External broker reports(aggregated public sources), Ord Minnett

Ord Minnett

External broker reports(aggregated public sources)

Ord Minnett is a leading Australian wealth management group, incorporating full-service stockbroking, financial planning and funds management. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>HUMM Group’s 1HFY25 result was highlighted by 6.1% growth in assets under management over the 6 mths, a good performance given the challenges in the SME and consumer sectors.</li><li>Net interest margins of 5.5% were broadly in-line, as were credit losses (which were ~1.8% on a rolling 12 mth basis).</li><li>With the stock trading on only 5.1x Cash EPS FY25, we retain our BUY rating with an unchanged target price of $0.90ps.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HUMM Group’s 1HFY25 result was highlighted by 6.1% growth in assets under management over the 6 mths, a good performance given the challenges in the SME and consumer sectors.Net interest margins of 5.5% were broadly in-line, as were credit losses (which were ~1.8% on a rolling 12 mth basis).With the stock trading on only 5.1x Cash EPS FY25, we retain our BUY rating with an unchanged target price of $0.90ps.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Humm Group Limited - Resilience Is the Key

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>There are 49 - mostly firm - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Two new deals this week: <a href="https://www.smartkarma.com/entities/frasers-hospitality-trust" target="_blank" data-smartkarma-citation="entities:913:1" rel="noopener">Frasers Hospitality Trust (FHT SP)</a>'s Scheme, and  <a href="https://www.smartkarma.com/entities/pfizer-inc" target="_blank" data-smartkarma-citation="entities:1131:1" rel="noopener">Pfizer Inc (PFE US)</a>'s Offer for <a href="https://www.smartkarma.com/entities/narhex-life-sciences-ltd" target="_blank" data-smartkarma-citation="entities:9728:1" rel="noopener">Resapp Health (RAP AU)</a>.</li>
<li>Key updates took place for: <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a>, <a href="https://www.smartkarma.com/entities/virtus-health-ltd" target="_blank" data-smartkarma-citation="entities:14776:1" rel="noopener">Virtus Health (VRT AU)</a>, <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a>, <a href="https://www.smartkarma.com/entities/kito-corporation" target="_blank" data-smartkarma-citation="entities:19512:1" rel="noopener">Kito Corporation (6409 JP)</a>, and <a href="https://www.smartkarma.com/entities/hwa-hong-corp-ltd" target="_blank" data-smartkarma-citation="entities:6648:1" rel="noopener">Hwa Hong Corp (HWAH SP)</a>.</li>
</ul>


There are 49 - mostly firm - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Two new deals this week: Frasers Hospitality Trust (FHT SP)'s Scheme, and  Pfizer Inc (PFE US)'s Offer for Resapp Health (RAP AU).
Key updates took place for: Link Administration (LNK AU), Virtus Health (VRT AU), Toyo Construction (1890 JP), Kito Corporation (6409 JP), and Hwa Hong Corp (HWAH SP).


Asia-Pac Weekly Risk Arb Wrap: ResApp Health, Kto Corp, Link Admin, Toyo, Fraser Hospitality

<ul>
<li>
<a href="https://www.smartkarma.com/entities/Humm-group" target="_blank" data-smartkarma-citation="entities:35366:1" rel="noopener">Humm Group (HUM AU)</a> shareholders will vote on the sale of the HCF business to Latitude Group (LFS AU) on the 23 June. </li>
<li>If the sale is approved, Humm will retain the commercial business and remain listed. However major shareholder/founder Andrew Abercrombie rejects the deal. </li>
<li>Since the Latitude transaction was announced on the 28 February, the market is assigning the lowest implied value for the remaining ops, ex-HCF.</li>
</ul>



Humm Group (HUM AU) shareholders will vote on the sale of the HCF business to Latitude Group (LFS AU) on the 23 June. 
If the sale is approved, Humm will retain the commercial business and remain listed. However major shareholder/founder Andrew Abercrombie rejects the deal. 
Since the Latitude transaction was announced on the 28 February, the market is assigning the lowest implied value for the remaining ops, ex-HCF.


Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zip-co-ltd-3708706d-4978-4e29-acbc-d9702b971da9" target="_blank" data-smartkarma-citation="entities:29126:1" rel="noopener">Zip Co Ltd (Z1P AU)</a> has agreed to acquire <a href="https://www.smartkarma.com/entities/sezzle-inc" target="_blank" data-smartkarma-citation="entities:30969:1" rel="noopener">Sezzle Inc (SZL AU)</a> in an all-scrip deal where Sezzle shareholders will receive 0.98 shares of Z1P per shares of SZL.</li>
<li>At last closing prices, the deal values <a href="https://www.smartkarma.com/entities/sezzle-inc" target="_blank" data-smartkarma-citation="entities:30969:1" rel="noopener">Sezzle Inc (SZL AU)</a> at A$2.1658/share, a 21.7% premium to the last close and a 31.7% premium to 30 day VWAP.</li>
<li>
<a href="https://www.smartkarma.com/entities/zip-co-ltd-3708706d-4978-4e29-acbc-d9702b971da9" target="_blank" data-smartkarma-citation="entities:29126:1" rel="noopener">Zip Co Ltd (Z1P AU)</a> has also announced a A$148.7m fully underwritten institutional placement and a A$50m non-underwritten share placement plan to strengthen its balance sheet.</li>
</ul>



Zip Co Ltd (Z1P AU) has agreed to acquire Sezzle Inc (SZL AU) in an all-scrip deal where Sezzle shareholders will receive 0.98 shares of Z1P per shares of SZL.
At last closing prices, the deal values Sezzle Inc (SZL AU) at A$2.1658/share, a 21.7% premium to the last close and a 31.7% premium to 30 day VWAP.

Zip Co Ltd (Z1P AU) has also announced a A$148.7m fully underwritten institutional placement and a A$50m non-underwritten share placement plan to strengthen its balance sheet.


Zip to Acquire Sezzle: Buy Now, Pray Later?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/humm-group" target="_blank" data-smartkarma-citation="entities:35366:1" rel="noopener">Humm Group (HUM AU)</a> announces approaches from third parties to acquire all or part of the company. Separately, Andrew Abercrombie, the founder, and major shareholder is stepping down.</li>
<li>This development follows the recently completed takeover of Buy Now, Pay Later (BNPL) market leader <a href="https://www.smartkarma.com/entities/afterpay-limited" target="_blank" data-smartkarma-citation="entities:26940:1" rel="noopener">Afterpay Touch (APT AU)</a> by <a href="https://www.smartkarma.com/entities/square-inc" target="_blank" data-smartkarma-citation="entities:23755:1" rel="noopener">Square Inc (SQ US)</a>.</li>
<li>Humm intends to engage in relation to these proposals, however there is no assurance that any transaction will occur.</li>
</ul>



Humm Group (HUM AU) announces approaches from third parties to acquire all or part of the company. Separately, Andrew Abercrombie, the founder, and major shareholder is stepping down.
This development follows the recently completed takeover of Buy Now, Pay Later (BNPL) market leader Afterpay Touch (APT AU) by Square Inc (SQ US).
Humm intends to engage in relation to these proposals, however there is no assurance that any transaction will occur.


Australia

Humm Group Limited provides consumer finance solutions. This Company offers product ecosystem of buy now pay later, credit cards, and business financing. Humm Group serves shoppers, retailers, and small and medium enterprises in Australia, New Zealand, and Ireland.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Humm Group (HUM AU)

Humm Group Limited - Resilience Is the Key

HUMM Group’s 1HFY25 result was highlighted by 6.1% growth in assets under management over the 6 mths, a good performance given the challenges in...

Ord Minnett

Asia-Pac Weekly Risk Arb Wrap: ResApp Health, Kto Corp, Link Admin, Toyo, Fraser Hospitality

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Humm's Rump Diminished Amid Proxy War

Despite a possible proxy battle, Humm appears unduly beaten up. This sale should get up. I wold be a buyer of Humm here.

David Blennerhassett

Zip to Acquire Sezzle: Buy Now, Pray Later?

Zip is looking to acquire Sezzle in an all-stock deal that values Sezzle at A$491m, a 21.7% premium to the last close. Zip could migrate higher to...

Brian Freitas

BNPL Play Hummgroup Fields Proposals

humm group is in play, and by extension, given Andrew Abercrombie's decision to step down, his stake is likely up for grabs

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)