Suncorp-Metway upgraded leading into Full Year Result Suncorp Metway is due to report in 6 weeks and is forecast to pay a 30 cent fully franked dividend soon after. Macquarie Research Equities believes that this full year result will surprise on the upside and has formally upgraded the short term recommendation to outperform in the lead up to the result on the 29th August
Conclusion Macquarie Research Equities is increasingly confident that the upcoming Suncorp result will alleviate concerns over Qld CTP claims costs and scepticism surrounding the achievability of the GIO integration synergies.
Given the proximity to the 2002 FY Result, the fact investment market downgrades are well and truly in the market and substantial price upside relative to MRE’s $14.63 valuation... Suncorp looks set to rally strongly into the August report.
SUN Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
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