07/08/2024 09:32

National Australia Bank (NAB) $35.05

On Monday, we sold NAB from our Income & Growth portfolios to 1. To mildly increase cash/flexibility given the big change in the macro backdrop & 2. To ultimately rejig our banking exposure away from NAB after its ~30% rally this year.

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05/08/2024 09:37

Growth & Income Portfolio Amendment

We have turned neutral the broader market and would like to have more cash in portfolios at this juncture. NAB has outperformed the broader sector, yet, we believe it has increasing headwinds as competition increases in business banking.

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02/08/2024 09:27

National Australia Bank (NAB) $38.05

NAB has rallied ~24% so far in 2024, plus it paid an 84c fully franked dividend in May. Following a question on the banks, we discussed NAB in Thursday's webinar, and it looked like the market was listening to James, who felt NAB was losing its lustre after rallying more than 50% from its June 2023 lows, i.e. NAB retreated over 2% from its intraday high.

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14/06/2024 09:48

National Australia Bank (NAB) $35.01

NAB traded at multi-year highs on Thursday, yet analysts remain bearish about the bank and sector: Of the 15 recognised analysts who cover NAB, only 2 are calling it a “Buy”, with the highest price target of $35.69 less than 2% away. Our “best guess” where NAB will start to get tired is somewhere in the $37 region, but for now, we see no reason to follow the crowd and abandon the banks, although we will consider taking a little profit 5-10% higher.

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06/06/2024 09:15

National Australia Bank Ltd (NAB) $34.80

NAB advanced +0.7% on Wednesday, taking it within 1% of a fresh all-time high, a summit CBA already climbed yesterday. Remember, the 15 brokers who cover the stock have zero buys on CBA while NAB only enjoys 2 buys from 15 calls – the market remains universally bearish on the banks. We can see NAB pushing into the $36-7 region and may trim our position accordingly.

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24/05/2024 09:20

National Australia Bank (NAB) $34.40

NAB has been one of the key yardsticks for MM’s roadmap for the ASX200, and it's kept us in good stead over the last year. The broking community has been turning their backs on the banks through 2024, but the sectors remained strong, ignoring all of the negative press – out of the 15 analysts who cover NAB, only 2 say BUY, whereas 6 say SELL or STRONG SELL. We think the bears have gone too soon; the stock is only 2% below its all-time high after paying an 84c fully franked dividend earlier in the month.

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02/05/2024 16:46

National Australia Bank (NAB) $34.28

NAB +1.45%:  The first bank to release 1H24 results today provides a good insight into the broader sector. NAB's 1H24 cash profit was $3.55bn, inline with consensus while Net Interest Margins (NIM) came in ahead of expectation at 1.72%. Costs in line and Bad Debts remained subdued, and better than hoped.

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30/04/2024 09:07

National Australia Bank (NAB) $33.62

It was hard to write a piece on and yield without including a bank, and NAB is our favoured bank for yield, with it forecast to pay 5.7% fully franked over the next 12-months, starting in May. Note it was a close-run race with ANZ, but the latter isn’t expected to pay fully franked dividends moving forward, plus it has to work on the Suncorp integration

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23/04/2024 09:03

National Australia Bank (NAB) $33.40

NAB, like ANZ, corrected to our previously flagged sub $33 buy zone last week, and we have no reason to change this stance. Again, if we had no position in NAB, we would be accumulating the bank after its 7.2% pullback.

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15/03/2024 09:16

National Australia Bank (NAB) $33.50

NAB fell 2.8% on Thursday, better than Westpac & ANZ's 3.8% decline but still enough to have a meaningful impact on the index, accounting for 10-points of the ASX200’s decline.

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