QBE -1.22%: The same old story for QBE today, a messy/underwhelming 1H23 result which pushed the stock down on open then it recovers throughout the session as they talked favourably about the future, reconfirming FY23 guidance. 1H23 NAPT of $404m compared to $500m consensus while the interim dividend was also light on, at 14c v consensus of 24c. The miss seemed to be driven by a higher tax rate however there was also a lot of complexity around a change in accounting standards, which frankly, confused us. We need more time to review the result before casting judgement.
MM remains neutral QBE
Add To Hit List
