23/04/2024 09:02

ANZ Group (ANZ) $28.23

ANZ corrected to our previously flagged $28 buy zone last week, and we have no reason to change this stance. If we had no position in ANZ, we would be accumulating around the $28 area after its 6.8% pullback. It’s important to note, ANZ is the only bank that is unlikely to pay fully franked dividends moving forward given they are earning a larger portion of profits from overseas. The next big change for ANZ will be integrating the $4.9b acquisition of Suncorp’s (SUN) bank.

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04/04/2024 09:09

ANZ Group (ANZ) $28.94

ANZ has advanced ~12% in 2024 and we have enjoyed the strong rally, but with Orora (ORA) fresh in our minds, we are conscious that management has to integrate Suncorp's (SUN) banking arm into its operation, which brings inherent risks. Hence, we are considering switching ANZ to another “Big Four” name

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07/03/2024 09:08

ANZ Group (ANZ) $29.02

The banks keep grinding higher; ANZ advanced +1% yesterday, taking it up +10.8% year-to-date, and three of the “Big Four” are set to reward loyal shareholders with attractive dividends come May, i.e. ANZ, NAB & WBC. There is no reason to consider taking profit from these major banks, who are making multi-year or all-time highs in the case of CBA.

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21/02/2024 09:35

ANZ Group (ANZ) $27.88

ANZ closed down -2.2% on Tuesday after the Australian Competition Tribunal overturned the original ACCC decision to finally approve their purchase of Suncorp’s banking division for $4.9bn – it took almost 600 days for the process to complete, unfortunately, illustrating why Australia has lost its competitive edge at times.

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12/02/2024 17:12

ANZ Group (ANZ) $28.04

ANZ +1.3%: Quarterly trading update today for ANZ so light on detail, however their earnings were a slight beat to expectations driven largely by solid trading revenue and another period of low bad debts. We had the UBS banking analyst John Story in today to cover ANZ and the banks more broadly. He’s very good in terms of trends within the sector and how the market is positioning around them.

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01/02/2024 09:59

ANZ Bank (ANZ) $27.20

ANZ bank has run hard of late, but with bad debts looking under control and the mortgage war all but over, its sustainable 6.7% pa yield is hard to ignore, especially when bond yields are set to fall.

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21/12/2023 09:01

ANZ Bank (ANZ) $25.81

We are underweight the “Big Four” banks and currently see no reason to tweak this stance either way.

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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).

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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.

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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.

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