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Highlights
- Shares surged 7.3%, reaching an all-time high of AU$13.160.
- Assets under management (AUM) forecast upgraded to AU$50 billion within three to five years.
- Earnings expected to rise 89% in FY25, driven by private equity and digital infrastructure investments.
Australian asset manager HMC Capital (ASX:HMC) saw its shares soar to a record high on Wednesday after the company raised its assets under management (AUM) forecast and announced higher anticipated earnings for fiscal 2025. Shares climbed as much as 7.3% to AU$13.160 during early trading, far outpacing the broader S&P/ASX 200 Index, which gained just 0.5%.
Ambitious Growth Projections
HMC Capital, founded by banker-turned-investor David Di Pilla, significantly upgraded its AUM forecast. The Sydney-based firm now expects to manage over AU$50 billion within the next three to five years. This is a marked increase from its previous medium-term target of AU$20 billion, which it now aims to achieve by fiscal 2025.
Earnings Surge on the Horizon
HMC projects pre-tax operating earnings of 70 Australian cents per share in fiscal 2025, representing an 89% year-over-year increase. The company attributed this growth to:
- Strong returns from its HMC Capital Partners Fund I, a private equity fund delivering outsized performance.
- Income from its newly established AU$2.75 billion digital infrastructure trust, DigiCo REIT, which positions HMC to capitalize on the growing demand for digital infrastructure.
Strategic Moves in Infrastructure
Last month, HMC made headlines with its AU$1.94 billion acquisition of Global Switch Australia, a major player in the data center sector. This deal underscores HMC's strategic shift toward infrastructure investments, a move designed to leverage the rapid expansion of data-driven industries.
A Year of Remarkable Gains
HMC shares have doubled in value this year, with Wednesday's session contributing significantly to that growth.
