Buy, hold, sell: HMC Capital, Ramsay Health Care, and Sigma shares

The team at Morgans has been busy reviewing the countless results released last month.

Let’s see what the broker is saying about the popular ASX shares listed below and whether it thinks there’s a buying opportunity here for investors. Here’s what it is saying:

HMC Capital Ltd (ASX: HMC)

The broker notes that this diversified investment company’s headline earnings were well short of expectations. However, it thinks it is worth sticking with this one.

This is especially the case given its current valuation, which could be cheap according to the broker. As a result, it has retained its buy rating with a trimmed price target of $4.45. It said:

Management fee revenue grew 34% to $84.5m as AUM expanded 4% to $19.5bn, with headline EPS of 10.1c pre-tax softer yoy and well below consensus expectations, as energy transition gains are to fall in 2H26. The KKR Energy Transition partnership, closing mid-26, de-risks the balance sheet and unlocks a 5.7GW development pipeline, with full-year guidance reaffirmed at 40+c pre-tax EPS.

We still see value in HMC, with our market-to-market NTA at c.$2.30 per share, or c.$3.00 when we factor in our valuation for the listed co-investments (HDN, HCW, DGT), while the c.$60m of recurring funds management EBITDA adds additional value. We retain a Buy with a $4.45 price target (down from $4.85).

Ramsay Health Care Ltd (ASX: RHC)

This private hospital operator delivered a profit that was better than expected during the first half. This was driven partly by a solid operational performance.

However, with ongoing cost headwinds, the broker has only retained its hold rating with an improved price target of $40.77. It commented:

1HFY26 underlying net profit exceeded expectations, assisted by lower finance charges and favourable non-controlling interest movements. Operationally, performance was solid, led by improving Australian activity and earnings, while UK acute held its own, Elysium remained soft, but continues its gradual turnaround, and EU is stable on better cost control.

While progress is being made across the portfolio, the sustainability of profitable remains in question, with ongoing cost headwinds, the early stage of a multi-year transformation program in Australia and a largely qualitative FY26 outlook. We adjust FY26-28 earnings, with our price target increasing to A$40.77. Hold.

Sigma Healthcare Ltd (ASX: SIG)

The owner of Chemist Warehouse reported a solid half-year result according to Morgans.

However, due to its current valuation, the broker has downgraded Sigma’s shares to an accumulate rating with a $3.36 price target. It said:

SIG posted a solid 1H26, which was in line with consensus. The highlights included solid CW LFL sales growth (up 15%), revenue growth higher than cost growth by 4.5%, and synergy targets on track. We have made modest downgrades to forecasts (D&A and interest charges) resulting in a slight reduction to our target price of A$3.36 (was A$3.39). We move to an ACCUMULATE (was Buy) due to YTD share price strength.

The post Buy, hold, sell: HMC Capital, Ramsay Health Care, and Sigma shares appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro 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.