Bell Potter ups PT, profit view for Australia's Resimac; shares up

Resimac

29/01/2024 03:07

** Analysts at Bell Potter raise price target for Resimac
Group  RMC.AX  to A$1.19 from A$1.09, maintain "hold" rating
    ** Stock up 3.1% at A$1.17, its highest level in nearly a
year
    ** Brokerage raises FY25 and FY26 net profit after tax
estimates for co by 3.7% and 11.8% on better mortgage volumes
and asset finance business growth
    ** Notes mortgage book shrunk by 14% over FY23 to A$13.1 bln
($8.63 bln) from A$15.3 bln and expects it to fall to A$12.3 bln
in H1FY24
    ** About 2.3 mln shares change hands, compared with the
30-day average volume of 2 mln 
    ** Avg rating of five analysts, including Bell Potter's, is
an equivalent of "sell;" median PT is A$1.01 - LSEG data
    ** Stock up ~9% YTD as of last close, after ending ~2% lower
in 2023

($1 = 1.5177 Australian dollars)

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))