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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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03 November 2020, 3:00 PM
Whilst revenue growth is hard to come by in the sector, we expect share price upside for WBC from cost of equity compression as the market becomes more confident about dividends normalising.
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19 August 2020, 11:40 AM
Westpac Banking Corp (ASX:WBC) has announced 3Q20 unaudited cash earnings of $1.32bn and the Board has decided to not declare an interim dividend for 2020.
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30 July 2020, 11:00 AM
As we flagged as a potential development last week, APRA has announced that it has eased dividend restrictions.
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22 June 2020, 12:00 PM
We have a positive view on the major banks at current share prices, with the exception of CBA. We upgrade our ANZ recommendation to Add. WBC is our preferred major bank and CBA is least preferred.
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26 March 2020, 12:00 AM
Morgans Senior Analyst Azib Khan discusses the crucial role banks will play as part of 'Team Australia'.
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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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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.
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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.
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01 November 2019, 3:45 PM
ANZ has reported FY19 cash earnings from continuing operations of $6,470m, 1% better than we expected.
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