Westpac Banking Corp: Still expecting no further capital raisings By Azib Khan 14 January 2020, 2:31 PM Our base case remains one of no further capital raisings by WBC over our forecast period. We believe this damage to the share price is overdone, and WBC remains our preferred major bank. Read more...
Commonwealth Bank: Enough to please in trading update By Azib Khan 13 November 2019, 2:56 PM Despite our view that CBA is a relatively good quality business, we continue to view CBA’s current share price as expensive relative to the other major banks. Read more...
ANZ Banking Group: The partial franking Halloween spook By Azib Khan 01 November 2019, 3:45 PM ANZ has reported FY19 cash earnings from continuing operations of $6,470m, 1% better than we expected. Read more...
Major Banks: Outlook better than results will suggest By Azib Khan 28 October 2019, 3:10 PM I detail what to expect when major banks NAB, ANZ and WBC report their results in the coming days. Read more...
Bank of Queensland: Hamstrung By Azib Khan 22 October 2019, 2:02 PM BOQ’s return on tangible equity (ROTE) has now declined to 10.2% in 2H19. With such a low ROTE, the Company is not creating shareholder value from our perspective. If the decline in ROTE is not stemmed, then soon we may view the Company as diminishing shareholder value. We retain a Reduce recommendation. Read more...
ANZ Banking Group: Additional remediation changes By Azib Khan 15 October 2019, 1:43 PM ANZ today announced that it expects customer-related remediation charges of $559m after-tax in 2H19. This is greater than our expectation of $250m after-tax. We retain our Add recommendation. Read more...
Bank of Queensland: Significant makeover coming up? By Azib Khan 15 October 2019, 12:29 PM Bank of Queensland (ASX:BOQ) is expected to report its FY19 result on the 17th of October. We continue to forecast FY19 cash earnings of $330m and a final dividend of 34cps fully-franked. We believe BOQ's underlying cash EPS growth will remain challenged relative to the major banks over the next couple of years. Our recommendation is downgraded to Reduce (from Hold). Read more...
National Australia Bank: A comforting update thematically By Azib Khan 16 August 2019, 4:00 PM NAB has announced unaudited cash earnings of $1.65bn for 3Q19, slightly softer than we had expected for 2H19F on a run-rate basis. Read more...
Commonwealth Bank: it's possible to over-love a bank By Azib Khan 09 August 2019, 6:31 PM We continue to view CBA's current share price multiples as stretched, and CBA remains our least preferred major bank for this reason Read more...
Major Banks: Improving outlook trumps transitory imposts By Azib Khan 22 July 2019, 9:00 AM Stimulus initiatives are serving to de-risk outlook for sector Read more...