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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. When we take out the proceeds from the bank sale, current pricing suggests SUN is noticeably cheap compared to IAG – if we were traders, it would be long QBE &/or SUN and short IAG.

  • We can see SUN outperforming the sector, along with QBE, through 2024/5, and it looks good value under $15.
MM likes SUN into pullbacks
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Suncorp Group Ltd (SUN)
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