Morgan Stanley rates HMC as Equal-weight

Published: 2026-05-06 20:31:09 ET MS

Published on 05/06/2026 at 08:31 pm EDT

HMC Capital is simplifying its business by scrapping its HMCCP (Private Equity) platform and winding up StratCap. HMCCP1 was only $0.5bn of reported $19.5bn assets under management, Morgan Stanley notes, but it has attracted attention due to its recent soft performance.

At its Digital Infra platform, the Chicago data centre has been divested for US$750m and proceeds will be used to fund the A$1bn SYD1 expansion.

Equal-weight and $2.80 target retained. Industry view: In Line.

Sector: Real Estate.

Target price is $2.80.Current Price is $2.95. Difference: ($0.15) - (brackets indicate current price is over target). If HMC meets the Morgan Stanley target it will return approximately -5% (excluding dividends, fees and charges - negative figures indicate an expected loss).