KSL – Morgans rates the stock as Add
For Kina Securities, the broker makes no changes to earnings forecasts and the Add rating, though raises the target price to $1.29 from $1.20 on a valuation roll forward.
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KSL – Morgans rates the stock as Add
The broker maintains its Add rating. The target falls to $1.28 from $1.31.
Read MoreKSL – Morgans rates the stock as Add
Kina Securities announced an agreement to acquire Westpac Bank’s ((WBC)) businesses in the Pacific (PNG and Fiji) for $420m. This will make Kina Securities the third largest bank in Fiji.
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Assuming the lack of a bad debt apocalypse, the big banks certainly look cheap. But the smaller banks look even cheaper, which suggests there’s better value at the minnow end which is more oriented to mortgages than business lending.
Read MoreKSL – Morgans rates the stock as Add
Kina Securities profit beat the broker by 6% on 7% better than expected revenues. It was a very solid result, the broker suggests, in a period the company bedded down the transitional ANZ PNG acquisition. Cost-to-income has risen slightly but Kina is creating a solid recent track record of delivery to complement its strong organic growth profile.
Read MoreKSL – Morgans rates the stock as Add
Asia Development Bank will invest US$10m in Kina Securities by way of a placement at $1.37 a share. Morgans assesses the deal will strengthen the company’s banking relationships and provide access to ADB expertise.
Read MoreANZ Completes Sale Of PNG Retail Banking To Kina Securities
Ahead of its September 30 balance date for its 2018-19 financial year ANZ Bank has completed the sale of its retail and small business banking operations in Papua New Guinea.
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