Judo Capital's pre-announced 1H results revealed profit before tax (PBT) beat forecasts by consensus and Morgan Stanley by 20% and 57%, respectively. Expenses and impairment charges were lower than originally estimated.

Inagural guidance is for profit of between $40-45m in the 2H and $107-112m in FY24.

Management is targeting profit growth of "15% or higher" in FY25, with loan growth expected to "accelerate", which suggests to the analysts profit of at least $126m and loans of at least $12.7bn.

Equal-weight rating. Target $1.07. Industry View: In-Line.

Sector: Banks.

Target price is $1.07.Current Price is $1.09. Difference: ($0.02) - (brackets indicate current price is over target). If JDO meets the Morgan Stanley target it will return approximately -2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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