Mortgage Choice 1H19 Profit Down Sharply, but Better Than Expected. FVE AUD 1.10 Unchanged
No-moat-rated Mortgage Choice is battling challenges on multiple fronts with first half cash profit down 43% from the previous corresponding period, or pcp, to just AUD 7.1 million. Despite overwhelming negativity, the result was better than expected and we are modestly more confident in the long-term outlook for the embattled mortgage broker. Management is doing everything it can to deal with the challenges and continues to set the business for an eventual upturn in mortgage growth and resoluti...Mortgage Choice is engaged in mortgage broking. Co.'s activity includes: the provision of assistance in determining the borrowing capacities; the assessment, at the request of those borrowers, of a range of home loan or other products; and the submission of applications on behalf of prospective borrowers.
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