National Australia Bank

Here is an update on the Australian Wealth Management (AUW) provided by Australian market analyst UBS.

Australian Wealth Management (AUW) Markets impact Q108 FUM, Q2 looking flat

Retail FUM down 9% in the quarter:

The Australian Banks underperformed the market by 0.7%.The Macquarie Research Equities (MRE) highlights about the Australian Banking Sector Impacts.

Which Banks to Support?

The Australian Banks underperformed the market by 0.7% last week, yet still trade well below their November 2007 highs. Macquarie Research Equities (MRE) highlight their sector picks as WBC and CBA given stronger balance sheets, low risk loan portfolio’s and lower exposure to offshore earnings. MRE assess the week in passing and reaffirm their sector guidance…

Australian Banking Sector reporting season preview from Australian market analyst UBS.

Start scooping up banks. Mild overweight.

Recent price falls provide a buying opportunity:

The Aussie banks have seen a sharp pull back in recent weeks following their global peers. We believe that this has been driven by: (1) concerns for the health of the US investment banks into their reporting season; and (2) overhang from the current global bank rights issues. As a result the Australian banks have now underperformed the All Resources by 46% over the last year.

MRE aggressively downgraded Australian banking sector earnings in April this year following the March half-year reporting season.

Which Bank?

Here are the Macquarie Research Equities (MRE) highlights on some of the recent impacts experienced by the Australian Banking Sector.

Bank Opportunities

The Australian Banks outperformed the market by 3.3% last week, yet are still trading significantly below their November 2007 highs. Headlining recent developments in this area has been the proposed merger between WBC and SGB. Macquarie Research Equities (MRE) review the week in question and reaffirm their guidance for the sector. Click through to find out more…

Banking Sector Impacts

Here is an update on the Australian banking sector provided by Australian market analyst UBS.

Results and M&A - an eventful month

Reporting season surprised on the upside:

Westpac Banking Corporation (WBC) has a price target of $25.90 from Australian stock analyst UBS.

Westpac Banking Corporation (WBC) SGB MIA - "a growth agenda"

No surprises in the WBC/SGB Merger Implementation Agreement (MIA):

Macquarie Research Equities (MRE) highlighted some of the recent impacts experienced by the Australian Banking Sector.

Banking Sector – Westpac (WBC) Looks to Slay the Dragon

The Strain of rising interest rates, spiking inflationary pressure and low levels of consumer sentiment seemed to take its toll on the Aussie banks last week as they underperformed the market by 4.3%. Macquarie Research Equities (MRE) discusses the key highlights of the week and the implications for the sector. With the exclusivity period for the SGB merger ending, what’s next?

Australian Banking Sector Update provided by Australian stockmarket analyst Macquarie Research Equities.

Banking Sector Revisited

St George Bank (SGB) has a price target of $34.00 from sharemarket analyst Macquarie Research Equities.

St George Bank (SGB) What could the other banks pay?

WBC looks well positioned with SGB Board support:

Given the SGB Board's support for its 1.31 for 1 bid (subject to no superior proposals being made), WBC appears to be well positioned. As a result, we believe a counter-bid would need to be at least 5-10% higher than WBC's proposal in order to win the SGB Board's support. This leads to two key questions.