CPU -4.03%: registry and corporate services business struggled today on the back of a softer 1H result, though the company did maintain FY23 guidance. NPAT of $269m was 95% higher than last year, though it includes a full half contribution from CCT which was acquired from Wells Fargo in 2021, and missed expectations by ~3%. Computershare benefits from higher rates, but margin income missed expectations on lower holding balances with a lack of deal flow coming through. The dividend was a big miss, 30cps was ~15% below expectations. The company maintained FY EPS growth guidance of 90%, however this requires a larger than usual contribution in the 2H to meet expectations.
MM is neutral/negative CPU
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