HARMONEY CORP LIMITED (HMY)
Share Price Analysis and Chart

23/10/2026

1

Buy

$1.40

112.12%

Harmony Corp delivered a positive 1Q27 trading update, according to Ord Minnett, reaffirming cash NPAT guidance above $16m, implying growth of more than 18% y/y, with group loan book growth of 9% to $912m marginally ahead of forecasts.

Loan book growth was broad-based across A&NZ, increasing 14% and 11%, respectively, while automation and scale improved the cost-to-income ratio by 100bps to 18%.

Credit losses remained stable at 3.8%, while arrears over 90 days improved to 0.64% from 0.77%, supporting the earnings outlook.

The current valuation of 5.5x FY27 earnings is viewed as attractive, with ongoing share buybacks and potential corporate appeal offering further upside. The broker retains Buy with a target price of $1.40, down from $1.42.

FORECAST
Ord Minnett forecasts a full year FY27 dividend of 0.00 cents and EPS of 12.90 cents.
Ord Minnett forecasts a full year FY28 dividend of 0.00 cents and EPS of 14.70 cents.

26/10/2026

1

Buy

$1.35

104.55%

Moelis maintains a Buy rating for Harmoney with its target price unchanged at $1.35 following a first-quarter update featuring upgraded FY27 closing loan book guidance exceeding $1bn.

The company reaffirmed FY27 Cash NPAT guidance of $16m while delivering a sector-leading 6.5% risk-adjusted margin alongside improved 90-plus day arrears.

The analyst notes building momentum in the secured auto intermediary channel supporting originations growth into the second half of the year.

Moelis increases FY27 origination estimates by 2% to $547m and lifts FY28 Cash NPAT expectations by 1.1% to $20.1m.

Commentary stipulates stable credit metrics provide no evidence of broad-based borrower stress despite ongoing macroeconomic concerns.

FORECAST
Moelis forecasts a full year FY27 dividend of 0.00 cents and EPS of 16.10 cents.
Moelis forecasts a full year FY28 dividend of 0.00 cents and EPS of 18.80 cents.