Previous market darling CGF is unchanged so far in 2024, similar to the last few years. CGF recently reported its 3Q24 sales and flows. Life net flows were below forecasts, whilst Funds Under Management (FUM) was surprisingly strong, with flows in both divisions relying less on the low-margin institutional segment. FY24 earnings guidance was modestly lifted from “top half” to “top end” of the Net Profit Before Tax (NPBT) range of $555-605m but it’s not a large enough catalyst to gain our serious attention.
- We see no reason to buy CGF which has traded sideways for the last few years.
MM is neutral towards CGF
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