0114 GMT - Smartgroup's 1Q business update was better than Ord Minnett expected. The update featured a big acceleration in novated leasing orders, rising 22% on a year ago. This resulted in a 7% jump in novated settlements. "The structural shift toward Battery Electric Vehicles is intensifying, with BEVs now representing 59% of new vehicle orders," says analyst Phillip Chippindale. "While yields saw a modest decline of 4% due to mix and promotional activity, the overall revenue and volume trajectory remains encouraging." Ord Minnett retains a buy call and raises its price target by 14% to A$12.70/share. Smartgroup is up 2.4% to A$10.93/share. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
May 10, 2026 21:14 ET (01:14 GMT)
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