Equities

Regal Partners (RPL) is a relatively small, but rapidly growing boutique asset manager offering a range of alternative strategies across $5.5bn of FUM (at 31 March 2023).

The March 2023 quarter started with investor confidence riding high through January amid expectations inflation had peaked and central banks would avoid a hard economic landing.

SM1 have downwardly revised FY23e NPAT expectations relative to market expectations ahead of its 1H23e result. We have downgraded our target price to A$3.20ps (prev. A$4.00ps).

We have transferred GNP analyst coverage and maintain our Buy recommendation with a Target Price of $1.18/sh (previously $1.72/sh).

NIC reported its CY22 full year financial result delivering record production and financial performance. We retain a Buy rating on the stock.

Overall SVR released a good set of figures showing a 13.1% increase in gross loans, and top line growth of 13.5% in revenue, with EBITDA up 16.2% to $56.7m and above expectations.