4Q26 Update: Opportunity Set is Strong; Upgrade to Buy

研报英文原文证据摘录

4Q26 Update: Opportunity Set is Strong; Upgrade to Buy

ts, and a 50/50 contribution from Australian and offshore equities. Platform FUA is now P/E

approaching $140bn, a ~3.4% market returns is equivalent to average net inflows. Current PE Prem/Disc Avg PE Prem/Disc

300.0%

Gross Platform inflows increased +18% QoQ and +4% on pcp to +$9.2bn, but implied 260.0%

outflows rose to ~$5.0bn vs $3.8bn in 3Q26 and $3.6bn on pcp. Mgmt attributed part of the 220.0%

increase to HNW clients, who at times have personal obligations requiring funding. Stronger 180.0%

superannuation was offset by reduced IDPS inflows, with non-super investors displaying 140.0%

greater caution around proposed Federal Budget tax changes. These factors appear temporary 100.0%

rather than evidence of broad client losses. We expect outflow normalisation entering FY27. .Source:Jul-21FactSetMar-22 Nov-22 Jul-23 Mar-24 Nov-24 Jul-25 Mar-26

HUB retained its #1 ranking for quarterly and annual net inflows, market share increased to Figure 2 - HUB NTM P/E Ratio

9.9% (March), from 8.6% on pcp. Importantly, HUB ranks 6th (by FUA) among platforms. HUB HUB_AU Avg Std dev +1 Std dev -1

signed 36 new licensee agreements during the quarter, while active advisers grew +11% on 80.0x70.0x

pcp to 5,649. 60.0x

Private Invest and the integrated Non-Custodial Service exceeded $1bn of combined FUA, 50.0x40.0x

providing early validation of the HNW/UHNW proposition, although the mix and economics 30.0x

20.0xremain undisclosed. Class accounts grew +5% on pcp to 226,767, with FY26 additions the Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Mar-24 Sep-24 Mar-25 Sep-25 Mar-26

.

strongest since FY18. Source: FactSet

HUB launched Lifetime Super with TAL, providing income for life alongside account-based

pension flexibility.