AMP Shares Rise Despite Record Outflows In Q3
A surprisingly upbeat reaction from investors to the news that embattled wealth manager AMP continued to see retail investors move cash out of its funds in the three months to September 30.
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News
Investors Sceptical On AMP Plan To Merge Banking, Wealth
AMP will merge its bank and Australian wealth unit as part of another shake-up of its structure ahead of the deal to spin off its life insurance arm. The market, however, appears unconvinced.
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AFIC Sale Pressures AMP Shares To New All-Time Low
Shares in wealth manager AMP fell to new lows yesterday for the embattled wealth manager. The latest selling came on news that one of Australia’s largest investment houses, the Australian Foundation Investment Company (AFIC), has sold its stake in the company.
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Is It Time To Wade Into AMP?
Early signs show AMP has promise. One of the best in the past two years. It’s possibly time to nibble but not gobble – just yet.
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AMP Launches New Capital Raising, Resuscitates Life Sale
The once-mighty but now very troubled wealth manager AMP has gone on bended knee to the investment community to ask for $650 million to help it remain afloat.
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Analyst Views
AMP – Macquarie rates the stock as Neutral
The broker calls AMP's earnings result "fairly sound" with strong performances in other businesses offsetting pressures in wealth management. The focus was on the probable sale of Life at a rebased price, a $650m equity raise that will be some -15% dilutive and $300m of targeted cost-cuts by FY22.
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AMP – Credit Suisse rates the stock as Neutral
The sale of the company's life business is unlikely to proceed on current terms because of the challenges in meeting the Reserve Bank of New Zealand's criteria. Credit Suisse notes this allows the buyer the opportunity to review its offer and potentially lower the purchase price by over -$1bn.
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AMP – Morgans rates the stock as Hold
First quarter update revealed Australian wealth net outflows of -$1.8bn. While AMP had indicated weak flows were likely to continue in 2019 the numbers were softer than Morgans expected.
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AMP – Macquarie rates the stock as Neutral
AMP pre-reported so the focus of the 2018 results was on the composition of earnings and what the business might look like going forward.
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AMP – Macquarie rates the stock as Neutral
The company's dividend has been cut to $0.04 per share following additional provisions for advice remediation and a $100m top up to reserves.
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