HUB24 Model Update: 4Q26 mark to market

研报英文原文证据摘录

HUB24 Model Update: 4Q26 mark to market

J P M O R G A N Asia Pacific Equity Research

30 June 2026

HUB24 Overweight

HUB.AX, HUB AU

Model Update: 4Q26 mark to market Price (30 Jun 26):A$72.72

Price Target (Jun-27):A$97.00

We revise our forecasts to reflect movements in investment markets over the period Australia

spanning 1 April 2026 to 29 June 2026. Investment markets saw favourable moves

Insurance and Diversified Financials

over the quarter, leading us to upgrade our earnings and FUA-based revenue

estimates for FY26 and going forward (as we adjust forecast revenues based on Tharan Jeyathasan AC

higher closing balances). The changes are summarised in the table overleaf. Key (61-2) 9003-6098

tharan.jeyathasan@jpmorgan.com

points to note are: J.P. Morgan Securities Australia Limited

• HUB does not disclose its asset allocation, but we assume roughly a third in Siddharth(61-2) 9003-8629Parameswaran

Australian equities, a third in international equities and a third in fixed income siddharth.x.parameswaran@jpmorgan.com

and cash. Over the quarter to 29 June 2026, Australian equities grew 4.1%, J.P. Morgan Securities Australia Limited

international equities grew 12.2% and fixed income assets grew 1.9%. This led Rishi S Parihar

to an assumed weighted performance over the quarter of +6.0%. (91-22) 6157-3775

• We have slightly moderated our flows expectations in Platforms for 4Q, to rishi.parihar@jpmchase.comJ.P. Morgan India Private Limited

reflect feedback of heightened uncertainty following the Middle East conflict

and 2026 budget changes slowing down client/advisor decision making and

deployment of funds. We have held 4Q net flows flat on 3Q (which is typically Half Yearly Forecasts (FYE Jun)

a seasonally soft quarter). Revenue (A$ mn)

2025A 2026E 2027E