ANZ Bank has sold UDC Finance in New Zealand to Shinsei Bank for NZ$762m. Morgan Stanley considers the sale of a non-core business and the capital release as an incremental positive.
Overweight. Target is $17.10. Industry view is In-Line.
Target price is $17.10.Current Price is $18.02. Difference: ($0.92) – (brackets indicate current price is over target). If ANZ meets the Morgan Stanley target it will return approximately -5% (excluding dividends, fees and charges – negative figures indicate an expected loss).