Macquarie also re-iterated their outperform rating today, albeit at a slightly lower target price.
COMMENTARYResimac Group's first half profit was up 6% year on year and 4.5% ahead of Macquarie, driven by book growth, lower impairments and a non-cash fair value gain.
Prime loan volumes were impacted by aggressive price competition and increased consumer preference for fixed rate products, the broker notes. Higher fixed rates in the second half present opportunities to increase prime settlement volumes.
Resimac‘s current share price does not reflect the earnings outlook in the broker's view. Outperform retained.
Target falls to $2.67 from $2.84.
FORECAST
Macquarie forecasts a full year FY22 dividend of 8.00 cents and EPS of 24.70 cents.
Macquarie forecasts a full year FY23 dividend of 8.00 cents and EPS of 24.70 cents.
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