Tiger Brokers

BUZZ-Citi upbeat on Aussie wealth platforms after second-best Q3 in 10 years

Reuters
Jan 13, 2025

** Analysts at Citi are upbeat on Australian wealth platforms after the sector recorded its second-best September quarter for Platforms in ten years as incumbents see better flows

** Brokerage says September 2024 quarter saw A$7.3 billion ($4.48 billion) of net flow into the Australian Platform industry vs. -A$4.4 billion of outflows a year earlier

** Citi, however, slightly lowers earnings expectations for financial services platforms HUB24 and Netwealth

because of negative market movement in December

** Citi cuts HUB's PT by 2% to A$73.80, maintains 'neutral' rating

** Citi downgrades to 'sell' rating for NWL; says stock is over-valued compared with its growth potential

($1 = 1.6281 Australian dollars)

(Reporting by Roushni Nair in Bengaluru)

((Roushni.Nair@thomsonreuters.com;))

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