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How does Bell Potter view these ASX financials stocks after earnings season?

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As we approach the finish line of February earnings season, the team at Bell Potter have just released updated guidance on two ASX financials stocks. 

Cuscal Ltd (ASX: CCL) and HMC Capital Ltd (ASX: HMC) both released HY26 results yesterday. 

Here’s a snapshot of what these ASX financials stocks reported. 

Cuscal

Cuscal is a payment and regulated data services provider in Australia. The group offers a comprehensive suite of payment infrastructure solutions to a diversified client base.

For the six months ended 31 December 2025, the company reported:

  • Profit after tax (NPAT) increased by 76% to $21.5 million, compared to $12.2 million in the prior corresponding period
  • Completed acquisition of Indue on 1 December 2025, contributing $5.3 million to Net Operating Income
  • Transaction volume growth of 9%
  • Total Net Operating Income increased 10% to $161.5 million
  • Underlying NPAT increased 13% to $24.2 million
  • Interim dividend of 4.5 cents per share.

Investors reacted positively to these results, as the ASX financials stock rose 6%. 

Its share price is now up more than 65% over the last year. 

HMC Capital 

HMC Capital is an alternative asset manager which invests in high conviction and scalable real asset strategies.

For the financial half year ended 31 December 2025, the company reported:

  • Assets under management (AUM) of $19.5bn (+4% vs. Jun-25)
  • 1H FY26 pre-tax operating EPS of 10.1 cents ($41.6m)
  • $1.6bn of net tangible assets and undrawn debt
  • 1H FY26 dividend of 6.0cps (partially franked)
  • Reaffirmed FY26 pre-tax operating EPS target of at least 40 cps. 

Investors were seemingly disappointed with the results, as the share price fell 4.7% on Tuesday. 

HMC Capital shares are now down 71% over the last year, trading near its 52-week low.

Bell Potter’s updated outlook

Commenting on Cuscal results, Bell Potter said it delivered a strong result, with the highlight being upgraded guidance for high-single digit transaction volume growth to mid-teen growth.

The key surprise was elevated net interest and good early progress on Indue with an initial contribution. 

The broker has upgraded earnings per share (EPS) +1%/+3%/+4% out to FY28. 

Meanwhile, Bell Potter noted that HMC Capital pre-tax earnings per share (EPS) of 10.1 cents was well below expectations. It was 39% below Bell Potter’s estimate and 35% below consensus. 

This was mainly because it received less income from one-off or non-recurring sources.

Bell Potter reduced its FY26–FY28 post-tax EPS forecasts by 6–8%.

Target price adjustments from Bell Potter

Based on this guidance, Bell Potter increased the price target for Cuscal to $5.10 (previously $4.60). 

It retained its buy recommendation. 

From yesterday’s closing price of $4.23, this indicates an upside of approximately 20%. 

CCL screens cheap factoring in run-rate cost synergies, remains well capitalised to return capital, assess further acquisitions and is benefitting from strong client performance, structural tailwinds.

Meanwhile, the broker lowered its price target for ASX financials stock HMC capital. 

The broker now has a price target of $3.20 (previously $4.25), along with a hold recommendation. 

From yesterday’s closing price of $2.82, this indicates a potential upside of 13.5%. 

The post How does Bell Potter view these ASX financials stocks after earnings season? appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Bell has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended HMC Capital. The Motley Fool Australia has recommended HMC Capital. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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