While the successor fund transfer of the ANZ P&I products has been completed, Morgan Stanley notes the deal remains conditional on notices of no objection from the trustees of ANZ Bank ((ANZ)). So far this is not occurred. It appears to the broker likely that approval from the Australian Prudential Regulatory Authority becomes a condition precedent to completion of the transfer. Morgan Stanley pushes back the timing for realised synergies, although continues to target is $75m in the long run. Equal-weight. Target is reduced to $5.45 from $5.75. Industry view: In Line. Target price : $5.45 Price : $5.59 (14/05/2019) Loss to target $-0.14 -2.50% (excluding dividends, fees and charges - negative figures indicate an expected loss).
FWIW
IFL Price at posting:
$5.56 Sentiment: Sell Disclosure: Not Held
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