All posts by Richard Coles

Richard Coles

Suncorp Group: BI top up mitigated by lower claims frequency

By Richard Coles

17 November 2020, 3:30 PM

Management expects COVID-19 impacts on Suncorp Group's (ASX:SUN) insurance business to be broadly neutral in 1H21, with an extra provision top-up for business interruption (BI) risks being offset by lower claims frequency. The SUN bank saw a strong credit quality performance in 1Q21 with impairment losses of just A$3m for the quarter.

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Macquarie Group: Pretty much as expected

By Richard Coles

06 November 2020, 10:30 AM

Broad divisional outlook commentary arguably highlights FY21 earnings risks remain to the downside, despite Macquarie Group (ASX:MQG) having a seasonally stronger 2H and Nuix potentially being a large asset realisation. However, MQG remains well placed to ride out the COVID-19 period and seize opportunities on the other side, in our view.

 
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Afterpay Touch - Refilling the tan after a good quarter

By Richard Coles

14 July 2020, 12:00 AM

Afterpay Touch (ASX:APT) produced another very strong quarter in 4Q20, delivering 46% sequential sales growth combined with relatively stable operating margins. APT's momentum continues to be highly impressive, but trading on 37x FY20 revenue, we see its valuation as fair and maintain our HOLD call.

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Suncorp Group: Improvement will take time

By Richard Coles

12 February 2020, 10:45 AM

We believe the Suncorp Group (ASX:SUN) management team's strategy of reducing earnings volatility and improving core business performance is the correct one. However, headwinds remain and the timeline to a meaningful uplift in business trajectory is difficult to call, in our view.

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