Many would argue that AMP is back where it belongs in the “naughty corner” having already plunged -21.3% this year following last month’s result which fell well short of expectations. Natural outflows fell from more than $5bn to $2.9bn in 2022, perhaps a decent trend to the turnaround optimists but not an exciting business to traditional investors – “we’re losing fewer customers but it’s hard work” very average rhetoric in our opinion. The 2.5c dividend, the first in 5 years felt like a bribe to keep shareholders happy but it clearly fell on deaf ears. It wasn’t a result that MM liked with UBS echoing our thoughts describing it as a “large earnings miss” – as we said at the time “it’s simply all too hard”.
- We dodged a bullet with this one as we thought the business had turned the corner, it appears many others did hence the sharp fall as weak longs bail out.
MM is neutral AMP around $1
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