Research April 2010
Commercial Banks
30-Apr-2010
ANZ is currently priced for a 21% return on NTA which is consistent with our forecast for FY11........ The issues for the share price include:
27-Apr-2010
Bank of Queensland Limted (BOQ) needs some relief in its funding costs .... we provide our forecast NIM and look at the impact of government guaranteed debt issues.
15-Apr-2010
Bank of Queensland Limted (BOQ) detailed how it expects to progress from a 10% return on book equity to reach 15% in 2 years time. If that target is achieved (as the business grows) then it would be one of the outstanding
bank investments. However ..........
14-Apr-2010
The impact of the liquidity rules ....... we take a look at bank stable funding ratios and impact on net interest margins
Investment Banks
30-Apr-2010
Macquarie Group Limited (MQG) delivered its $1.05B profit number for FY10 as promised. The investment case for MQG is based on the company achieving NPAT of $1.6B in FY11 without further equity issues. This represents an increase of 50% in NPAT from FY10. We have great trouble identifying this as the most likely outcome. Our reasons are ........
19-Apr-2010
We estimate that MQG’s acquisitions during FY10 absorb .............
Insurance
18-Apr-2010
QBE today announced the acquisition of NAU County Insurance, the 3rd largest multi-peril crop insurer in the US, with gross and net earned premium of $US975M and $US354M respectively in 2009.......
13-Apr-2010
We take a look at QBE's central estimate releases, CoV, asset / liability matching, and US Operations ......
Diversified Financials
18-Apr-2010
We provide a detailed excel model on CGF for clients to download .......