The ASX's Six Best Financial Services Companies
The ASX's Six Best Financial Services Companies are in the Small and Mid-cap space this fortnight. Resimac Group (RMC) is up +17%. Known as the non-bank lenders across Australia and New Zealand. RMC's AGM address showed NPAT up 19%, Loan book up 19%, cost to income ration continued to drop from 61.7% to 56.6%. In the context of the Royal Commission this year, these numbers are perceived to be strong. Countplus Limited (CUP) is up + 13%. CUP's AGM presentation showed NPAT up 33%. although more importantly updated the market on Total Financial Solution integration and growth to the company and the downside risks of the existing business being integrated into CUP. Australian Ethical (AEF) rose +10% over the last two weeks. AEF has had consistent growth with 11% increase in member numbers, FUM up by 21% and NPAT up 29%. The AEF dividend also increased +25%. Strong marketing has helped encourage record new member in September 2019 holding strong for continued growth in the year ahead. Other strong financial services companies are Navigator Global Ltd (NGI) +7%. Easton Investments (EAS) +5% and Magellan Global Trust (MGG) 4%.