MA FINANCIAL GROUP LIMITED (MAF)
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22/04/2026

1

Buy

$9.20

53.33%

MA Financial's 1Q26 assets under management (AUM) update was weaker than expected by Ord Minnett, declining -3% quarter-on-quarter to $14.8bn due to asset sales and fewer listed fund raisings.

Despite this, underlying net flows in unlisted funds rose 9% year-on-year, reflecting solid momentum in a challenging environment, suggests the broker.

The analysts highlight strong growth across the lending platforms, with Finsure and MA Money tracking ahead of expectations.

Ord Minnett retains a Buy rating and sets a $9.20 target, down from $10.05.

FORECAST
Ord Minnett forecasts a full year FY26 dividend of 29.10 cents and EPS of 52.70 cents.
Ord Minnett forecasts a full year FY27 dividend of 31.40 cents and EPS of 52.70 cents.

23/04/2026

1

Buy

$11.10

85.00%

Canaccord Genuity maintains a Buy rating and lowers the price target for MA Financial Group Limited to $11.10 following the first-quarter update.

Total net inflows of $141m missed expectations, although the retail and high-net-worth segment performed strongly with $156m of net inflows.

Growth was heavily supported by the Priority Income Fund, which secured $170m and continues to track ahead of performance targets.

Revisions to earnings forecasts reflect a softer net flow outlook, though the broker believes the underlying loan book remains sound with no visible erosion in asset quality.

The analyst views the recent share price underperformance as a temporary reaction and considers the current valuation an attractive entry point.

One day prior, the response had been as follows:

Canaccord Genuity maintains a Buy rating and $11.30 price target for MA Financial following a Q1 FY26 update highlighting strong momentum in the Priority Income Fund.

The broker expects net inflows of $430m, excluding the Marion mandate loss and MA Aged Care fund wind-up. Managed assets are targeting an ending balance of $15.1bn, while the Redcape property fund delivered 2.93% quarterly performance to support possible 2H FY26 performance fees.

Strategic expansion into commercial lending targets average monthly settlements of $1bn, commentary highlights, which would provide a significant contribution relative to historical levels.

Management remains cautious of consumer strain impacts on MA Money loan losses, but anticipates credit quality concerns will abate as offshore markets stabilise.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 20.00 cents and EPS of 46.00 cents.
Canaccord Genuity forecasts a full year FY27 dividend of 20.00 cents and EPS of 57.00 cents.