise in funds under administration

Hub24

18/04/2023 05:52

(Adds analyst comments)
    ** Shares of HUB24 Ltd  HUB.AX  rise as much as 2.4% to
A$28.150, their highest level since March 27 
    ** Investment management co posts total funds under
administration (FUA) of  A$76.9 bln ($51.68 bln) as on March 31,
vs A$68.3 bln a year ago
    ** Says platform FUA was A$59.4 bln vs A$51.0 bln year ago
    ** UBS says key platform numbers were generally 
    below its forecasts in what they expect was a soft quarter
across broader industry for advised retail flows
  
        ** Cuts PT to A$32.00 from A$33.50, retains "buy" rating
  
        ** Brokerage reduces its FY23-24 EPS forecast for HUB by
2%-4%
  
        ** Looking ahead, while HUB is not impervious to
industry headwinds, we consider flows outlook in mid- to
long-term 
  
    to be driven by lifting HUB's low penetration - UBS
  
    ** Shares on track for a second consecutive session of gains
    ** HUB up 3.4% YTD, as of last close 
    
    ($1 = 1.4881 Australian dollars)

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))