Mortgage Choice Drives Profit Growth on Back of Strong Home Loan Market; AUD 2.50 FVE Unchanged
No-moat-rated Mortgage Choice surprised with a better-than-expected first-half fiscal 2017 profit as it rides the buoyant home loan market, particularly in the booming New South Wales economy. First-half cash profit of AUD 11.7 million increased 16% on the prior corresponding period, or PCP, and was 9% higher than our expectation. Record high loan settlements (up 2.2% to AUD 6.4 billion), approvals (up 0.3% to AUD 7.2 billion), and tight cost control drove the outperformance. Modestly higher com...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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