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Highlights

  • HMC Capital’s revenue surged 203% YoY in H1FY25, supported by higher fund management fees and investment income
  • FY25 outlook remains optimistic, with institutional growth and major investment initiatives.
  • Real estate division is expected to contribute AUD 2.5 billion in AUM.

HMC Capital Limited (ASX:HMC) is a diversified alternative asset manager. In the first half of the financial year 2025 (H1FY25), the company delivered eye-popping numbers with total revenue soaring 203%YoY to AUD 272.3 million. This impressive growth was driven by a 209% YoY increase in fund management fees and a 179% YoY rise in investment income.

During the period, assets under management (AUM) expanded by 45% compared to June 2024, supported by strong deployment across digital infrastructure, energy transition, and private credit divisions. Additionally, operating earnings post-tax surged to AUD 140.5 million, significantly up from AUD 57.8 million in H1FY24.

FY25 Outlook

HMC has started FY25 on a positive note, backed by record financial results, strategic expansions, and private equity growth. Notable developments include:

  • Launch of the AUD 4.3 billion DigiCo Infrastructure REIT, which boosts HMC’s position in the digital infrastructure sector.
  • Neoen Victoria renewable acquisition for AUD 950 million is anticipated to position the company for AUD 2 billion institutional platform.
  • The company expects real estate division to contribute over AUD 2.5 billion in AUM.

With FY25 operating earnings per share (EPS) tracking at 80 cents, HMC remains focused on sustainable growth and long-term value creation for its investors.

Growth Prospects for Financial Sector

According to the data published by the Australian Bureau of Statistics on 26 March 2025, Australian CPI indicator increased 2.5% in February 2025, while February CPI was slightly lower than 2.5% record in January 2025 and December 2024. The decline in CPI bodes well for financial sector as it increased the probability of a rate cut from Reserve Bank of Australia.

Share performance of HMC

HMC shares closed 2.49% lower at AUD 6.67 per share on 27 March 2025. Over the past year, HMC’s share price has dropped by almost 4.71% and in the last three months, it has decreased by approximately 34.35%.

52-week high of HMC is AUD 13.16, recorded on 27 November 2024 and 52-week low is AUD 5.98, recorded on 19 April 2024.

Support and Resistance Summary

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 27 March 2025. The reference data in this report has been partly sourced from EODHD/Others.

 

Technical Indicators Defined:

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.