AMP has been hit by a new regulatory enforceable undertaking which looks likely to cost the wealth manager another $40-45m. This feels to us like the last slap to AMP by the financial regulator and while it will again cause much time consuming box ticking and process checking by AMP the company should come out of the other end in a stronger position – remember the Banking Royal Commission a few years ago, things looked awful but it simply provided one of the best buying opportunities in the sector for many years. We feel the risk / reward for the brave looks good from AMP under $1.10.
MM is tempted by AMP under $1.10
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