Macquarie Loses Some Momentum As H1 Profit Slips 13%
The Macquarie Group money-making machine seems to be losing momentum, judging by the 2019-20 interim result and weak forecast released on Friday (November 1).
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News
Bank Earnings Set To Test Market Confidence
The ANZ releases its full-year figures early Thursday morning and Macquarie releases it's 2019-20 interim the next day, the continuing strength of the current rebound for the ASX 200 could very well depend on the results.
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“Premium”: RBA Warns On Bank Earnings
In its second and final stability review for 2019, the RBA has warned on a combination of factors that will depress bank earnings, starting with the continuing rise in customer remediation over abuses exposed by the Hayne Royal Commission.
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Macquarie Holds Firm On “Slightly Down” Guidance
Macquarie Group has stuck to its profit 2019-20 guidance, confirming its May advice that it still sees the March 31, 2020, full-year result “slightly down” on 2018-19.
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APRA Calls Out Macquarie, Rabo, HSBC On Funding Standards
The banking regulator APRA has given three major banks, including the high profile Macquarie a whack by threatening to impose tougher funding rules on them after a review found that the trio misstated the stability of their funding that could have seen them forced to the brink of collapse in the events of another GFC-like event.
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Analyst Views
MQG – Morgans rates the stock as Add
Macquarie's result was largely in line with consensus and relatively clean and solid, the broker suggests. The Group is tracking well against FY guidance of "slightly lower" but is cycling a very strong second half last year, Morgans notes.
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MQG – Citi rates the stock as Neutral
Macquarie surprised friend and foe yesterday by announcing a fresh $1bn capital raising plus a share purchase plan which Citi estimates has the magnitude of $150m. Estimates have been sliced to incorporate the immediate dilution.
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MQG – Morgans rates the stock as Add
FY19 results were strong and net profit up 17%. FY20 guidance was softer than expected, with Macquarie Group suggesting net profit may be slightly down on FY19. Morgans reduces estimates for earnings per share by -5-7%.
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MQG – Morgan Stanley rates the stock as Overweight
Broker Call Report already reported on Friday Morgan Stanley analysts have increased their confidence regarding Macquarie's growth outlook, and the result has been a shift in their price target to $140 from $133.
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MQG – Deutsche Bank rates the stock as Hold
Macquarie has upgraded guidance for the year and Deutsche Bank points out it's because of one transaction, which is seen as a one-off. The analysts do acknowledge this is part of the business model.
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