1. 3,567 Posts.
    AMP LTD (AMP: $16.39) 'Ambitious but confident'
    AMP has announced significant additional cost savings from its UKFS life
    operations to that already anticipated by the market. Merrill Lynch
    reiterate their 'STRONG BUY' opinion on the stock and have lifted the
    valuation from $19.50 to $20.40/share to partially reflect additional cost
    savings cited.

    QBE INSURANCE GROUP (QBE: $6.76) 'Can it really achieve its targets?'
    QBE has stated it is on track to achieve stated performance targets in 2002.
    Whilst the Merrill Lynch analysts 'would be more than pleased if this was
    the case, they remain suitably cautious...'. 'Stock is attractively priced
    at these levels - BUY'.

    TABCORP HOLDINGS (TAH: $12.85) 'Strong share price performance'
    Tabcorp has had strong share price appreciation over recent months due to a
    strong 1H02 result...As such, the share price is approaching Merrill Lynch's
    fair value range. Hence, the analysts have reduced their intermediate term
    rating from 'STRONG BUY' to 'BUY'. Long term rating remains unchanged.
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