BOQ delivered a better-than-expected earnings report last week, although the regionals remain in the shadow of the “Big Four.” Cash earnings of $172m were around 5% ahead of consensus, driven largely by beats on bad debts, costs, and the Net Interest Margin (NIM), which fell less than expected to 155bps. This is a good sign for the regional banks, but not good enough for us to consider BOQ.
- We like the risk/reward towards BOQ around $6, but it’s not for us at this stage.
MM is cautiously bullish towards BOQ
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