banks research

  1. 1,200 Posts.
    A quick search of experts comments in recent articles; As usual you can find info to support either point of view!

    7/04/03 - ABN-AMRO: AMP downgrades coming from left, right and centre
    NCP (Fairfax press article comment) and Property Trusts (Day 2 in Round Up: yes, we think they are good). Onto tidbits and AMP (why not?) and the banks (yes, we still think sell ‘em: got something interesting on NAB too).

    4/04/03 - ABN-AMRO: Expected weakness for News Corp today
    Today, we have a quick look at the LPT sector (GPT & WFT). Tidibits; a technical view on NCP and another Banking sector (CBA & NAB) comment.

    4/04/03 - Challenger International (CLI)
    The chart on Challenger is indicating a possible move up into a wave 5. Since the announcement of the proposed merger with CPH Investment the share price has held reasonably well on the support of the M O B, which was generated from the pivot on 1st December 2002.

    1/04/03 - ABN-AMRO: AMP to see new lows today
    Four in the Round Up and yes, still the SELL CBA/BUY NAB tack (in this market, when you find a good idea, stick to it) and TLS. Onto tidbits and AMP (we will see new lows today; we urge caution when people say ‘buy it’.)

    31/03/03 - S&P maintains Qantas' ratings
    Ratings agency, Standard & Poor’s said today that Qantas’ ratings and outlook are not “immediately affected” by its profit warning issued on Friday. Qantas said last week that the ongoing war in Iraq and the effects of severe acute respiratory syndrome (SARS) in Asia will mean it will be unable to meet market expectations for the full year profit result of around $603 million.

    28/03/03 - War, flu hits Qantas
    The ongoing war in Iraq and the effects of severe acute respiratory syndrome in Asia will mean Qantas (QAN) will be unable to meet market expectations for the full year profit result, chief executive officer of Australia’s dominant airline, Geoff Dixon, said today.

    27/03/03 - CitiWarrants: NAB – Things are starting to click again
    NAB’s 1H03 profit announcement will mark a return to form, following the bank’s messy (HomeSide/restructuring charges) FY02 result.

    27/03/03 - ABN-AMRO: MIM rumours or facts?
    A few today actually: firstly, today is ETO expiry (what might move where: this idea might actually prove useful because o/n moves in the UK and US were basically non-existant. Also, MIM… rumours or facts? and a tidbit on NAB.

    26/03/03 - SG: NAB earnings and valuation downgrade
    We have downgraded our NAB earnings forecasts and valuation to reflect the weak environment for wealth management businesses and a number of potential risks, including the risk of a potentially dilutionary UK acquisition.

    25/03/03 - CitiWarrants: NAB – Things are starting to click again!
    While NAB is attractive on fundamentals, it possesses acquisition risk. Nevertheless, SSB research expects the interim result to generate a positive share price response.

    2/04/03 - CitiWarrants: ANZ Banking Group – Looking to China
    ANZ has signed a ‘cooperation agreement’ with China’s Shanghai Rural Credit Cooperative Union. This particular deal is not relevant to our EPS estimates.

    31/03/03 - CitiWarrants: ANZ – Kryptonite back in the box
    While ANZ has stuck to 8% FY03 earnings growth guidance, expectations of its 1H03e result have been dampened following the revelation of a A$27m loyalty points-related provision.

    31/03/03 - Macquarie: Superior bank yields provide growth opportunities
    Banks are returning to favour with investors as high dividend yields and share buybacks make the sector more attractive in an uncertain market. ANZ is expected to kick-off the Bank Reporting Season in a month's time when the focus of the market will again shift to Bank Dividends.

    27/03/03 - ANZ Bank (ANZ)
    This weekly chart shows a possible triangle pattern, which according to textbooks on the subject is a continuation pattern.

    11/03/03 - UBS Warburg: ANZ comfort from high BDD coverage
    ANZ’s exposure to non-investment grade US energy debt has been a drag on its recent performance. Our concern is quarantined to news-flow, as we believe ANZ remains more than well provisioned for these exposures, protecting shareholders.

    11/03/03 - Suncorp announces organisational restructure
    Allfinanz group, Suncorp Metway (SUN) today announced an organisational restructure to drive improved financial performance and greater customer focus.

    11/03/03 - ABN-AMRO: ANZ - Let's do the Maths
    ANZ’s earnings outlook statement (released in late Feb) confirmed our view that its FY03 growth prospects remain sound, particularly in regards to offshore credit quality and tax provisioning.

    10/03/03 - UBS Warburg: ANZ entering outperformance season?
    We have back tested ANZ’s relative performance during bank reporting seasons and note that, since 1998, ANZ has outperformed the ASX200 by 8.8% (per half) and outperformed the bank index by 3.3%.

    7/02/03 - SG: ANZ support at $16.84 broken
    Last week in a daily note we touched on the points that concern us on retail banks, something, which has been in place since mid-2002, but have recently increased in significance.

    31/01/03 - UBS Warburg: ANZ - Touching $17.00, time to buy?
    We begin 2003 as we ended 2002, with ANZ as our preferred bank play. We see ANZ continuing its re-rating into sector premium territory in 2003. Balance sheet activity is likely to be the key re-rating catalyst, in our view.

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