Research Oct 2009

Commercial Banks

Australia & New Zealand Banking Group Limited Better than NAB

Brett Le Mesurier & Azib Khan   29-Oct-2009

ANZ’s FY09 result has some features that are different to NAB’s offering from yesterday and they are:

 

National Australia Bank Limited Higher for longer – shame it’s bad debts

Brett Le Mesurier & Azib Khan   28-Oct-2009

NAB’s FY09 result had some stunning features and they were:

 

National Australia Bank Limited Storming Clydesdale Bank

Brett Le Mesurier & Azib Khan   23-Oct-2009

With National Australia Bank Limted (NAB) to be the first major bank to report its FY09 annual profit next week, the focus will be on the rate of growth in impaired assets.

 

Bank of Queensland Limited Impaired loans triple while provisions increase 50%

Brett Le Mesurier & Azib Khan   15-Oct-2009

Bank of Queensland Limted (BOQ) once gave us a story of growth on the back of branch expansion.

 

Investment Banks

Macquarie Group Limited Overpriced? Moore or less

Brett Le Mesurier & Anthony Vogel   30-Oct-2009

To achieve 15% EPS growth from FY10 to FY11, revenue needs to increase by 20% which is $1.3B, given the 5% increase in the average number of shares.

 

Insurance

Insurance Australia Group Limited The high cost of the IMA minority

Brett Le Mesurier & Anthony Vogel   19-Oct-2009

There are 104 subsidiaries listed in IAG’s 2009 annual report. Of these, one subsidiary contributed 71% of the group’s 2009 insurance profit, 28% of group net earned premium (NEP), but only required 20% of the group’s NTA at 30/6/09 and 15% of the group’s minimum capital requirements.

 

Suncorp-Metway Limited Why it should sell Suncorp Life

Brett Le Mesurier & Anthony Vogel & Azib Khan   13-Oct-2009

SUN should sell its life and funds management business because: