Morgan analyst sees CR unlikely- "cloud" over the dividend decision.
3 hrs ago – 3.21pmWestpac impairment change below Morgans forecast
Sarah Turner
Westpac's $2.2 billion first-half impairment charge was slightly lower than Morgans analyst Azib Khan had expected.
"We have adjusted our forecasts accordingly," the analyst said. In addition, the announcement "aligns with our base case that it will not raise capital," said Mr Khan.
Still, there's a dividend cloud hanging over the stock. "A big remaining question is: will an interim dividend be declared when Westpac reports its result next week on May 4? Our base case continues to be that the interim dividend decision will be deferred."
The analyst said that Westpac's first half collective provision charge of $1.6 billion "makes NAB’s collective provision top-up yesterday look light" and now sees an increased risk of provision top ups at NAB.
Westpac shares gained on Tuesday and were recently trading up 1.6 per cent at $14.89. NAB traded down 2.5 per cent at $15.36.
https://www.copyright link/markets/equity-markets/asx-set-to-edge-higher-oil-falls-25pc-20200428-p54nre
Morgan analyst sees CR unlikely- "cloud" over the dividend...
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