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As a long-term holder of each of the big four banks, I am wondering whether I should reduce (or possibly exit) ANZ.
This is mainly because of press reports of the alleged difficulty in realising on the capital invested in its various Asian assets (if that becomes necessary in addition to its announced capital raising).
Are these assets trading profitably anyway?
A: ANZ remains my least preferred major bank.
My rating is
The CEO will definitely go soon (and the chairman should probably follow suit as well). And in my mind, the strategy around Asia remains confused.
That said, they are now the cheapest (on FY 15 multiples, PE of 11.3, div yield 6.2% cw NAB at 12.8 and 6.1% and WBC at 13.2 and 5.8%).
At these levels, I wouldn’t be selling – banks are now attractively priced and despite not being keen on the ANZ, there is probably some value to be found here.
