MQG –5.08%: Held their AGM today, announced the CFO was retiring, and provided a 1Q trading update that was slightly softer than the market was expecting:
- Alex Harvey will step down as CFO in December after 30 years with the bank, retiring at 54! Deputy CFO Frank Kwok to take over.
- They said that 1Q profit was down YoY which implies about a 10% fall in profits. MQG went on to say the performance is in line with their expectations and influenced by the timing of asset realisations.
- MQG did not enjoy the same trading success as US peers in recent market volatility it seems, but hard to know with the level of detail provided.
We’ve been seeing more misses than beats from the Silver Donut in recent times, which is a bit of a concerning trend. The other aspect we note is this concept of asset realisations being pushed out, which seems to be a reoccurring theme. That said, we’re sticking with our position for now, looking for incremental improvement into the back end of the year.
MM remains long and cautiously bullish MQG
Add To Hit List
