September quarter sales and assets under management was strong, with total annuity sales growth of 45%.
In Morgans’ opinion the only slight negative was that annuity growth primarily came from institutional sales, which are typically more volatile and lower margin.
Hold rating retained. Target rises to $12.49 from $12.23.
Sector: Diversified Financials.
Target price is $12.49.Current Price is $13.19. Difference: ($0.70) – (brackets indicate current price is over target). If CGF meets the Morgans target it will return approximately -6% (excluding dividends, fees and charges – negative figures indicate an expected loss).