11/04/2024 09:26

Suncorp Group Ltd (SUN) $16.21

SUN has shed the burden of its banking arm to ANZ, allowing it to focus on what it does best: insurance. Shedding the load should be an easy transition for SUN, and with margins improving, the stock looks good, having rallied over +18% year-to-date, just like QBE. The stock still looks cheap compared to IAG after the sale of the banking assets. If/when we reconsider the sector, it will be under the MM microscope.

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07/03/2024 09:13

Suncorp Group Ltd (SUN) $15.34

SUN’s Banking Division was the bugbear for SUN over recent years, but now it's been sold to ANZ, and the business can focus on insurance. This major corporate change will be a lot easier to bed down than the acquirer ANZ, and with margins continuing to increase the stock is on a sound footing moving through 2024.

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23/11/2023 09:10

Suncorp Group Ltd (SUN) $13.74

SUN’s Banking Division has been struggling recently, and we believe this is likely to continue, whereas its insurance earnings have remained strong; hence, not surprisingly, we would rather invest in a pure bank or insurance stock as opposed to a mix of the two unless it's overly cheap.

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09/08/2023 17:03

Suncorp (SUN) $13.54

SUN -1.53%: Fell today despite announcing cash earnings of $1,254m in line with consensus, however, the composition of the result was soft and their guidance was a touch light, particularly within their banking division which had a tougher period.

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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.

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12/07/2023 16:48

KMD Brands (KMD) 88c

KMD -9.28%: the NZ based retailer slipped to a 9-month low after flagging a soft finish to the 31 July year-end. KMD, which owns Kathmandu and RipCurl, said they expect a record year for sales of $NZ1.1b, up from last year’s $980m but around 5% short of expectations.

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20/06/2023 09:29

Suncorp Group (SUN) $13.53

SUN has rallied strongly through 2023 making fresh 3-year highs in the process, back in February they posted a mixed 1H23 while reaffirming key guidance measures and the momentum, particularly at the top line (gross written premiums of $4.9bn up 8%) was good. The stock remains reasonably priced in our view, currently trading on an Est 13.7x PE for 2023, stripping out net proceeds from selling the Bank (i.e. estimated $4.1bn) implies SUN is extremely cheap compared to say IAG.

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22/03/2023 16:33

KMD Brands (KMD) 95c

KMD +1.06%: 1H results for the recreational apparel company came in largely as expected given most numbers were pre-released. Sales jumped +19% in their largest segment of surf, while Kathmandu saw 51% growth on pcp and Oboz (which is their hiking boots brand) was up 124% to a new record.

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10/02/2023 09:13

Suncorp Group Ltd (SUN) $12.74

SUN has rallied this week after posting a mixed 1H23 update - Cash NPAT was around 7% below consensus at the group level, however, the General Insurance (GI) margin was solid and their soon-to-be-jettisoned banking division did particularly well, with Net Interest Margins (NIM) of 203bps, ahead of expectations. i.e. good news for the buyer ANZ. The company reaffirmed key guidance measures and the momentum, particularly at the top line (gross written premiums of $4.9bn up 8%) was good. The stock is inexpensive in our view, currently trading on an Est 12.7x PE for 2023, stripping out net proceeds from selling the Bank (i.e., estimated $4.1bn) implies SUN is extremely cheap compared to say IAG. • We like SUN as an insurance play but it’s no longer on the MM banking radar.

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08/02/2023 16:39

Suncorp (SUN) $13.04

SUN +4.57%: Rallied today after posting a mixed 1H23 update. Cash NPAT was around 7% below consensus at the group level, however, General Insurance (GI) margin was solid .

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