Pendal Group’s December quarter was mixed, observes Morgan Stanley, with better than expected funds under management (mainly driven by investment performance) offset by lower than anticipated total quarter flows.
Outflows were seen in most of the channels except Westpac Other and Australian wholesale-retail.
Overweight rating retained with a target of $7.30. Industry view: In-line.
Sector: Diversified Financials.
Target price is $7.30.Current Price is $6.48. Difference: $0.82 – (brackets indicate current price is over target). If PDL meets the Morgan Stanley target it will return approximately 11% (excluding dividends, fees and charges – negative figures indicate an expected loss).
