MQG 0.85% $126.75 macquarie group limited

result preview by abn amro of today

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    source: ABN AMRO of TODAY, please DYOR, thx
    please comapre opinions of ABN with citi

    Macquarie Group (MQGWZF) – 1H09 result preview
    MQG reports its 1H09 result tomorrow. ABN AMRO research is forecasting a decline in NPAT of 41% to
    A$620m due to A$519m of pre-tax writedowns. The underlying result is likely to be driven by strength in
    trading, but countered by weakness in M&A and ECM. Technical support is at $20. Play upside into the result
    through MQGWZF or downside through MQGWZR
    Source: IRESS
    Asset writedowns
    Unrealised losses for MQG’s investments in its real estate funds are now A$416m while they are as high as
    A$707m for investments in infrastructure funds. Given NAVs have held up reasonably well, particularly in
    infrastructure, we believe that writedowns will be more moderate at A$319m, which includes writedowns on
    some oil & gas investments. With the Italian mortgage portfolio contributing an additional A$200m (pre tax),
    ABN AMRO forecast total writedowns in 1H09 of A$519m.
    We anticipate weakness in traditional investment banking activities such as M&A and ECM. Overall ABN
    AMRO research forecast NPAT to fall 20% in FY09 to A$1,434m, but 41% in 1H09 to A$620m due to write-offs
    being weighted to the first half.
    The result should provide the market with more comfort around the outlook for MQG. Support is at $20
    technically. Play upside into the result through MQGWZF or downside through MQGWZR
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$127.63 $128.79 $126.75 $115.2M 905.0K

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Last trade - 16.10pm 30/10/2020 (20 minute delay) ?
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