13/11/2023 16:43

ANZ Bank (ANZ) $24.70

ANZ -3.02%: Reported FY23 results this morning which were around 1.5% below consensus in terms of cash profit. Net Interest Margin (NIM) was weak, about 6bps below expectations but a more significant -33bps half on half for Australian retail NIM which highlights how hard ANZ went to gain market share (via low rates which compress margins).

Read more

17/10/2023 09:18

ANZ Bank (ANZ) $25.55

ANZ is the top performing ASX200 bank in 2023, having rallied +8% year to date. Even after recent outperformance, ANZ remains our preferred bank for growth, while an estimated yield of 5.8% fully franked over the next 12 months makes holding the stock fairly easy. A sustained turnaround in mortgages and the valuation story behind ANZ remains attractive.

Read more

04/10/2023 09:35

Banks

We met with UBS banking analyst John Story yesterday to discuss the environment for banks, and his specific calls in the sector. John is a very good analyst and income investors (MM’s Income Portfolio included) generally have a large exposure to banks either through bank equity or bank hybrid securities or bonds.

Read more

19/09/2023 09:24

ANZ Bank Ltd (ANZ) $25.75

ANZ has been the best performer of the “Big Four” banks in 2023, advancing +8.8%, with CBA a distant second, up only +0.03%. The bank released a trading update last month, and while it was light on in detail following a lower-than-expected impairment charge, we can see upside risk to consensus earnings. We remain bullish toward ANZ, initially targeting a test of $28 over the coming months, while an estimated yield of 5.8% fully franked over the next 12 months makes holding the stock fairly easy.

Read more

25/08/2023 09:35

ANZ Bank (ANZ) $24.56

This month’s 3Q update from ANZ held little surprises while they wait on the regulatory outcome of their planned takeover of Suncorp’s bank. There was nothing we didn’t like in the ANZ update hence there’s no change to our thinking toward the stock.

Read more

17/08/2023 17:17

ANZ Bank (ANZ) $24.59

ANZ -0.93%: 3Q update today was largely as expected and in line with NAB’s earlier in the week, though ANZ didn’t hand investors a large buyback as they wait for the Competition Tribunal to have a look at their planned takeover of Suncorp’s bank.

Read more

04/08/2023 16:21

ANZ $25.45 & Suncorp (SUN) $14.13

ANZ +0.75% & SUN +0.64%%: the ACCC finally released their determination on ANZ’s attempt to acquire Suncorp’s banking arm, a $4.9b deal that was announced more than 12 months ago now.

Read more

27/07/2023 09:30

ANZ Bank (ANZ) $25.46

ANZ, like the whole banking sector has advanced steadily through July taking its gain for 2023 to ~6%, however, most of the sector remains down year-to-date. Bond yields look to have peaked while employment remains strong, the implication being that bad debts will be far better than many feared into 2024 which is helping steady the banking ship.

Read more

30/06/2023 09:09

ANZ Bank (ANZ) $23.71

ANZ is the best performer of the “Big 4” so far this year managing to eke out a small +0.2% gain, we believe ANZ is inexpensive relative to peers, trading well below historical averages at a 16% discount to the ASX200 Banks Index. This amalgamated with its strong competitive position in Institutional Banking, in our opinion, has the capacity to surprise on the upside and management's commitment to reversing losses in mortgage share cements our preference over CBA.

Read more

05/05/2023 09:16

ANZ Bank (ANZ) $23.46 – Result inline

• record half-year cash profit of $3.82bn, inline with $3.81bn consensus • interim dividend of 81¢ per share was 2¢ higher than expected and up 9¢ on the interim payout last year. • Net Interest Margin (NIM) +0.07% to 1.75% v 1.83% expected, however strip out the influence of markets and NIMs were 1.83% - this will be an area of disappointment while Shayne Elliot also spoke to a tougher 2H to come – much the same as NAB yesterday.

Read more