Commonwealth Bank: Quality but overvalued

By Azib Khan

12 November 2020, 1:42 PM

While we continue to believe that Commonwealth Bank (ASX:CBA) has a relatively high quality retail franchise and a relatively good risk profile, we continue to believe that CBA is expensive relative to the other major banks. Our recommendation is downgraded to reduce.

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Banks sector update: COVID-19 impact

By Azib Khan

19 March 2020, 11:45 AM

The spread of COVID-19 is posing a significant threat to the earnings outlook of the banks. Consequently, there is now significant earnings uncertainty over our forecast period. We have downgraded our cash EPS forecasts and dividend forecasts for all four major banks as a result of forecasting lower net interest margins, lower credit growth and more pronounced deterioration in asset quality.

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