HMC Capital Ltd HMC

Stock XASX Rating as of Oct 20, 2026

We Initiate Coverage on HMC Capital With AUD 2.80 Fair Value Estimate and No-Moat Rating

Yingqi Tan Oct 20, 2026

Business Strategy and Outlook

As of June 30, 2026, HMC had AUD 17 billion of fee-generating assets under management across four investment verticals: real estate (mostly malls and private hospitals), data centers, private credit, and renewable energy infrastructure. HMC acts as the external manager of three specialist listed REITs: HomeCo Daily Needs REIT, HealthCo Healthcare and Wellness REIT, and DigiCo Infrastructure REIT, and owns a minority stake in each. In addition to listed REITs, HMC also manages several unlisted real estate funds. As of June 2026, real estate and data centers account for over three-fourths of AUM.

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HMC Capital Ltd HMC

We Initiate Coverage on HMC Capital With AUD 2.80 Fair Value Estimate and No-Moat Rating

Business Strategy and Outlook

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