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NABZY.PK

ISIN: US6325254083
SEDOL: 2625412

Rating:

SELL

Target Price:

11.12 USD

Investment Horizon:

6 to 12 months
23rd Jan 2009 View Report   Download

Company News Alert

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Given the resurgence in equity market volatility witnessed in recent weeks, which has had a pronounced impact on financial services stocks, coupled with the scale of the unfolding economic downturn, which will likely constrain demand for credit and other banking services around the world, we are broadly revising our outlook for banking stocks. National Australia Bank (NAB) has the largest…

19th Dec 2008 View Report   Download

2H 08 Update Report

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National Australia Bank Limited’s (NAB) 2H 08 top-line was below our expectations due to significantly lower-than-expected non-interest income. Going forward, we are concerned about the impact of the deteriorating global economy on domestic demand for credit, particularly residential lending. Furthermore, a lack of liquidity in money markets is expected to force the bank to maintain relatively high deposit rates in an effort…

21st Oct 2008 View Report   Download

2H 08 News Alert

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On 21 October 2008, National Australia Bank (NAB) reported moderate growth in its Net Interest Income (NII) during 2H 08. However, due to losses from life insurance and a rise in provisions for bad debts, adjusted1 net income available to common shareholders fell sharply. Our fundamental outlook remains unchanged following these results. Therefore, although our current target price suggests a BUY, we maintain our HOLD rating....

16th Oct 2008 View Report   Download

Company News Alert

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On 16 October 2008, National Australia Bank Limited (NAB) announced that it expects FY 2008 cash earnings to decline, citing deterioration in global credit markets compromising asset value. Following the announcement the common stock declined 4.3% to close at A$22.70 on 16 October 2008. Earlier this year, the company had announced a write-down of approximately A$1 bn as a result of its exposure to the US subprime markets....

22nd Aug 2008 View Report   Download

1H 08 Update Report

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National Australia Bank Limited’s (NAB) 1H 08 top-line was below our expectation due to lower-thanexpected other operating income. However, NAB’s Net Interest Income (NII) increased y-o-y and was marginally below our estimate, driven by an increase in the bank’s lending portfolio during the period....