23/04/2024 09:05

Bank of Queensland (Ltd (BOQ) $6.10

BOQ delivered a better-than-expected earnings report last week, although the regionals remain in the shadow of the “Big Four.” Cash earnings of $172m were around 5% ahead of consensus, driven largely by beats on bad debts, costs, and the Net Interest Margin (NIM), which fell less than expected to 155bps. This is a good sign for the regional banks, but not good enough for us to consider BOQ.

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17/04/2024 16:50

Bank of Qld (BOQ) $6.10

BOQ +5.17%: 1H results for the regional bank today caused a strong bounce in the share price, though the numbers still showed signs the smaller banks are struggling to compete with the Big 4. Cash earnings of $172m were around 5% ahead of consensus, driven largely by beats on bad debts, costs and the Net Interest Margin (NIM) which fell less than expected to 155bps.

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27/10/2023 09:04

Bank of Queensland (BOQ) $5.22

BOQ has almost halved from its 2021, leaving many yield-hungry investors licking their wounds, although they did enjoy a 21c fully franked yesterday, the primary reason the stock posted a fresh 12-month low on Thursday. BOQ is interesting under $5.25 and while their lack of scale concerns us, deep value is starting to present itself with the bank close to its trough valuation multiples.

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17/10/2023 09:19

Bank of Queensland Ltd (BOQ) $5.42

The reasons for BOQ’s underperformance over recent years are well-noted, including the need to invest more heavily in better systems. However, the stock is down 0ver -21% year to date and is set to yield almost 7% over the next 12-months, including a 21c fully franked dividend later this month.

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11/10/2023 16:40

Bank of QLD (BOQ) $5.35

BOQ – 7.44%: Another poor result for BOQ with FY23 results around 4% below consensus in terms of underlying cash earnings ($450m), which was down 13% vs. FY22 and continues to highlight ongoing issues with this subscale franchise, albeit, this was not a surprise. Margins remained under pressure (NIM 1.69%) which contracted a further 21bps on the half.

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25/08/2023 09:37

Bank of Queensland Ltd (BOQ) $5.97

BOQ is still down -13.8% for 2023 even after its recent bounce back toward $6, the regional bank has struggled given it’s sub-scale footprint and need to invest more heavily in better systems. While the stock is forecast to yield ~8% over the coming 12 months it feels too early to play the contrarian card on this particular bank.

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30/06/2023 09:11

Bank of Queensland (BOQ) $5.51

BOQ has endured an awful 2023 falling over -20% to date as it struggles with major operational issues such as mortgage and rising deposit competition plus higher wholesale funding costs have created an additional headwind i.e. it’s simply a tough environment for regional banks given they are sub-scale.

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01/06/2023 09:06

Bank of Queensland Ltd (BOQ) $5.47

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31/05/2023 16:59

Bank of Queensland (BOQ) $5.47

BOQ -5.36%: the regional bank announced it had entered into an enforceable undertaking with both APRA and AUSTRAC on the back of risk and governance concerns. The bank will need to appoint both an external auditor for AUSTRAC as well as an independent reviewer for APRIA as they look to work through a number of concerns from the regulators.

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16/05/2023 09:13

Bank of Queensland Ltd (BOQ) $5.67

Following on from our early note on US regional banks we have looked at Australian regional BOQ which has already fallen -15% this financial year and at the moment shows no sign of arresting its decline. In a similar fashion to the US sector both BOQ and Bendigo (BEN) have struggled compared to their local peers with major operational issues such as mortgage competition having already negatively impacted BOQ's margins.

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