01/12/2023 09:19

National Australia Bank (NAB) $28.40

NAB advanced +1.1% on Thursday and, along with the other major banks, looks poised to rally further into Christmas, buoyed by the dividends from ANZ, NAB. MQG and WBC later in December. We often say, “The market cannot go up without the banks,” after consolidating since late July, they look & feel ready to advance to a new level of equilibrium into Christmas – a great short-term backdrop for the ASX.

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09/11/2023 16:53

National Australia Bank (NAB) $28.94

NAB -0.79%: the second major bank to report FY23 numbers this period, NAB shares underperformed today on a slight miss. Cash Profit was up 9% to $7.73b, slightly below estimates of $7.8b, mostly on lower markets income rather than the core result. Net Interest Margin (NIM) fell 6bps in the 2H to 171bps, though this was as expected.

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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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25/08/2023 09:35

National Australia Bank (NAB) $28.39

NAB delivered a solid quarterly update earlier in the month which included a surprise $1.5bn buyback demonstrating confidence in its forward outlook and a strong balance sheet. The company did experience lower NIM’s but its on track to meet FY guidance which we believe justifies our bullish outlook for the bank, around current levels its arguably our preferred bank.

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15/08/2023 17:09

National Australia Bank (NAB) $28.70

NAB +1.31% : A quarterly trading update today for the primarily business bank + a surprise $1.5bn share buy-back which was key to the stock’s performance.

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10/08/2023 09:11

National Australia Bank (NAB) $28.64

NAB jumped on CBA’s coattails yesterday closing up +2.2% on Wednesday, it doesn’t report until November however CBA commentary yesterday implied resilience and even strength in business banking which provided a good read-through for NAB, while size and scale are also important.

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03/08/2023 09:40

National Australia Bank (NAB) $28.11

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04/05/2023 17:04

National Bank (NAB) $26.72

NAB -6.41%: While we thought the stock would trade lower, we were surprised at the level of weakness given the composition of the underlying 1H23 result that was a record in terms of earnings, but showed a soft underbelly in terms of margins which will likely impact the 2H.

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04/05/2023 09:20

National Australia Bank (NAB) $28.55

NAB has just released 1H23 results and they are a slight miss with lower-than-expected Net Interest Margins (NIM) the main driver. 1H23 Cash earnings of $4.07bn were up 17% however that compared to $4.18bn expected (-2.6% miss) thanks to a NIM of 1.77% versus 1.83% expected. That resulted in 1H Dividend of 83cps, up from 73cps in 1H22, but a tick below the consensus of 84cps.

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02/05/2023 09:11

National Australia Bank (NAB) $29.19

NAB is set to release its 1H23 result this Thursday with the market looking for NPAT of $4,148mn and an accompanying 91c fully franked dividend. MM is currently holding a 6% exposure in our Flagship Growth Portfolio and 7% in our Active Income Portfolio. The headlines in the 3 bank results will be one thing but the market will also be looking very closely at key metrics such as net interest margins (NIM) plus of course rhetoric around the state of play economically

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