Credit Corp Limited: Walking back from the US ledge: FY26 First Take

研报英文原文证据摘录

Credit Corp Limited: Walking back from the US ledge: FY26 First Take

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

04 August 2026

Credit Corp Limited Overweight

CCP.AX, CCP AU

Walking back from the US ledge: FY26 First Take Price (03 Aug 26):A$13.75

Price Target (Dec-26):A$19.60

JPM key takeaways: FY26 delivered in-line with JPM/Cons, however US PDL

purchasing guidance is the key negative. CCP has guided to A$100-130m of US

PDL purchasing despite having already secured A$62m. Operational

improvement in the US is a key positive – the legal channel to drive earnings into

FY27. NPAT guidance for FY27 (A$110-118m) appears achievable and is in-line

with JPM/Cons at the midpoint – however, based on 1H27 NPAT guidance (A$45-

55m) we expect consensus revisions to reflect a 2H skew. Australia

Emerging Companies

As a reminder, JPM is hosting CCP management for lunch at 12:30pm AEST in

Sydney, please reach out if you are interested in attending. Don Carducci AC

(61-2) 9003-8379

• Positives: 1) FY26 NPAT $105.5m ~1% ahead of JPMe/Cons – US segment donald.n.carducci@jpmorgan.com

NPAT +57% to $26.2m (cc) the primary driver; 2) US operational George Stewart

improvement accelerating with productivity +37%, cost to collect 36% (- (61-2) 9003-8199

2ppts), asset turnover 0.52x improving towards listed peer levels; 3) Q4 FY26 george.stewart@jpmorgan.com

J.P. Morgan Securities Australia Limited

legal collections +36% vs pcp with leading indicators pointing to continued

growth in FY27; 4) ANZ lending record loan book $510.5m, volume +15% to

$424m, new customer volume +22% vs pcp; segment NPAT +3% to $55.9m;

5) UK lending commenced July 2026 on schedule with start-up losses

contained; management flagging favourable supply conditions creating a

window to minimise losses.